Most commonly used in real estate regarding permission by the zoning authority to an owner permitting a minor violation of the zoning requirements for specific property, For example: setback requirements, use, or size of structure.
Variance is also used in statistical analysis to measure the amount of variability that exists in a set of numbers (formerly referred to as a frequency distribution). Variance is one of many statistical techniques gradually being introduced into real estate investment analysis decision strategies regarding acquisition and disposition of investment-grade property.
Past vocabulary words: A B C D E F G H I J K L M N O P Q R S T U
Keith Marshall is a real estate agent with Prudential Grand Valley Realty, serving Kitchener, Waterloo and Cambridge. If you’re thinking of buying or selling your home, please give me a call. I aim to take the stress and mystery out of the home buying and selling process.
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UFFI or Urea Formaldehyde Foam Insulation is a colorless, chemical compound found in certain resins, glues and bonding agents and for real estate practitioners, is most commonly associated with insulation. UFFI is a low density foam made from plastic resins, a foaming agent and compressed air. At time of installation, UFFI has the appearance and consistency of shaving cream. While normally identified as a white or cream colored substance, at least one product contained blue dye.
The controversy arose from the curing process when the product was injected into walls and other areas in residential property, and formaldehyde gas was released. a product ban appeared in 1980 because of potential health concerns, after an estimated 100,000 Canadian homes were insulated mostly between 1975 and 1979 under government incentive program for homeowners.
A general consensus now minimizes UFFI as a health concern.
Past vocabulary words: A B C D E F G H I J K L M N O P Q R S T
Keith Marshall is a real estate agent with Prudential Grand Valley Realty, serving Kitchener, Waterloo and Cambridge. If you’re thinking of buying or selling your home, please give me a call. I aim to take the stress and mystery out of the home buying and selling process.
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Total Debt Service Ratio (TDS) is the ratio of annual (or Monthly) mortgage charges for principal, interest and taxes, plus payments on various other debts. (normally bank and finance company loans…), compared with the gross income of the borrower. The TDS ratio should be clearly differentiated from the gross debt service (GDS) ratio that is calculated based on principal, interest and taxes only.
Most lenders require an applicant to meet a particular TDS ratio, in addition to the GDS ratio. As with the GDS, required TDS ratios vary from lender to lender but most are in the range of 35% – 40%.
TDS = (Principle + Interest + Taxes + Loan Payments)/ Gross Income
GDS = (Principle + Interest + Taxes)/Gross Income
Past vocabulary words:
A B C D E F G H I J K L M N O P Q R S
Keith Marshall is a real estate agent with Prudential Grand Valley Realty, serving Kitchener, Waterloo and Cambridge. If you’re thinking of buying or selling your home, please give me a call. I aim to take the stress and mystery out of the home buying and selling process.
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A financial levy made by lawful process against those specific parcels of property that directly benefit from the special assessment.
For real estate practitioners, special assessments are typically encountered in two areas: taxation and condominium property. Under taxation, the taxing authority may levy a special assessment for improvements within a particular area (for example: installation of curbs and sidewalks), in a residential subdivision. Individual property owners benefiting from this increased utility are levied a special assessment over and above usual property taxes to pay for the expenditure over a pre-determined period.
With condominium property, special assessments are normally levied against all unit owners to make up a deficiency in the reserve fund in contemplation of repair/replacement concerning the common elements of the condominium corporation.
Past vocabulary words:
A B C D E F G H I J K L M N O P Q R
Keith Marshall is a real estate agent with Prudential Grand Valley Realty, serving Kitchener, Waterloo and Cambridge. If you’re thinking of buying or selling your home, please give me a call. I aim to take the stress and mystery out of the home buying and selling process. If you have real estate questions, you can chat with me live on my homepage or contact me by phone or email. Sign up for my newsletter.
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A construction principle involving the dispersal of rain relating to brick veneer wall. Since approximately 1970, brick veneer walls provide a rain screen for the dispersing of rain through airs pace and weep holes.
The underlying principle acknowledges that a wind driven rain will pass through the brick wall. A one-inch air spaces left behind the brick, between the interface of the brick and the sheathing on the wood studs. Water is allowed to pass through the wall and run down the inner face of the brick, or the outer surface of the sheathing paper, and through the weep holes.
Past vocabulary words:
A B C D E F G H I J K L M N O P Q
Keith Marshall is a real estate agent with Prudential Grand Valley Realty, serving Kitchener, Waterloo and Cambridge. If you’re thinking of buying or selling your home, please give me a call. I aim to take the stress and mystery out of the home buying and selling process. If you have real estate questions, you can chat with me live on my homepage or contact me by phone or email. Sign up for my newsletter.
Filed under: real estate vocabualry by Keith Marshall
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