Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
25 Cards in this Set
- Front
- Back
|
Who is assumed to pay on the day of closing? |
Buyer |
|
|
What consecutive months have 31 days? |
July and August |
|
|
Items which the owner pays in Arrears? |
Debit Seller, credit buyer. Interest and Real Estate Taxes especially. |
|
|
Items the owner has paid in advance- |
Credit seller, charge buyer |
|
|
Township size and check size |
6 miles square/36 square miles and 24 miles square (576 sq miles)/16 townships |
|
|
Corrections to the Earth's Curvature |
Corrections are made every 24 miles north from the bottom of the state, containing a check that is 24 x 24 miles and contains 16 townships. |
|
|
Correction Townships |
Distorted to correct for curvature. 25 Standard (640 acre) sections and 11 fractional sections. |
|
|
How is the section grid set up for the Correction Township? |
The most northeast section is Section 1. The far east side and the north are the fractional sections. (1,2,3,4,5,6,7,18,19,30,31) |
|
|
Where is the point of beginning for AZ State? |
Interesection of Gila and Salt Rivers |
|
|
Baseline and Principal Meridian |
EW, NS |
|
|
What lines run North to South, lie E to W every six miles and from where? |
Range lines, Principal Meridian |
|
|
Township lines... |
Run E to W, lie N to S from the Baseline |
|
|
An EW row of townships is called- |
a Tier. |
|
|
Real Estate Taxes Essential Equations |
Limited Property Value- Assessed Value Ratio= Assess Value Assessed Value x Tax Rate= Taxes |
|
|
ASsessed Value Ratio for Property Classifications |
Class 1- Commercial Property- 18% Class 2-Vacant Land- 15% Class 3- Owner occupied residential- 10% Class 4- Residential Income Property- 10%
on class 4 property, owner MUST file a Residential Rental Property Registration |
|
|
Income Property Equation |
Gross Scheduled Income (100% occupancy) -Vacancy and Credit Losses =Effective Gross Income -Operating Expenses =Net Operating Income -Debt Service =Cash Flow Before Income Taxes |
|
|
Memory Circle Equation |
Part =Whole x Percentage |
|
|
Calculator Buttons for Financing |
Enter the Loan Amount, Followed by the term (years), the interest rate, and finally press payment! |
|
|
After figuring out the (PI) payment on a mortgage, how do you figure out- a. amount of annual interest in dollars? b. monthly amount of interest? c. principal portion? d. Remaining balance? |
a. Principal balance x Interest Rate = Annual interest b. Annual interest divided by 12 months c. PI Payment-Monthly interest= Portion of the Principal Paid d. Beginning Balance- Portion of Principal Paid= Remaining Balance (after this month is paid) |
|
|
Interest, Principal, Rate Equations |
I = P x R P =I/R R=I/P |
|
|
Loan Amount Equations |
Loan Amount = Value x R (Loan to Value Ratio) V = L/R R = L/V |
|
|
Appraisal Cost Approach Equation |
Building Cost -Depreciation +Land Value =Appraised Value |
|
|
Capitalization Rate Formula |
(Net) Income = Value x Rate (of Return) Value = Net Income/Rate of Return Rate of Return= Net Income/ Value |
|
|
Gross Rent Income Multiplier |
Value = Gross Income (rent) * GRM GRM= Sales Price/Gross Income (rent) Rent= Sales Price/GRM |
|
|
what is Front Foot? |
Road footage |
