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Glossary
Modern Real Estate Practice 18th Edition
Question | Answer |
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ABSTRACT OF TITLE | The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete |
ACCELERATION CLAUSE | The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an istallment payment or other covenant |
ACCESSION | Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial depoists along the banks of streams. |
ACCRETION | The increase or addition of land by the depoist of soil washed up naturally from a river, lake or sea. |
ACCRUED DEPRECIATION | Loss in value resulting from the property's physical deterioration, external depreciation (decrease in price), and functional obsolescene |
ACCRUED ITEMS | On a closing statement, items of expense that are incurred but NOT yet payabale, such as interest on a mortgage loan or taxes on real property |
ACKNOWLEDGMENT | A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document. |
ACRE | A measure of land equal to: > 43,560 sq. feet, > 4840 sq. yards, > 4047 sq. meters, > 160 sq. rods, or > 0.4047 hectares |
ACTUAL EVICTION | The legal process that results in the tenant's being physically removed from the leased premises |
ACTUAL NOTICE | Express information or fact; that which is known; direct knowledge. |
AD VALOREM TAX | A tax levied according to value, generally used to refer to real estate tax. Also called the general tax |