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Real Estate
| Term | Definition |
|---|---|
| ABANDONMENT | The failure to occupy and use property that may result in a loss of rights. |
| ABATEMENT OF NUISANCE | Extinction or termination of a nuisance. |
| ABSOLUTE OWNERSHIP | See FEE SIMPLE ESTATE. |
| ABSTRACT OF JUDGMENT | A condensation of the essential provisions of a court judgment. |
| ABSTRACT OF TITLE | A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title. |
| ABSTRACTION | A method of valuing land. The indicated value of the improvement is deducted from the sale price. |
| ACCELERATED COST RECOVERY SYSTEM | The system for figuring depreciation (cost recovery) for depreciable real property acquired and placed into service after January 1, 1981. (ACRS) |
| ACCELERATED DEPRECIATION | A method of cost write-off in which depreciation allowances are greater in the first few years of ownership than in subsequent years. This permits an earlier recovery of capital and a faster tax write-off of an asset. |
| ACCELERATION CLAUSE | A condition in a real estate financing instrument giving the lender the power to declare all sums owing lender immediately due and payable upon the happening of an event, such as sale of the property, or a delinquency in the repayment of the note. |
| ACCEPTANCE | The act of agreeing or consenting to the terms of an offer thereby establishing the “meeting of the minds” that is an essential element of a contract. |
| ACCESS RIGHT | The right of an owner to have ingress and egress to and from owner’s property over adjoining property. |
| ACCESSION | An addition to property through the efforts of man or by natural forces. |
| ACCRETION | Accession by natural forces, e.g., alluvium. |
| ACCRUED DEPRECIATION | The difference between the cost of replacement new as of the date of the appraisal and the present appraised value. |
| ACCRUED ITEMS OF EXPENSE | Those incurred expenses which are not yet payable. The seller’s accrued expenses are credited to the purchaser in a closing statement. |
| ACKNOWLEDGMENT | A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act. In this state an acknowledgment is the statement by an officer such as a notary th |
| ACOUSTICAL TILE | Blocks of fiber, mineral or metal, with small holes or rough-textured surface to absorb sound, used as covering for interior walls and ceilings. |
| ACQUISITION | The act or process by which a person procures property. |
| ACRE | A measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square feet, or a tract about 208.71 feet square. |
| ACTUAL AUTHORITY | Authority expressly given by the principal or given by the law and not denied by the principal. |
| ACTUAL FRAUD | An act intended to deceive another, e.g., making a false statement, making a promise without intending to perform it, suppressing the truth. |
| ADDENDUM |
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Popular English Vocabulary sets