Requirement of Arizona's Departments of Water Resources (ADWR) and Real Estate (ADRE) that developers (subdividers) demonstrate that an assured or adequate water supply will be physically, legally, and continuously available for the next 100 years in new subdivisions. If the subdivision is located within one of ADWR's Active Management Areas (AMA), a public report will not be issued and lots may not be sold until an assured 100-year water supply is demonstrated. Outside of AMA's, developers are required to ask ADWR for an assessment of the availability of water. In these areas, lots may still be sold even if ADWR deems the water supply inadequate, as long as this information is disclosed to prospective buyers.
The first step in the scientific method, observation is the act of examining, inspecting, or scrutinizing natural or other phenomena in such a manner that leads to the use of abductive reasoning to explain them.
The actual outcome of a designed experiment using the scientific method. This outcome is compared to the expected outcome as described in the research hypothesis, and a conclusion is made that the experimental data either supports or contradicts the hypothesis.
Definition: An iterative auction which starts with a high bid, which is incrementally lowered until a bid is placed. The first bidder wins the auction, paying the last announced price. Also known as a Dutch auction, this auction format is used for selling many types of securities.
Terms, Definitions, and Concepts: Auction, Economy, Finance and Investment, Real Estate
Certain portions of the landscape which have not been built upon and which are sought either to be conserved in their natural states or used for agricultural or recreational purposes (such as parks, squares, and the like).
A mortgage in which the borrower is given a limit up to which he may borrow, with any incremental advances of money up to but not exceeding the original borrowing limit to be secured by the same mortgage
Definition: For an auction with reserve, a set or minimum initial price for an item for sale at auction; the minimum price at which bidding commences for a particular item or property. For an auction without reserve, the opening bid is simply the first bid placed during the bidding process.
Terms, Definitions, and Concepts: Auction, Real Estate