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Abatement
"To decrease
Abstract
A historical record (copy) of all recorded documents for a specific property.
Abstract and Opinion
A historical record of the documents on a property PLUS the written opinion of an attorney concerning the quality of the chain of title.
Abstract of Judgment
A general lien placed on a debtor's real and personal property until a judgment is paid in full to the plaintiff in the lawsuit.
Abstraction (Abstractive Method)
Estimating the value of land by deducting the value of the improvements from the overall price of the property.
Accelerated Depreciation
A method of IRS depreciation on investment property that gives a greater tax advantage (more depreciation earlier) than the straight-line method.
Acceleration Clause
"A provision in a note
Acceptance
Any language or action that indicates an agreement forming a contract has been reached. An offer is just an offer until acceptance.
Acceptance
"Communication to an offeror that the recipient (offeree) finds the terms and conditions of an offer acceptable. Turns an offer into a binding contract. Must be in the same manner as received
Accord and Satisfaction
Agreement by a creditor to accept less than the original amount owed.
Accretion
The process of increasing land through deposits of mud or sand (alluvion) by the action of water .
Accrued Depreciation (Cost Approach)
The difference between a property's estimated reproduction cost (cost approach to value) and current market value. It is the sum of depreciation from all causes.
Acknowledgment
Written declaration by a person who signs a document that he or she is actually who he or she claims to be. Acknowledgements are witnessed by a notary public or other authorized official.
Actual Authority
That expressed or implied authority conferred upon an agent by the principal.
Actual Eviction
Deliberate landlord action through the courts to remove a tenant from occupancy.
Actual Notice
"That truly seen
Ad Valorem
"Property tax based on the assessed value of the property. (from Latin ""according to value"")"
Adaptation
"Adaptation concerns fixtures: How an item fits can determine whether the item is personal property or real property. Basically
Adjudication
A process in a court of law and the resultant determination by the court of a water right approving party's use of well water from aquifer and tributary waters.
Adjustable Rate Mortgage (A.R.M.)
"A loan in which the interest rate changes on every anniversary date. The loan is re-amortized based on the remaining principal balance
Adjustable Rate Mortgage Disclosure
"Federal Reserve Board's ""Consumer Handbook on Adjustable Rate Mortgages"" which must be given to borrowers."
Adjusted Basis
"Original cost of a property (basis) + the cost of capital improvements made
Adjusted Gross Income
"The gross income less the vacancy factor
Adjusted Selling Price
The price a comparable sale adjusted upwards (if it lacks a feature) or downwards (if it has more features) compared to the subject property.
Adjustment Periods
"The adjustment period
Administrator
A personal representative that handles the disposition of an estate.
Administrator's Deed
Used to transfer title of real property by the personal representative of a deceased owner.
Adverse Possession
A claim of title based on occupying a property for an uninterrupted and continuous period of time without the owner's consent. The time is set by state law.
Aesthetic Zoning
Zoning that requires that new structures match an existing architectural style.
Affirmative Easement
The right to use property belonging to another for a specific reason.
After Acquired Interest
An interest the grantor acquires after title has passed to a grantee.
Age-life Table (Depreciation)
Method of determining depreciation based on the relationship of a property's condition and its economic life. Example: Effective age (based on condition) is 10 yrs and estimated remaining economic life is 30 yrs. 10 + 30 = 40 yrs economic life: 10 / 40 = 25% depreciation today.
Agency
The fiduciary relationship that results when one party (principal) gives another party (agent) the authority to act on the principal's behalf to transact business.
Agency by Estoppel
An agency resulting from actions of the parties (that cannot later be denied) leading a third party to believe that an agency exists. See Estoppel
Agency by Implication
An agency created by words or actions that leads one or more parties to believe an agency relationship exists.
Agency by Ratification
An agency created by the actions of an unauthorized party being accepted by the principal after the fact. Example: I find a tenant to rent your office space and you agree even though we did not have an agreement to do so.
Agency Coupled with an Interest
"Agency in which the agent holds an interest in the property
Agent
The one who acts for a principal in an agency relationship.
Agreement of the Parties
"The most important test of whether an item is a fixture or not. If you are not sure if an item is considered by the seller/buyer to be a fixture
Air Rights
"(also known as air lots) are the those rights to ownership
Alienation
"Transfer of ownership
Alienation (Due-on-Sale) Clause
A provision in a loan that makes the balance due and payable immediately upon a sale or transfer of ownership.
All-Inclusive Deed of Trust (Wraparound Mortgage)
"Secondary financing that ""wraps"" the around
Alluvion
The mud or soil that is carried by a river or stream and adds to the volume of land over time in a process called accretion
Amenities
Features that increase the value of property.
American Land Title Association (A.L.T.A.)
"An association of title companies that created uniform title forms and policies
Americans with Disabilities Act (ADA)
"A federal law (1992) intended to prevent discrimination against disabled persons in 4 areas: public transportation
Amortized Loan
One with equal periodic payments that include interest plus a slowly increasing (in each payment) partial re-payment of the principal.
Annexation
The process of affixing or attaching personal property to the real property so that it becomes a fixture and is considered real property.
Annual Percentage Rate (APR)
"Rate that includes the principal plus all of the costs of obtaining the loan--closing costs
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