Principle of Contribution Definition
Most people believe that if you spend money on improvements to your property, the market value of your property will go up by the cost of the improvement they add, but that is not always the case. Today, we are …
Real Estate Terms
Studying for your real estate license exam? Check out our resources on all the definitions you need to know while studying for your real estate exam.
Principle of Highest and Best Use Definition
The principle of highest and best use is one of the many appraisal principles appraisers use to determine fair market value for a property. This article discusses highest and best use, its criteria, real estate appraisal, and what you need …
Principle of Conformity Definition
The principle of conformity explains why a property’s fit with surrounding land uses and buildings can affect its value. It concerns compatibility, not a requirement that every building look identical. What Is the Principle of Conformity? The principle of conformity …
Principle of Substitution Definition
The principle of substitution usually comes up with appraisal and property valuation. It’s essential to understand for investors, property owners, and real estate professionals. In this article, we cover everything you need to know about the principle of substitution. What …
Package Mortgages in Real Estate
Mortgage loans are a huge component of any real estate transaction, so it’s essential to understand what they are, how they work, and what basic types exist. This article covers package mortgages, how they differ from other loans, and what …
Special Agency and Special Agents
Being a real estate agent and understanding your legal responsibilities can sometimes be confusing. How you represent clients and the duties you perform depend on what type of agency you have. Today, we are talking about real estate agencies and …