IAAO Course 102- Review 2023 with Complete Solutions

IAAO Course 102- Review 2023 with Complete Solutions The Economic Principle of Anticipation - ANSstates that value is created by the expectation of benefits to be derived in the future. Chattel - ANSA mortgage on personal property. Balloon payment - ANSA payment on the balance due of a note at the end of the loan term that is in excess of the regular payment amounts. Usually found in a partially amoritized mortgage. Conventional mortgage - ANSA loan that is neither insured nor guaranteed by the federal government. Contract rent - ANSThe actual rent paid in accordance with terms of a lease. Minimum base rent - ANSThe fixed portion of rent under the terms of a percentage lease. Excess rent - ANSThe amount which contract rent exceeds market/economic rent. Bad for tenant but good for landlord.....look at this in terms of the landlord! Overage rent - ANSThe variable portion of the rent under the terms of a percentage lease. This is the rent over and above the minimum base rent. Typically based on a percentage of sales or rev