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Assessment in real estate is the setting of a value on property, usually for the purpose of calculating real property taxes.
Any structure or part of a structure that is below the surface of the ground that surrounds it is known as above grade.
A cooperative (also referred to as co-op) is a legal entity, usually a corporation, which owns real estate, usually in the form of a residential building. Individuals who buy “into a co-op” are not actually purchasing real property. Instead, they are essentially becoming: (1) a shareholder in a corporation that owns real property, as evidence by shares of stock allocable to the unit purchased, and (2) a tenant of such corporation, as evidence by a proprietary lease for the unit purchased.
Floor area ratio (“F.A.R.”), at its simplest level, is the ratio between the total amount of usable floor area that a particular building has (or is permitted to build upon), when compared to the total area of the lot which the building stands on.
Listing agreement is a contract in which a real estate broker is hired to represent an owner of real estate in their efforts to sell or lease real estate or a particular space in a building.
Vacancy rate is the percentage of vacant space in a building due to non-occupancy of an available, rentable unit or space.