This refers to rumored or substantiated information with regard to inventory that will be removed from the market by a projected period.
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Federal Emergency Management Agency (FEMA)
This is a governmental unit that leads the nation's emergency management system. FEMA coordinates its own response activities as well as those of as many as 28 other federal agencies that may participate in the event that the...
Default
This refers to when one of the parties in the contract has failed to satisfy an agreed-upon promise, discharge an obligation, or perform certain acts. In a real estate contract, its not a crime to be in default. But, the party...
effective interest rate
Expressed as a percentage, effective interest rate is the cost of credit on an annual basis. This includes an up-front payment to acquire the loan. It is typically a higher amount than the interest rate specified in the mortgage...
gated community
This is a neighborhood or a group of neighborhoods surrounded by masonry walls. These neighborhoods have restrictive access and often come with manned guard stations or electronically operated gates. There are some communities...
gross income
This refers to the income of a borrower before expenses and taxes are deducted. For households, gross income is the sum of all profits, salaries, wages, rents, interest payments, and other forms of earnings before taxes and...
General Vacancy and Credit Loss
This is an adaptation to the gross potential income on the pro forma income statement in real estate underwriting. The gross potential income is calculated by adding the rental revenue to other income. General vacancy and credit...
Lower Order Good
A lower-order good, on the other hand, is a good or service that is the complete opposite as it does not need a large number of customers to support its business. A lower-order good only requires a small trade area.
Float
This is the number of freely traded shares that the public possesses.
Foreign Mission
This refers to any agency, entity, or mission in the US that is included in the diplomatic consular, which is substantially owned or controlled by a foreign government or organization. The organization represents a political...
