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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. GRANDFATHER CLAUSE Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law. JUST COMPENSATION An amount of compensation to be received by a party for the taking of property under the power of eminent domain. KEY LOT A lot that has added value because of its strategic location, especially where it is needed for the highest and best use of contiguous property. HAZARD INSURANCE Protects the insured against loss due to fire or other natural disaster in exchange for a premium paid to the insurer. MARKET VALUE The highest price, estimated in terms of money, which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which the property is adapted and for which it is capable of being used. REPRODUCTION COST The cost, on the basis of current prices, of reproducing a new replica property with the same or fairly similar material. LOAN-TO-VALUE RATIO The ratio that the amount of the loan bears to the appraised value of the property or the sales price, whichever is lower. UNILATERAL CONTRACT A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer. |
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