A note having no date for repayment, but due on demand of the lender.

A planned unit development having very limited common area.

A lease or conveyance for life or years. Loosely used to describe any conveyance, whether in fee, for life, or for years.

A wall separating tenants in the same building.

Statistics. Commonly refers to statistical information required by certain businesses (especially chain stores) regarding a possible new location.

A legal term whereby one party states that even if the other party’s facts or allegations are true, there is still no cause of action.

(1) The degree of crowding together of people or buildings. (2) Weight or thickness.

That department of the state government responsible for the licensing and regulation of persons engaged in the real estate business. The person heading the department is usually called The Real Estate Commissioner. Other names for the department are The Division of Real Estate and The Real Estate Commission.

Formerly the Veterans Administration.

The reduction or exhaustion of an asset, such as a wasting asset, and its corresponding loss of value.

Percentage of the total amount of a wasting asset (oil, minerals, etc.) to be mined, drilled or otherwise used yearly.

One who makes a sworn written statement (deposition). If the statement is an affidavit, the maker is called and affiant.

(1) Money given by the buyer with an offer to purchase. Shows good faith. Also called earnest money. (2) A natural accumulation of resources (oil, gold, etc.) which may be commercially recovered and marketed.

See: Purchase Agreement.

Testimony of a witness taken under oath outside of court.

(1) A railroad or bus station. (2) Any place used for the storage and protection of goods.

A tax term meaning the number of years used to determine depreciation of an asset (generally a building). The time used is determined by the local IRS office under general guide lines.

Property on which a useful life can be determined for depreciation. For example: A building is depreciable (has a lifetime) but the land under it is not (lasts forever).

(1) Decrease in value to real property improvements caused by deterioration or obsolescence. (2) A loss in value as an accounting procedure to use as a deduction for income tax purposes. (See specific types of depreciation).

Accounting methods to compute the decrease in value of an improvement.

An account for the amount needed for depreciation caused by time and use of equipment, buildings, etc. Common in accounting of public utilities.