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Reconciliation
Reconciliation 1) The final step in an appraisal process, in which the appraiser reconciles the estimates of value received from the direct sales comparison, cost, and income approaches to arrive at a final estimate of market value for the subject property. 2) The balancing of entries in a double-entry accounting system.
RELATED TERMS--------------------------------------
Appraisal
An expert judgment or estimate of the quality or value of real estate as of a given date.
Appraiser
A qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.
Value
The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability.
Market
A place where goods can be bought and sold and a price established.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Accounting
The agent must be able to report the status of all funds received from or on behalf of the principal.
SIMILAR TERMS--------------------------------------
Recognition clause
A clause found in some blanket mortgages used to purchase a tract of land for subdivision development providing for protection of the rights of the ultimate buyers of individual lots in case of default by the developer.
Recognized capital gains
The recognized capital gain from the sale of an asset subject to income taxes.
Reconstructed cash flow analysis
An estimated cash flow analysis for a rental property, prepared by an agent using accurate property information.
Reconveyance
The transfer of title to the borrower after a mortgage has been paid fully.
Reconveyance deed
A deed used by a trustee under a deed of trust to return title to the truster.
Reconveys
In satisfying a deed of trust, the trustee reconveys full title to the borrower.
Recorder
The public official who keeps records of transactions that affect real property in the area.
Recording
The noting in the registrar’s office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.
Recording deed
Entering the deed (owner's title) in public records to protect against subsequent claimants.
Recording fee
A charge by a local government to file official records of a real-estate transaction.
Recourse
The right of the holder of a note secured by a mortgage or deed of trust to look personally to the borrower or endorser for payment.
PREVIOUS AND NEXT TERMS--------------------------------------
Recession of contract
Annulling a contract and placing the parties to it in a position as if there had not been a contract.
Recission
An option in the discharge of a contract. If both parites agree, they may rescind a contract in a process called recission.
Recital
Setting forth in a deed or other writing some explanation for the transaction.
Recognition clause
A clause found in some blanket mortgages used to purchase a tract of land for subdivision development providing for protection of the rights of the ultimate buyers of individual lots in case of default by the developer.
Recognized capital gains
The recognized capital gain from the sale of an asset subject to income taxes.
Reconciliation
Reconstructed cash flow analysis
An estimated cash flow analysis for a rental property, prepared by an agent using accurate property information.
Reconveyance
The transfer of title to the borrower after a mortgage has been paid fully.
Reconveyance deed
A deed used by a trustee under a deed of trust to return title to the truster.
Reconveys
In satisfying a deed of trust, the trustee reconveys full title to the borrower.
Recorder
The public official who keeps records of transactions that affect real property in the area.
This dictionary contains 6433 terms. |
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