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Word of the day

Adjusted Basis


The original cost basis of a property reduced by certain deductions and increased by certain improvement costs. The original basis determined at the time of acquisition is reduced by the amount of allowable depreciation or depletion allowances taken by the taxpayer, and by the amount of any uncompensated property losses suffered by the taxpayer.

It is then increased by the cost of capital improvements plus certain carrying costs and assessments. The amount of gain or loss recognized by the taxpayer upon sale of the property is determined by subtracting the adjusted basis on the date of sale from the adjusted sales price.

Adjustments
 
  • In appraisal, the increases or decreases to the sales price of a comparable property to arrive at an indicated value for the property being appraised. Adjustments may be made for several reasons. The first adjustment is for seller concessions or conditions of sale; then for financing terms. Another is for time of sale if there has been a change in market conditions since the comparable sale. Adjustments are then made for location and dissimilarities between the physical characteristics of the subject and the comparable property. The indicated value is increased or decreased for each difference or dissimilarity. 
 
  • In real estate closings, the credits and debits of a settlement statement, such as real property tax, insurance, and rent prorations.

Association of the day

Pasadena Foothills Association of REALTORS

REALTOR Association Building of the Day...Pasadena Foothills Association of REALTORS.

Buildings are part of the culture of organizations. Think about government buildings, school buildings, banks...buildings impart a message to the community and its members. REALTOR Association Buildings are part of our REALTOR Culture.

When is the last time you visited your association? Have you ever visited other association buildings?

Quote of the day

What happens is not as important as how you react to what happens

How do you react to adversity? Life is full of stops and starts, frustrations and distractions. But don't let these daily confusions divert you from the excellent potential that is available to you every day. When you do encounter adversity, remember that keeping a cool head is always the right way to go. There's a solution to every problem, but's impossible to see it if you blow your top. 

Question of the day

Under an exclusive agency arrangement, the broker has a fiduciary arrangement with?

(A) The seller  
(B) The buyer  
(C) The seller and buyer  (D) The seller primarily and secondarily to the buyer
 



Answer:  (A)  The listing agreement creates an agency relationship between the broker and seller, referred to as a fiduciary relationship.
 

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