A rule of thumb technique used to estimate the market value of residential income-producing property by multiplying a factor arrived at by dividing known sales prices of comparable properties by their annual rental income times the subject property’s annual gross income. See Gross Rent Multiplier.
A lease for property under the terms of which the lessor is to assume all of the expenses of the property such as taxes, maintenance, etc.
An amount expressed as percentage points identified in an adjustable rate mortgage which gets added on the rate adjustment date to the current index value to establish the new rate of the note.
The total revenue from all sources before subtraction of expenses incurred in gaining such revenue.
The total amount of sales as shown by invoices before deducting returns, allowances, etc.
A mortgage in which the monthly payments increase annually, with the increased amount being used to reduce the outstanding principal balance and therefore shorten the overall term of the loan.
An assurance of clear title.
A mortgage in which a party other than the borrower assures payment in the event of default by a mortgagor such as VA-guaranteed mortgages
The written commitment by a broker that within a specified period of time he or she will in absence of a sale purchase a listed property at a specified sum.
The assurance given by one party that another party will fully perform their duties under a contract.
