Real Estate Definitions 

“Time is of the essence”
Agent
Agreement of sale
Alienation
Alienation clause
Amendments
Amenities
Appraisal
Appreciation
Arbitration
Assessment
Balloon payment
Beneficiary
Breach of contract
Broker
Broker Agent (Salesperson)
Brokerage Owner
Building restrictions
Business plan
Capital Gain
Capital investment
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Closing or Completion
CMA
Code of Ethics
Collateral
Commercial Property
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Commission
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Contingencies
SaleContract
Contract for deed
Cost approach
Counteroffer
Debt
Deed
Default 
Deposit or Down Payment
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Earnest Money
Endorsement
Equity
Escrow
Exclusive Listing Agreement
Exclusive right  to sell listing
Exclusive-agency listing
Execution 
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Expenses
Fixture
For Sale By Agent
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Foreclosure
Foreign Quota
Franchise
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Freehold estate
Future interest
Grantee
Grantor
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Highest and best use
Identity 
Income approach
Independent contractor
Industrial property
Inspection
Instalment Contract
Installment sale
Interest-in-real-estate
Joint tenancy
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Judgment
Judgment clause
Land
Lease
Leasehold estate
Lessee
Lessor 
Lessor, Landlord, Property Owner
Letter of Intent (LOI)
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Listing 
Listing Agreement
Loan
Management Agreement
Market price
Market value 
Market/data approach
Memorandum of Understanding (MOU)
Mortgage
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Multi-Family
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Negligence
Net Income
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Non Disclosure Agreement (NDA)
Notary public
Novation
Open listing
Open Listing Agreement
Option
Ownership
Partnership
Power of attorney
Preliminary Deposit
Premises
Prepayment clause
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Priority
Property
Property Investment
Property management
Property Tax
Quota Letter
“Ready, willing, and able” 
Real estate
Real Estate Broker
Real Estate Property
Real Estate Purchase/Sale Agreement
REALTOR®
Rent
Rent schedule
Replacement cost
Resale
Residential 
Rights Over Leasehold Asset
Sales contract
Salesperson
Short sale / Fire Sale
Single Family
Specific Business Tax 
Spouse Consent
Stamp Duty
Subletting
Substitution
Survey
Tenant
Termination (lease)
Termination of listing
The original amount
The Terms “Agent” and “Broker” 
Title
Title Deed
Title Insurance
Transfer Fee
Value
Viewing Form
Withholding Tax
Yield
Zoning


Assessment

Assessment


Understanding Real Estate Assessment: A Key to Informed Decisions

In the bustling world of real estate, understanding the concept of property assessment is crucial for both buyers and sellers. Property assessment, often referred to as real estate assessment, is the process of determining the value of a property for taxation purposes. This valuation is essential as it influences property taxes, which are a significant consideration for homeowners and investors alike.

The Importance of Real Estate Assessment

Real estate assessment plays a pivotal role in the property market. It provides a standardized method for evaluating property value, ensuring that taxes are fairly distributed based on the worth of each property. For potential buyers, understanding the assessed value of a property can offer insights into its market value, helping them make informed purchasing decisions. For sellers, a proper assessment can aid in setting a competitive price, ensuring they receive a fair return on their investment.

Consequences of Missteps in Property Assessment

Mistakes in property assessment can lead to significant financial repercussions. An over-assessment can result in higher property taxes, placing an unnecessary financial burden on homeowners. Conversely, an under-assessment might lead to lower taxes but can also affect the resale value of the property, as potential buyers might question the property's worth. Moreover, inaccuracies in assessment can lead to disputes with local tax authorities, resulting in legal challenges and additional costs.

REMAX Thailand's Recommendation for Real Estate Agents

REMAX Thailand advises real estate agents to prioritize accurate property assessments by collaborating with certified appraisers. This partnership ensures that assessments are based on current market trends and property conditions, providing clients with reliable data. Agents should also educate their clients about the assessment process, helping them understand how it impacts their financial planning and property decisions.

Q&A Section

What is the difference between assessed value and market value?
The assessed value is used for tax purposes and is determined by local authorities, while the market value is the price a buyer is willing to pay for a property in the current market.

How often are property assessments conducted?
Property assessments are typically conducted annually, but the frequency can vary depending on local regulations.

Can property owners dispute their assessment?
Yes, property owners can appeal their assessment if they believe it is inaccurate. This usually involves providing evidence to support their claim.

Why is it important for real estate agents to understand property assessments?
Understanding property assessments helps agents provide accurate advice to clients, ensuring they make informed decisions regarding buying, selling, or investing in real estate.