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Vocabulary
| Term | Definition |
|---|---|
| Abstract of title | An abbreviated history of a property, including information on any transfers, grants, wills, conveyances, liens, and encumbrances |
| Acceleration clause | A clause in a security instrument (mortgage/deed of trust) which makes the entire loan amount due immediately upon default |
| Accession | The right to all that ones's own property produces, including that which is added, either naturally or by human action, to the property already owned |
| Accretion | The process that results in the gradual increase in land area through deposits of soil by natural forces |
| Acre | A measurement of land equal to 43,560 square feet. |
| Actual eviction | The legal process by which someone is expelled from a property and prevented from re-entry |
| Ad valorem taxes | A tax calculated according to the assessed value of piece of real estate |
| Adjustable- rate mortgage (ARM) | A mortgage with an interest rate that can be adjusted based on fluctuations in the cost of money |
| Adverse possession | involuntary transfer of title from an owner who does not use or inspect their land for a number of years to another person who has some claim to the land and takes possession |
| Agent | An individual with authority to act on behalf of another: a state license is required to operate as an agent in real estate |
| Alienation | The transfer of ownership (title) to real property: may be voluntary or involuntary |
| Alienation clause (due on sale) | A clause in the mortgage contract that triggers the right of the lender to demand payment in full of the loan upon the sale or conveyance of the property: aka due on sale |
| Americans with disabilities Act (ADA) | A federal civil rights law passed in 1990 which prohibits discrimination agent and creates standards for people with disabilities |
| Amortization | The process of paying off a debt/mortgage in regular installments based on a fixed payment schedule |
| Annual percentage rate (APR) | How much the borrower will pay in interest over the course of a year |
| Antitrust laws | Laws designes at preventing unfair or anti-competitive practices such as price fixing, collusion, monopolies, etc |
| Appraisal | An official valuation given to a property by a licensed apraise |
| Appraiser | An individual who is trained and licensed to perform appraisals, which estimate the value of real property |
| Appreciation | The increase in value property |
| Appurtenances | Rights that run with real property ownership: most often transferred with the property, but possible to sell separately |
| Arrears | Payment that occurs at the end of a period to compensate for charges accrued during that time |
| Asbestos | A naturally occurring mineral fiber that is commonly used in insulation but if airborne or inhaled, can cause severs respiratory health issues |
| Assemblage | The combining of multiple contiguous pieces of real property into a single tract of land, often resulting in an increase in value |
| Assessed value | The value placed on a property by a governmental unit for use in calculating property taxes |
| Assessment | The determination of the value of a property for tax purposes |
| Assignment | The transferring the obligation of the mortgagor to another |
| Assumption | The process of transferring the obligation of the mortgagor to another party who takes over the responsibility to pay the note |
| Attachments | Physical objects permanently attached a land (can be human-made or natural) |
| Avulsion | The sudden loss of land by flood or when includes the total outstanding balance of the loan |
Created by:
karlajulio
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