Useful Life
Definition of "Useful life"
Usual operating service life of property for the purpose it was acquired. The useful life used for depreciation accounting does not necessarily coincide with the actual physical life or any commonly recognized economic life. An example is a building that can be used for 30 years.
Popular Real Estate Terms
Direct line of descent as from father to son. An example of a lineal hereditament would be passing of the title of real property by virtue of a will to the first-born son. ...
Process of developing an area by planning and building homes, shopping centers, schools or churches. The development process includes the construction of streets, sewers, utilities, parks, ...
Arrears is a legal and financial term used to describe payments in regards to their due dates. While the term is more often used to refer to a contractual obligation or liability that was ...
In the US public-land survey terminology, range lines refer to two parallel north and south lines. In other words, range lines are north-south division lines used in the government’s ...
Compensation representing the fair market value of a property taken in an eminent domain action. Foe example, Brian received $150,000 for his home which was condemned in an eminent domain ...
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Home prominent in Williamsburg and typical of those in Georgia in the 1700s. The homes usually were 2 to 3 stories, in rectangular form, with double hung windows, two high chimneys, and ...
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Pipes transporting water. ...
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