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DENSITY A term, frequently used in connection with zoning requirements, which means the maximum number of building units per acre or the number of occupants or families per unit of land area (acre, square mile, etc.); usually the ratio of land area to improvement area. PRIVATE MORTGAGE INSURANCE (PMI) Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's purchase price. (Note, however, that FHA and VA loans have different insurance guidelines.) CERTIFIED PROPERTY MANAGER A professional property manager who has qualified for membership in and is a member of the Institute of Real Estate Management, and is designated a CPM. INTEREST The sum paid or accrued in return for the use of money. ACCELERATED DEPRECIATION A method of calculating the depreciation of certain property (that property which is used in a trade or business, or which is held for the production of income) at a faster rate than would be achieved from using the straight line method of depreciation. CERTIFIED CHECK A check which the bank guarantees to be good, and against which a stop payment is ineffective. LIFE ESTATE Any estate in real or personal property which is limited in duration to the life of its owner or the life of some other designated person. |
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