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Ma Real Estate A-2

Terms & Definitions A-2

TermDefinition
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).
Created by: medct