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45-Day Rule
45-Day Rule: The rule in Revenue Code Section 1031 stating that an exchanger conducting a Delayed exchange must identify a replacement property within 45 days of selling the property he or she is relinquishing.
180-Day Exchange Period
180-Day Exchange Rule: The rule in Revenue Code Section 1031 stating that an exchanger conducting a Delayed exchange must close the sale of the replacement property within 180 days of closing the sale of the relinquished property.
401(k): A retirement investment plan that allows an employee to put a percentage of earned wages into a tax-deferred investment account selected by the employer.
1031 Exchanges
1031 Exchanges: An exchange of like properties on a tax-deferred basis.
Abstract of Title
Abstract of Title: A compressed listing of a title�s history to a particular parcel of real estate that chronicles any transfers in ownership as well as any liabilities and encumbrances attached to the property; this is registered in the local land registry office.
Accrued Item
Accrued Item: Expenses that are billed to the buyer
Actual Notice
Actual Notice: Knowledge an individual has gained after researching a property through public records or by performing a property inspection; direct knowledge.
Ad Valorem Taxes
Ad Valorem Taxes: General real estate taxes
Adjusted Basis
Adjusted Basis: The purchase price of real estate plus the cost of improvements
Affidavit of Title
Affidavit of Title: The document in which the seller states that he or she has had no judgments
Air Rights
Air Rights: The right to use
Alderson Exchange
Alderson Exchange: A type of three-party 1031 exchange wherein the buyer purchases the property of a third party in order to exchange it with the seller.
Americans with Disabilities Act
Americans with Disabilities Act: Act prohibiting discrimination against individuals with disabilities in employment
Amortization: The repayment of a financial obligation over a period of time in a series of periodic installments. Specifically
Amortization Rate
Amortization Rate: The percentage of a periodic payment that is applied to the reduction of the principal; in a level-payment mortgage this corresponds to the sinking fund factor.
Amortization Term
Amortization Term: The time period over which the principal amount would be retired on the basis of the periodic installments paid.
Amortized Loan
Amortized Loan: A financial obligation that is repaid over a period of time by a series of periodic payments.
Annuity: A contract (generally with an insurance company) for a lump sum or scheduled premiums that are paid out. The annuity issuer guarantees an income for a certain period or for the remainder of one�s life.
Appraisal: The act or process of developing an opinion of value as of a specific date.
Appraisal Process
Appraisal Process: A systematic analysis of the factors that bear on the value of real estate; an orderly program by which the problem is defined
Appraisal Report
Appraisal Report: An appraiser�s written or oral estimate of value submitted to a client based on a specified definition function of value for the subject property as of a specific date
Appraised Value
Appraised Value: An estimate by an appraiser of the amount of a particular value
Appraiser: A person who engages in the procedure of estimating the value of real property or personal property.
Appreciation: An increase in the value or worth of something due to economic or related causes such as supply and demand
Appropriation: The actual method by which a district imposes a real estate tax.
Area: The surface size of a two-dimensional figure such as a triangle or rectangle
Asbestos: Naturally occurring mineral fibers found in rocks
Assessment Roll
Assessment Roll: Part of the procedure for levying special assessments in which the assessment is spread over affected properties.
Assignment: A method of transferring the rights and obligations of a contract to a third party without canceling the contract.
Baird Exchange
Baird Exchange: A type of 3-party 1031 exchange wherein the buyer and seller swap properties and the buyer sells the property he or she has acquired to a third party.
Balance: The appraisal principle that states that the highest property values are realized when improvements are proportional to one another and the land in size and type.
Banker�s Year
Banker�s Year: An evenly based system used for calculations that assumes twelve calendar months
Bankruptcy: A provision of Federal Law whereby a debtor surrenders his assets to the Bankruptcy Court and is relieved of the future obligation to repay his unsecured debts.
Bargain and Sale Deed
Bargain and Sale Deed: A deed without a warranty
Basis: The cost to a taxpayer of obtaining and maintaining a property
Bench Mark
Bench Mark: A fixed location of known elevation set by a government agency commonly used as a permanent reference point for the metes and bounds method of land location and description
Bilateral Contract
Bilateral Contract: An agreement where both parties give consideration and promise to perform the actions specified in the contract.
Black Mold
Black Mold: A slimy black fungus particularly hazardous to humans when growing indoors that is linked to rashes
Block: A grouped or connected series of lots segmented from other lots by a series of streets or major thoroughfares.
Blockbusting: Encouraging the panic selling of homes at below market value by raising fears that the entry of persons of a particular minority group will result in decreased property values in a neighborhood and negatively impact the area.
Boot: A distribution of the proceeds from an exchange (cash boot) or the reduction of debt through an exchange (mortgage boot)
BOMA International
BOMA International: The Building Owners and Managers Association
Breach of Contract
Breach of Contract: Occurs when there is a violation of the terms of a legally binding agreement. When a breach of contract occurs
Brownfield: Real property
Calendar Year
Calendar Year: The standard practice of measuring a year based on twelve months with an unequal number of days in each totaling 365 days
Capital Gains
Capital Gains: Profits made from the sale or transfer of property.
Capitalization Rate (CAP)
Capitalization Rate (CAP): The percentage used in the income capitalization approach to appraisal that represents an annual rate of return on one's investment. (V=I/R) where: V=Value
CERCLA: The Comprehensive Environmental Response
Chain of Title
Chain of Title: A part of a title search that shows a record of a property�s ownership by displaying the complete line of property owners in chronological and successive order.
Charitable Gift Annuity (CGA)
Charitable Gift Annuity (CGA): An annuity (income stream) that is exchanged for an asset.
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