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Real Estate Dictionary

Real Estate Dictionary

What does conformity mean in real estate?

Conformity in real estate is the principle that a property's value increases when it closely matches the surrounding properties in use, style, size, and age, enhancing its desirability and appeal.

March 9, 2024

What is a location quotient?

A location quotient (LQ) is a measure used in economic geography and regional planning to analyze the concentration of a particular industry, occupation, or demographic feature within a region compared to a larger reference area, typically the national level.

March 9, 2024

What is the difference between net area and gross area?

Gross area refers to the total enclosed space of a building including common areas, while net area denotes the usable space available for a tenant's exclusive use, excluding common areas and structural elements.

March 9, 2024

What is a CELOC in real estate?

In real estate, CELOC stands for Commercial Equity Line of Credit. It is a type of financing that allows property owners to access the equity in their commercial property as a flexible line of credit.

March 9, 2024

What is a single purpose entity in real estate?

A Single Purpose Entity (SPE) in real estate is a corporation, limited liability company, or other type of entity created solely to own, manage, and finance a specific real estate project.

March 9, 2024

What does prime real estate mean?

Prime real estate refers to property that is considered to be of the highest quality and in the most desirable locations.

March 9, 2024

What are restrictive covenants in real estate?

Restrictive covenants in real estate are legally binding conditions imposed on property deeds that limit how the property can be used, to preserve the neighborhood's character and maintain property values.

March 9, 2024

What are protective covenants in real estate?

Protective covenants in real estate are legally binding conditions written into the deed of a property or a homeowners' association (HOA) rules that dictate how a property can be used and what alterations can be made to it.

March 9, 2024

What does htc stand for in real estate?

In an HTC deal, a developer renovating a historic building can receive a 20% tax credit on rehabilitation expenses, significantly offsetting the cost of preservation efforts.

March 9, 2024

What does unsubordinated mean in real estate?

Unsubordinated debt in real estate has priority in repayment over other debts, ensuring it is paid first in cases like foreclosure.

March 9, 2024
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