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RE Terminologies
End part of the book
| Question | Answer |
|---|---|
| refers to a title It is the best proof of real property ownership free from all conditions, limitations, restrictions, liens and encumbrances | Absolute Fee Simple Title |
| a summary digest of the conveyance, transfer and any other facts relied as evidence of title, together with any other elements of record which may impair the title | Abstract of title |
| refers to a clause in a trust deed or mortgage giving the lender the right to call all sums owing him to be immediately due and payable upon the happening of a certain event | Acceleration clause |
| the calling for immediate due of all future installments on a debt because of a contractual default | Acceleration of Debt |
| it is the act whereby the seller or the principal's agent agrees to the terms and conditions of sale and approves the negotiations thereof and acknowledged receipt of the deposit to subscribed the agreement of sale | Acceptance |
| the act of gradually increasing a land area by a gradual deposit of solid material through the movement of waters or the river's curent | Accretion |
| in appraisal, it is the loss of utility that causes the value of a property to be less than its acquisition cost or the reproduction cost for a new one | Accrued Depreciation |
| a formal declaration before a Notary Public or duly authorized officer by a person who executed an instrument acknowledging the execution thereof to be his act and deed | Acknowledgement |
| act of acquiring or procuring property by a person | Acquisition |
| the amount or cost of money or other valuable consideration needed to obtain title to a property, it includes registration fees, transfer expenses, documentary stamps, insurance, attorney's fees, surveying fees and other cost relative to the direct | Acquisition Cost |
| refers to the number of years that elapsed since the structure's construction or building construction | Actual age |
| the contract price stated in the sales contract or the actual amount paid for the sales transactions | Actual price |
| refers to the purpose for which the property is principally or predominantly utilized by the person in possession thereof | actual use |
| a form of tax according to valuation | Ad Valorem |
| used to describe any type of mortgage that does not have a fixed rate for the term | Adjustable rate mortgage (ARM) |
| refers to the adjustments made by the Appraiser based on the market's reaction but not based on a straight dollar for dollar adjustment | Adjustment for Financing Points |
| a person appointed by the probate court to manage and settle the estate of a deceased person who left no valid will of a testator who has no executor | Administrator |
| It also refers to a person entrusted to administer the property in favor of another person | Administrator |
| it means land use having an unfavorable effect on nearby property like a junkyard in the minds of expensive country estates | Adverse land use |
| mode of acquiring title to a land by having an open, notorious and uninterrupted possession thereto | Adverse possession |
| a sworn written statement or declaration | Affidavit |
| to confirm, ever ratify or verify | Affirm |
| it is when an appellate court ratifies and confirms the judgment, decree or order of a lower court | Affirm judgment |
| means the net cash flow after deducting the tax payments | After Tax Cash Flow |
| a method of computing depreciation based on the ratio of the effective age as far as the projected economic life of the structure | Age-life method |
| a legal relationship whereby a person acts for or in behalf of another with the latter's authority | Agency |
| is one who performs function or who represents another from whom the authority was granted | Agreement |
| written agreement between the seller and the buyer on the terms and conditions or the stipulations of contract with delivery | Contract of Sale |
| refers to the science and art of farming | Agriculture |
| the ownership right to the space, or a portion thereof above the property | Air rights |
| act of transferring property possessions from one person to another | Alienation |
| refers to the land formed by the process of accretion | Alluvion/Alluvium |
| refers to tangible and intangible features that enhance or adds value to a real estate | Amenities |
| liquidation of a financial obligation by installment payments wherein the principal sum of the debt is reduced over its life | Amortization |
| ratio or percentage to be applied to loan payment for the reduction of the principal balance | Amortization rate |
| period of time needed to fully pay the principal amount of the loan | Amortization term |
| a major tenant in a retail property, who serves as a magnet in attracting customers | Anchor tenant |
| total yearly payments on a loan | Annual Debt Service |
| annual rent divided by the total area | annualized square foot rent |
| yearly payment of a sum of money chargeable to the land or other property charge | Annuity |
| an accessory contract, whereby the right to receive the fruits over the debtor's property is given to the creditor with the obligation to apply the proceeds of sales thereof to the payment of the interest and thereafter to the principal obligation | Antichresis |
| the bringing of the case from an inferior court to a higher court | Appeal |
| increase in value due to economic causes or inflation | Appreciation |
| something annexed to another thing which may be transferred incidental to it. incidental rights and interest to the land and its improvements | Appurtenance |
| a transaction between parties who are knowledgeable, capable and not under pressure | Arms-length transaction |
| a valuation placed upon property by a public officer or board, as a basis for taxation | Assessed valuation |
| the value placed on taxable property by the Assessor for ad valorem tax purposes or as a basis for taxation | Assessed value |
| act or process of determining the value of a property or proportions thereof, subject to tax including the discovery listing and appraisal of properties | Assessment |
| percentage applied to the FMV to determine the taxable or assessed value of the property | Assessment level |
| the official who has the responsibility of determining assessed value of real properties | Assessor |
| property that is owned and has value | Asset |
| valuation of land, buildings, plant, equipment and machinery generally for incorporation into business accounts | Asset Valuation |
| one to whom property is assigned or transferred, also a person empowered to act for another | Assignee |
| transfer of any property or property right to another either real or personal property | Assignment |
| taking of title to a property by a grantee, who assumes liability for payment of an existing note secured by a mortgage or deed of trust over the property | Assumption of Mortgage |
| seizure of property by court order to satisfy judgment for the settlement of debt | Attachment |
| one who is authorized to perform certain acts in behalf of another under a power of attorney either limited to a specific act or general | Attorney-in-fact |
| is a listing contract between the seller and the broker to produce a buyer for the property | Authority to sell |
| stipulation in a blanket mortgage which provide that when a buyer of one or more lots pays in full the purchase price, part of the payment shall be applied to the mortgage obligations. mortgagee shall release said lot from mortgage | Automatic Redemption clause |
| sudden loss or removal of land by the action of water flowing over. opposite of accretion | Avulsion |
| is the replacement of excavated earth in a hole or against a structure | Backfill |
| The principle that holds that value is educated to the amount and utility of real estate | Balance Principle |
| term used when the final installment payment of a note is greater than the preceding installment payments and it pays the note in full | Balloon payment |
| imaginary lines used by surveyors to find and describe the location of both private and public lands | Base and Meridian |
| a horizontal line measured with special accuracy to provide a base for survey by triangulation. An imaginary line through the initial point of principal meridian used to establish location of township lines in the govt survey system | Base line |
| durable markers used by surveyors to mark boundary locations | Bench Marks |
| person designated to receive the benefit of some transaction, like trust, the proceeds of a life or accident insurance policy | Beneficiary |
| to give, to hand down, or leave by a will, given by the terms of the will | Bequeath |
| an improvement that adds to the value of real estate, such as sidewalk, sewerage | Betterment |
| formal document used to transfer title of a personal property | Bill of Sale |
| an agreement of earnest money deposited for the purchase of real estate as evidence of good faith on the part of the buyer | Binder |
| declining area which a real property value is seriously affected by destruction of economic forces | Blighted Area |
| refers to legitimacy in good faith and without fraud | Bonafide |
| worth of a property as reflected in the financial report | Book Value |
| breaking of the law of duty either by commission or omission | Breach |
| strip of land located between two types of land use areas. ex. separation between residential and industrial. often unimproved | Buffer Strip |
| local rule regulating the construction of buildings. It also refers to ordinances passed by lgus setting minimum standards for real estate improvements | Building Code |
| refers to the ratio of rentable space to gross building area | Building Efficiency |
| line established by law at a certain distance from a street line or from the front and sides of a lot beyond which no building can project. Also called as setback lines | Building line |
| document issued within certain jurisdiction granting permission to build or construct a structure on a particular location or site | Building Permit |
| a person who by education, training, and experience is qualified to perform a valuation of a business, business ownership interest, security and/or intangible assets | Business Valuer/Appraiser |
| rate used to convert an income stream into value | cap rate |
| value estimate derived by observing completed transactions involving a large degree or amenities or other personal and unpredictable factors | Capricious value |
| amount of net proceeds from the sale of capital asset that exceeds its book value | capital gains |
| it is the process of determining the present value of property by dividing the net income by the capitalization rate to arrive at an estimate of the present worth of expected future incomes | capitalization |
| a reasonable percentage rate or return based on net income. used to determine value | capitalization rate |
| refers to the cash remaining in a business after all operating expenses and debt services have been paid out, but not the income taxes and deductions for depreciation yet | cash flow |
| a study of the anticipated movement of cash inflows and outflows of an investment | cash flow analysis |
| a notice or warning not to proceed and not to do an act | caveat |
| means let the buyer beware | caveat emptor |
| an order from a government authority directing a person violating the law to refrain from performing further act | cease and desist |
| transcript of the decree of registration made by the register of deeds in the registry in favor of a person signifying ownership of the property | Certificate of Title |
| refers to the personal property or any item both movable and immovable which are not real property | chattel |
| refers to the mortgage of personal property | chattel mortgage |
| from the floor to lower surface of roof that supports the beams | clear height |
| refers to any party for whom an appraiser or any professional performs a service | Client |
| is a mortgage which cannot be paid until its maturity or unless the creditor consents to earlier payment | Closed Mortgage |
| refers to a mortgage that has no provisions of increasing the balance. It is the opposite of open-ended mortgage | Close-ended mortgage |
| an outstanding claim or encumbrance revealed by a title search which is actually invalid or inoperative, but affects or impairs the owners title to a property unless removed by a quitclaim or court action | cloud on the title |
| a separate obligation attached to a contract to guarantee its performance, | collateral security |
| an agreement between two or more persons to defraud another of his rights or to obtain an object forbidden by law | collusion |
| is one which appears to be a good title but which is not a title in fact | color or title |
| bills of exchange used in commercial trade | commercial paper |
| an agent's compensation for performing the duties of his agency, in real estate practice, a percentage of the selling price of property, percentage of rentals | commission |
| refers to a pledge, promise or firm agreement | commitment |
| area set aside in a particular development for the enjoyment and utilization of all the property owners which area is often improved as recreational facilities | common areas |
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