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Ma Real Estate A-2
Terms & Definitions A-2
Term | Definition |
---|---|
Alienation Clause | The clause in a mortgage that the balance becomes due in full, if the property is sold or otherwise transfers ownership (such as foreclosure) also known as Due On Sale clause. |
Amortization | The process of repaying a loan by making systematic payments of principal, and interest over time until the balance is zero. |
Annexation | The process of changing personal property to real estate. |
Anticipation | The appraisal principal that value increases, or decreases based on the future benefit, or detriment that may be received. |
Appraisal | An estimate of value. |
Appraisal Institute | National association of real estate appraiser's who are governed by a code of ethics, and control the awarding of various appraisal designations as Senior Residential Appraiser (S R A) and Member Appraiser Institute (M A I). |
Appraised Value | An estimate of what a parcel of property will sell for. An estimate of market value. |
Appreciation | An increase of value (opposite of depreciation). |
Assemblage | The process of combining two or more lots to make the resulting parcel more valuable. The increase in value is known as plottage. |
Assessed Value | Value in which a city or town places on property as a base for determining taxes (appraised value times assessment rate). |
Assessment | Official value a city or town places on property to determine taxes (SAME AS ASSESSED VALUE). |
Assessment Rate | The % of Assessed Value that will be taxed. |
Assignment | The transfer of rights and interests in property from one person to another. EXAMPLE: Assignment of a purchase and sale agreement or a mortgage. |
Attorney at Law | A law professional who has taken and passed the bar exam. |
Attorney in Fact | One who is authorized to act for another. In real estate transactions this is done through a power of attorney. Does not need to be an attorney at law. |
Avulsion | The loss of land due to a sudden violent act of nature (Think of VOLCANO). |