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Glossary

Modern Real Estate Practice 18th Edition

QuestionAnswer
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
Created by: 1458349974