Florida Real Estate Terms

Real Estate Terms
Term Meaning
ARV After Repair Value
FMV/ MV Fair Market Value / Market value
RMV Relative Market Value
MAO Maximum Allowable Offer
Example: No more than 65/70% of ARV less repair costs
1 Acre 43,560 Square Feet
1 Point 1 percent
Basis points 1/100 of 1 per cent
100 basis Points = 1 %, 50 Basis Points = 1/2 of 1%
Section 1/36 of a Township, 1 Mile Square or 1 Square mile contains 640 acres
Township Tier Across the State of Florida locating property
6 Mile square or 36 square miles - contains 36 sections
Range Locates a Township in an East/West Plane
HUD- 1 Closing Statement Form - Most common
Debt Service Mortgage payments (Principal & Interest only)
PITI Principal Interest Taxes Insurance
IRV Relationship between Income, Rate & Value
Doc Stamps Deed Usually paid by Seller $0.70/100 of Sale Price
Doc Stamps Mortgage Usually paid by Borrower, $0.35/100 of New Mortgage
Intangible Tax Usually paid by Borrower, $ 0.002 x Mortgage
Lease Rate/ Sq Ft Monthly payments x 12/ Sq Ft Leased Space
Land Price/ Acre Land Cost / # of Acres in Property
Land Price / Sq Ft. Land Cost / # of Acres in Prop / 43,560 Sq Ft