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Economic
Economic and Physical Character
| Term | Definition |
|---|---|
| Desirability ( demand) | Weather or not there are possible buyers interested in the property that are willing,able and have financial means. |
| Sacarcity ( supply) | Whether or not there are other properties of a comparable nature with the same general area that will compete with subject property. |
| Utility | The type of use that the subject property is most suitable for and wether or not is satisfies the need of a certain buyer. |
| Severalty ( Estate in Severalty) | Ownership by one individual or an entity such as a Corp.. |
| Concurrent State | Held by more than one person. |
| Tenants in common | May own equal or unequal interest. Unity of possession. No right of survivorship. |
| Joint Tenancy | Right to survivorship. Unity of possession. Unity of interest. Unity of time. Unity of title. |
| Tenants by Entireties | Property is deeded to husband and wife. Each owns the entire property. |
| Condominium Ownership | Own 1% of a multi unit. |
| Common elements | Swimming pool,clubhouse,yards, structural portions of complex |
| Ownership of condominiums | Unit is owned as a separate parcel and is owned fee simple. |
| Types of condominiums | Offices,apartments,townhouses,shopping centers,warehouses. |
| Condominium association | Consists of owners, operates according to by laws, governed by board of directors, responsible for maintenance.. |
| Condominium fee | Expenses payed to association. Is not tax deductible if used as Principal residence |
| Cooperatives | Land and improvements owned by a corporation which leases back to shareholders |
| Proprietary leases | Given by the corporation in the cooperative to be able to use property in part or full. |
| Ownership of Cooperative | The real estate is owned by a corporation. |
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