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Real Estate Dictionary

Real Estate Dictionary

What is PML in Real Estate?

In real estate, PML stands for Probable Maximum Loss. It is an estimate of the maximum expected damage or loss to a property from an earthquake, expressed as a percentage of the property's total replacement cost.

July 16, 2025

What is an SPE in Real Estate?

A Special Purpose Entity (SPE) in real estate is a separate legal entity created to own a single property or project, isolating financial risk and protecting other assets from liability.

July 16, 2025

What is Net Lettable Area in Real Estate?

Net Lettable Area (NLA) is the portion of a building’s floor space that can be leased to tenants, excluding shared areas like lobbies, restrooms, and hallways.

July 16, 2025

What is Hypothecated Real Estate?

Hypothecated real estate is property used as collateral for a loan where the borrower retains ownership and possession, but the lender can seize it if the loan is defaulted.

July 16, 2025

What is a Digital Lease?

A Digital Lease is an electronic version of a traditional lease agreement that is created, executed, and managed entirely online, typically through a property management platform, leasing portal, or digital document service.

July 16, 2025

What's the Difference Between a Recourse and Non-Recourse Loan in Real Estate?

Recourse loans expose the borrower’s personal assets to risk, while non-recourse loans limit the lender’s claim to the secured property only.

July 2, 2025

What is Discount Rate in NPV Calculations?

The discount rate is the interest rate used to determine the present value of future cash flows in an NPV analysis, reflecting both risk and the time value of money.

July 1, 2025

What's the Difference Between Rentable and Usable SF?

Rentable square footage includes both the space a tenant uses and their share of common areas, while usable square footage only counts the tenant’s private, occupiable space.

July 1, 2025

NPV vs IRR: What's the Difference?

NPV tells you how much value an investment adds in today’s dollars, while IRR tells you the rate of return the investment is expected to earn annually.

July 1, 2025

Percentage Rules of Real Estate Investing

Real estate investing is full of percentage-based rules of thumb that investors use to quickly assess deals. While these aren't hard-and-fast rules, this list can serve as useful filters or benchmarks.

July 1, 2025
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