More terms

Amortization – The process of paying the principal and the interest on a mortgage through regularly scheduled payments. Appraised Value – A licensed appraiser’s opinion of the current market value of a property. Assessed Value - A tax assessor’s determination of the value of a home in order to calculate a tax base. Breezeway – A roofed passage way with open sides. Capital improvement - Any improvement that extends the life or increases the value of a piece of property. Comparable sales - Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps."