Lesson 22-1 Review

Front

the highest price that the property will bring on the market

Back

market value

Front

What is the term for home value determined by examining the structure, size, features, and quality as compared to similar homes? Options: market value, appraised value, assessed value, estimated value, appreciate

Back

appraised value

Front

value set by the city or county that is used to compute property taxes

Back

assessed value

Front

the approximate value of homes, determined by real estate agents, used to help sellers establish a list price

Back

estimated value

Front

properties with similar features that have recently sold in a close geographic area

Back

comps

Front

to increases in market value, over time

Back

appreciate

Front

difference between the market value of property and the amount owed on it

Back

equity

Front

groups of homeowners in geographic areas that meet and work to set quality-of-life standards for the area

Back

neighborhood associations

Front

a financial arrangement used to minimize taxes such as owning real estate

Back

tax shelter

Front

the expenses incurred in transferring ownership from buyer to seller in a real estate transaction

Back

settlement costs