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.

Fertile place in the desert, due to the presence of water

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.

A type of depreciation of property

Any of the four principal divisions of salt water that covers about 71% of the earth's surface: the Atlantic, Pacific, Indian, and Arctic oceans

Describes property with a boundary or boundary that is adjacent to a sea or ocean, including property with frontage on a bay, cove, gulf, or other such inlet.

Terms, Definitions, and Concepts: Real estate, Water

A promise by one party to act or perform in a specified manner provided the other party will act or perform in the manner requested

The two components of a valid contract; a meeting of the minds

A listing in which the seller refuses to submit the listing to Multiple Listing Service, even after being informed of the advantages of MLS, and signs a certification to that effect

Office of Arizona Department of Water Resources (ADWR) that oversees the Assured and Adequate Water Supply Programs. Both programs address 100-year water supply issues in new subdivisions in Arizona.

Costs such as for sewers, streets, utilities, etc., which are incurred in the development of raw land, but are not connected with the actual construction of the buildings (onsite costs)

Definition: An auction event conducted on the premises of the property for sale.

Terms, Definitions, and Concepts: Auction, Real Estate

Definition: A bathroom with a toilet or sink only.

Terms, Definitions, and Concepts: Real Estate, Construction and Building

Definition: An iterative auction where competing bidders are aware of the bids of others, and each subsequent bid is higher than the last. Also known as an English auction.

Terms, Definitions, and Concepts: Auction, Real Estate

Definition: Auction bidding activity where individual bids are obvious, apparent, and known to all other bidders. Contrast with sealed bid.

Terms, Definitions, and Concepts: Auction, Real Estate

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

The common real estate practice of showing a listed home to the public during established hours, frequently on Sunday afternoons

A listing given to any number of brokers. The first broker who secures a buyer ready, willing and able to purchase at the terms of the listing is the one who earns the commission.

Definition: An open, dynamic auction that is conducted verbally between the auctioneer or auction crier and the bidders, with bidders competing by shouting or "crying" their offers on items for sale.

Terms, Definitions, and Concepts: Auction, 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

Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property

An evaluation by a person qualified to examine titles, such as an attorney, of the status or validity of a title to real property.
Also known as an "attorney's opinion of title".
See also "Certificate of title", "Chain of title", and "Abstract of title".