A permit granted as an exception to a zoning ordinance that allows a property owner to meet certain specified needs.

See adjustable rate mortgage.

Market value or present worth. To have value, a property must have utility, scarcity, effective demand, and transferability.

Estimated or determined value; synonymous with appraising.

One that meets all requirements of law, is binding upon its parties, and is enforceable in a court of law.

The period of time over which a commercial property can be depreciated for federal income-tax purposes. Also known as economic ...

The acquisition of run-down city areas for purposes of redevelopment.

Ownership by two or more persons that gives each the right to use the entire property.

One who as agent for others handles money or holds title to their land.

A document used in place of a mortgage in certain states; a third-party trustee, not the lender, holds the title ...