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puzzles for Brandon

Real Estate Terminology

QuestionAnswer
Acceleration clause The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrow defaults on an installment payment or other covenant.
Accrued items On a closing statement, items of expense that are incurred but not yet payable, such as interest on a mortgage loan or taxes on real property
Adjustable-Rate Mortgage (ARM) A loan characterized by a fluctuating interest rate, usually one tied to a bank or savings and loan association cost-of-funds index.
Affidavit of title A written statement, made under oath by a seller or grantor of real property and acknowledge by a notary public, in which the grantor (1) identifies himself or herself and indicates marital status, (2) certifies that since the examination of the title on
Agency The relationship between a principle and an agent wherein the agent is authorized to represent the principal in certain transactions.
Agent One who acts or has the power to act for another. A fiduciary relationship is created under the law of agency when a property owner, as the principal, executes a listing agreement or management contract authorizing a licensed real estate broker to be his
Alienation The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, such as by gift or sale, or involuntary, as though eminent domain or adverse possession.
Alienation clause The clause in a mortgage or deed of trust that states that the balance of the secured debt becomes immediately due and payable at the lender's option if the property is sold by the borrower; In effect this clause prevents the borrower from assigning the d
Amortized loan A loan in which the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan.
Annual Percentage Rate (APR) The relationship of the total finance charges associated with a loan. This must be disclosed to borrowers by lenders under the Truth-in-Lending Act.
Anti-trust laws Law designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition. Most violations of antitrust laws in the real estate business involve either price-fixing
Appraisal An estimate of the quantity, quality or value of something. The process through which conclusions of property value are obtained; also refers to the report that sets forth the process of estimation and conclusion of value.
Appreciation An increase in the worth or value of a property due to economic or related clauses, which may prove to be either temporary or permanent; opposite of depreciation.
Assessment The imposition of a tax, charge or levy, usually according to established rates.
Assumption of mortgage Acquiring title to property on which there is an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.
Automatic extension A clause in a listing agreement that states that the agreement will continue automatically for a certain period of time after its expiration date. In many states, use of this clause is discouraged or prohibited.
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
Created by: akeniksman