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Florida 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 |