The disclosure document issued by the Arizona Department of Real Estate (ADRE) which allows a developer or subdivider to sell lots within a platted, recorded subdivision. Also known as the Commissioner's Public Report (CPR), this document is issued only after the extensive subdivision application has been approved and the subdivision has been physically inspected. A demonstration of a 100-year water supply may also be required.

The relationship (expressed as a percentage) between the annual net income generated by a business or investment and the invested capital, appraised value, or gross income of the business or investment.

Definition: Unimproved land; land in its unused natural state prior to development or construction of improvements such as streets, lighting, sewers, and the like. Same as bare land.

Terms, Definitions, and Concepts: Agriculture, Appraisal, Auction, Construction and Building, Finance and Investment, Management, Real Estate, Survey, Taxes and Taxation, Zoning

1. Land, improvements upon the land (structures such as buildings, fences, sewers or septic tanks, etc.), and appurtenances that run with the land (such as streets, sidewalks, and easements).
2. Ownership of land, improvements, appurtenances, and natural resources of the land (such as minerals, oil, gas, water, etc.).

Real estate investment trusts, or REITs, are a group form of real estate investment that own and manage commercial or other income-producing properties such as shopping centers, residential rental real estate, office buildings, warehouses, and timberland. REITs must meet certain requirements in order to be considered as such by the IRS, including having shares in the organization that are fully transferable, having at least 100 shareholders, and paying those shareholders a minimum of 90% of taxable income as dividends. The tax difference between a traditional C-corporation (C-corp) and a REIT is that C-corps are basically subject to double taxation, paying federal corporate income taxes as well as federal and state income taxes paid by shareholders, with both corporate and personal taxes paid on the same income. As long as they continue to meet the requirements, however, REITs are permitted to deduct payments made to shareholders as dividends from their corporate income tax, which usually means they pay no corporate income tax at all. REIT shareholders are still required to pay income taxes on dividends and capital gains.

Terms, Definitions, and Concepts: Finance and Investment, Forestry and Silviculture, Real Estate, Timber

Technically, real property refers to the interests, benefits, and rights included in the ownership of real estate. In practical use, it is synonymous with real estate or realty. Ownership of real property includes the "bundle of rights".

Same as real estate:
1. Land, improvements upon the land (structures such as buildings, fences, sewers or septic tanks, etc.), and appurtenances that run with the land (such as streets, sidewalks, and easements).
2. Ownership of land, improvements, appurtenances, and natural resources of the land (such as minerals, oil, gas, water, etc.).

1. A reduction or kickback of a stipulated charge.
2. A return of a portion of an amount paid for goods or services, intended as a reduction or discount of the original price.

A clause usually found in percentage leases, especially in shopping center leases, giving the landlord the right to terminate the lease (and thus recapture the premises) if the tenant does not maintain a specified minimum amount of business, usually in terms of gross income.

1. An independent and neutral party appointed by a court to impartially administer, preserve and hold in trust property which is involved in litigation or bankruptcy, pending final disposition of the matter before the court.
2. One who collects or receives money on behalf of another.

The right of a mortgagor who has defaulted on the mortgage note to redeem or recover the title to the property by paying off the entire mortgage note prior to the foreclosure sale.

Definition: An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest, and the date of maturity.

Terms, Definitions, and Concepts: Finance and Investment, Real Estate

The act or process of applying for and obtaining a new loan with different terms than the existing loan. One or more financial goals may be met through refinancing: paying off or satisfying the existing loan, obtaining a lower interest rate, decreasing the duration of the loan, lowering the total amount paid, and/or reducing the monthly (periodic) payments.

A legal action to correct or modify a contract or deed which does not accurately reflect the intentions of the parties due to some mechanical error, such as a typographical error in the legal description.

The discharge or relinquishment of a right, claim or privilege, as when the terms of a mortgage have been satisifed or a loan has been repayed in full. Releases involving real property transactions should be acknowledged by both the lender and borrower and legally recorded.
Contrast with partial release.

Terms, Definitions, and Concepts: Finance and Investment, Legal (Law), Real Estate

A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro rata portion of the loan.

Definition: Money or other consideration paid by a lessee (tenant) to a lessor (landlord) in exchange for the right to use and possess real or personal property for a predetermined period of time and according to conditions upon which both parties have agreed.

Terms, Definitions, and Concepts: Finance and Investment, Legal (Law), Management, Real Estate, Title and Title Insurance

Definition: A business arrangement in which a group of lessors of real property agrees to combine their rental properties into an aggregate financial unit, with common management of all properties. The members of a rental pool share in the profits and losses of their combined rental properties, usually according to some predetermined formula.

Terms, Definitions, and Concepts: Real Estate, Finance and Investment, Management

Definition:
1. Finance: Cash or other liquid assets held back by a business to cover both anticipated and unforeseen costs and expenses.
2. Biology, Conservation, Forestry: Land that has been saved or set aside in order to preserve its natural qualities, structure, function, or composition; land where development is prohibited or only limited development may occur. Example: Forest reserve, Bio-reserve, Wildlife reserve, Watershed reserve, etc.

Terms, Definitions, and Concepts: Biology, Conservation and Sustainability, Ecology, Finance and Investment, Forestry, Geography, Hydrology, Management, Real Estate, Restoration, Science and Research, Water, Wildlife

Definition: A bank in which the reserve funds of other banks are held or deposited.
Example: The Federal Reserve Bank of the United States

Terms, Definitions, and Concepts: Economy, Finance and Investment

Definition: 1. Cash or other liquid assets held back by a business to cover both anticipated and unforeseen costs and expenses.
2. Money collected from a borrower (mortgagor or trustor of a deed of trust) and held by the lender (mortgagee or beneficiary of a deed of trust) in an escrow or impound account to pay for expenses such as homeowner's insurance, private mortgage insurance, and property taxes.

Terms, Definitions, and Concepts: Finance and Investment, Legal (Law), Management, Real Estate, Taxes and Taxation, Title and Title Insurance

The legal process through which an estate is returned to the grantor, usually in fee ownership, after the grantee's estate ends.

The grantee's estate may end for a number of reasons. For example, the grantor may have specified that the grantee's interest in the property expires on a certain date. Other examples of different estates and the events that might end them include:
1. The death of the life tenant (conventional life estate) or the person upon whose life the duration of the life estate was based (life estate pur autre vie).
2. Violation of a condition (estate in qualified fee subject to condition subsequent) or limitation (estate in qualified fee determinable) specified by the grantor.

Contrast with remainder.

The interest in a conventional life estate (or an estate pur autre vie) that is retained by the grantor of the estate if no remainderman is named and that allows the grantor to recover ownership of the property once the life estate ends.

Live trees of merchantable species that are suitable for harvesting and sawing into lumber according to specific criteria. Generally, sawtimber should be greater than eight inches (8") diameter at breast height (dbh), and should contain at least one (1) sawlog. Merchantable sawlogs are usually a minimum of eight feet (8') in length.

A relative lack or limited supply of a good or commodity. Scarcity is one of the economic properties of real estate that makes it valuable and desirable.