REPLACEMENT RESERVE FUND Definition

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REPLACEMENT RESERVE FUND, in real estate, is a fund set aside for replacement of common property in a condominium, PUD, or cooperative project; particularly that which has a short life expectancy, such as carpeting and furniture.

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LABOR INTENSIVE is used to describe industries or sectors of the economy that relies relatively heavily on inputs of labor, usually relative to capital but sometimes to human capital or skilled labor, compared to other industries or sectors.

SCOPE PARAGRAPH, in accounting, is the paragraph in the audit report that explains the scope of the engagement.

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