- sales comparison approach
- The process of estimating the value of a property by examining
and comparing actual sales of comparable properties.
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- secondary mortgage market
- A market for the purchase and sale of existing mortgages,
designed to provide greater liquidity for mortgages; also called
the secondary money market. Mortgages are first
originated in the primary mortgage market.
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- section
- A portion of township under the rectangular (government)
survey system. A township is divided into 36 sections,
numbered 1 through 26. A section is a square with
mile-long sides and an area of one square mile, or 640 acres.
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- seller carry back
- An agreement in which the owner of a property provides
financing, often in combination with an assumed mortgage.
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- setback
- The amount f space local zoning regulations require between a
lot line and a building line.
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- special assessment
- A tax or levy customarily imposed against only those specific
parcels of real estate that will benefit from a proposed public
improvement like a street or sewer.
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- square-foot method
- The appraisal method of estimating building costs by
multiplying the number of square feet in the improvements being
appraised by the cost per square foot for recently constructed
similar improvements.
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- statutory lien
- A lien imposed on property by statute - a tax lien, for
example - in contrast to an equitable lien, which arises
out of common law.
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- straight-line method
- A method of calculating depreciation for tax purposes,
computed by dividing the adjusted basis of a property by the
estimated number of years of remaining useful life.
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- straight (term) loan
- A loan in which only interest is paid during the term of the
loan, with the entire principal amount due with the final
interest payment.
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- survey
- A print showing the measurements of the boundaries of a parcel
of land, together with the location of all improvements on the
land and sometimes its area and topography.
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