Terms & Definitions A-1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Abstract of Title | A summary of the history of ownership of a parcel of property including each consecutive conveyance, liens, other encumbrance and the current status of each.
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| Abutter | One whose land adjoined another parcel of property (including a road or another private parcel).
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| Acceptance | The agreement of one party to a set of terms offered by a second party.
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| Accountability | One of the duties of an agent under the law of agency that deals with the handling of escrow funds.
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| Accretion | The gradual increase to land on a shore or riverbank by natural forces.
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| Accrued | Items that have been accumulated over time. Such as depreciation or taxes.
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| Accrued Depreciation | Total depreciation to date. (Yearly depreciation times number of years).
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| Acknowledgment | Process where an authorized officer (usually a Notary Public) witnesses a signature and attests, that the signer has stated that the signing is his or her "free act and deed"; intended to protect against duress.
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| Acre | An area of measurement equal to 43,560 square feet.
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| Actual Eviction | Legal process where the landlord forces the tenant to vacate the premises (as opposed to constructive eviction).
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| Adverse Possession | The process of gaining title to real property by open, continuous and notorious occupancy (for 20 years in Massachusetts); known as "Squatter’s Rights". Similar to establishing an easement by prescription.
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| Ad Valorem Tax | A tax based "according to valuation". Property taxes are based on the value of the property being taxed.
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| Agency | The relationship between one person (Principal) and another (Agent) who is authorized to act in the first person's behalf.
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| Agency Disclosure | The Mass regulation (254 C. M. R. 2.05) that regulates the real estate broker sales person in informing and obtaining consent as to the agency representation to be utilized.
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| Agent | One who is authorized to act for another, who is called the principal.
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| Air Rights | The rights to the space above a piece of property.
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Created by:
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