"Layman's terms" What is this? - Posted by Ray

Posted by Sean on May 14, 1999 at 20:08:16:

Layman’s terms should be right up your alley. It is the non-layman’s terms that you would have trouble with. What they mean is they want you to describe it without using any kind of real-estate related jargon, such as the technical name for the lot placement, etc.

“Layman’s terms” What is this? - Posted by Ray

Posted by Ray on May 14, 1999 at 19:41:53:

I am getting a commercial mortgage. On the application sheet, there is a question “Describe the property i layman’s terms. On a scale from 1 to 10, how appealing is it?”

I never heard this “Layman’s” term. I checked with books and the internet but no luck… Does anyone know? If so, please teach me with a brief description on each level.

Good investing!!!

Re: “Layman’s terms” What is this? - Posted by hkCA

Posted by hkCA on May 16, 1999 at 14:35:58:

A “layman” is a person who is not an expert in some field.

So, to “Describe the property … On a scale from 1 to 10, how appealing is it?”

you might say something like,

Proximity to other businesses "9"
Easy access to traffic flow "7"
etc., etc.

In other words, it is your opinion as a “non-expert” that these are pros and cons about the property and you are ranking them on a scale of 1 to 10.

hkCA

Re: “Layman’s terms” What is this? - Posted by Bill K. (AZ)

Posted by Bill K. (AZ) on May 14, 1999 at 20:23:18:

Ray,

It means “describe the property in terms that someone NOT familiar with commercial real estate can understand.”

To use a residential example, rather than saying “this property is zoned R4”, say “the property is zoned for multi-family dwellings, up to 4 units, at no more than 800 square feet per unit.”

NOTE: This example may not apply to your community.

Does that help?

Bill K. (AZ)

This is on an application? … - Posted by HankM

Posted by HankM on May 14, 1999 at 20:18:23:

I’ve seen good apps, bad apps and generic apps … but never have I seen a “rate this” app.

Who are you dealing with?

Hank