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ASSESSED VALUATION The value of real property as established by the state government for purposes of computing real property taxes. WARRANTY A guaranty by the seller, covering the title as well as the physical condition of the property. FLOOR DUTY A frequent practice in real estate brokerage offices of assigning one sales agent the responsibility for handling all telephone calls and office visitors for a specified period of time. GROSS INCOME MULTIPLIER A useful rule of thumb to estimate market value of income producing residential property. The multiplier is derived by using comparable sales divided by the actual or estimated monthly rentals and arriving at an acceptable average. MORTGAGE INSURANCE Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. (Note, however, that FHA and VA loans have different insurance guidelines.) |
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