|
|
| |
A - B
- C
- D
- E
- F -
G - H
- I
- J
- K
- L
- M
- N
- O
P - Q
- R
- S
- T
- U
- V
- W
- X
- Y
- Z |
|
| |
- ABA NUMBER - Originated
by the American Bankers Association, it is the number
(usually in the upper right hand portion of the check)
which identifies the bank upon which the check is drawn.
- A.B.A. (AMERICAN BAR
ASSOCIATION) - A national organization composed of
member state and local bar associations, which control
the licensing of attorneys.
- ABANDONMENT - The
voluntary relinquishment of rights of ownership or
another interest (such as an easement) by failure to use
the property, coupled with an intent to abandon (give up
the interest).
- ABANDONMENT OF HOMESTEAD
- A recorded document, executed by those claiming a
homestead exemption, giving up said homestead. Not
applicable to all states and procedure muse according to
local statutes.
- ABATEMENT - A reduction
or decrease. Usually applies to a decrease of assessed
valuation of ad valorem taxes after the assessment and
levy.
- ABC SOIL - Soil having
distinct A (upper), B (middle), and C (lower)
- horizons (layers of
soil).
- ABSCISSA - The
horizontal axis of a curve; the vertical axis being the
ordinate. The terms are used in connection with charts
and graphs.
- ABSENTEE LANDLORD - A lessor of real property (usually the owner) who does not
live in a portion of the property.
- ABSENTEE OWNER - An
owner of property who does not occupy said property.
- ABSORPTION - The filling
of space, such as the rental of units or sale of a
tract. The time or rate must be estimated and considered
as part of the owner's (usually the builder) costs.
- ABSTRACT - A summary; an
abridgement. Before the use of photostatic copying,
public records were kept by abstracts of recorded
documents.
- ABSTRACT CONTINUATION -
(See: Supplemental Abstract).
- ABSTRACT EXTENSION -
(See: Supplemental Abstract).
- ABSTRACTER'S CERTIFICATE
- A certificate contained in an abstract which shows the
time period and scope of the search of public records
done by the abstracter.
- ABSTRACT OF JUDGMENT - A
summary of the essential provisions of a court judgment,
which when recorded in the county recorder's office,
creates a lien upon the property of the defendant in
that county, both presently owned or after acquired.
- ABSTRACT OF TITLE - A
compilation of the recorded documents relating to a
parcel of land.
- ABSTRACTION - A method
for appraising a site (land) by estimating the
depreciated value of the improvements and deducting that
amount from the total value (improved value) of the
property. (See: Allocation).
- ABUT
- To touch, border
on, or be contiguous to.
- ABUTMENTS - The verticle
members (walls or heavy columns) which bear the load or
pressure of the cross member, such as an arch, pier, or
similar structure.
- ABUTTING OWNER - One
whose land is contiguous to (abuts) a public right of
way.
-
ACCELERATED COST
RECOVERY SYSTEM( ACRS) - A portion of the Economic
Recovery Act of 1981 which allows shorter depreciation
of both real and personal property, does not distinguish
between new and used property, and disregards salvage
value.
- ACCELERATED DEPRECIATION
- A general term including any method of depreciation
greater than straight line depreciation (see which).
- ACCELERATION CLAUSE -
Clause used in an installment note and mortgage (or deed
of trust), which gives the lender the right to demand
payment in full upon the happening of a certain event,
such as failure to pay an installment by a certain date,
change of ownership without the lender's consent,
destruction of the property (see Waste), or other event
which endangers the security of the loan. (See also:
Alienation Clause).
- ACCEPTANCE - Voluntarily
agreeing to the price and terms of an offer. Offer and
acceptance create a contract.
- ACCESS - The right to
enter and leave a parcel of land by means of a public
way. May include the right to enter and leave over other
parcels of land.
- ACCESSIBILITY - The
location of a site in terms of how easily it may be
reached by customers, employees, carriers, and others
necessary to the intended use of the property.
- ACCESSION - The right of
an owner to an increase in his property by natural means
(such as a riparian owner's right to an abandoned river
bed, rights of alluvion and reliction, etc.) or
artificially, by improvements.
- ACCESSORY BUILDINGS -
Structures used for the benefit of a central or main
building, such as a tool shed, garage, or similar
structure.
- ACCESS RIGHT - A right
to ingress and egress to and from one's property. May be
express or implied.
- ACCOMMODATED ROOM NIGHT
DEMAND - The annual number of hotel (or motel) rooms
occupied in a given market area.
- ACCOMMODATION PARTY -
Person who lends his name to help secure credit for
another, by signing a note or other obligation without
receiving consideration.
- ACCOMMODATION RECORDING
- The recording of documents with the county recorder by
a title insurance company, without liability (no
insurance) on the part of the company, but merely as a
convenience to a customer.
- ACCORD - An agreement by
which one accepts something different (usually less)
from what is owed as full satisfaction. The amount owed
may be in dispute or simply accepted as full
satisfaction by the creditor or claimant. The agreement
and acceptance is called Accord and Satisfaction".
- ACCOUNTS PAYABLE - Money
owing. The term is generally used in business rather
than personal finances. Usually represents services or
materials, such as wood, bricks, payment of
subcontractors, etc., to a builder.
- ACCOUNTS RECEIVABLE -
Money owed to a business for goods or services. Accounts
receivable may be sold or borrowed against. Many times
the sale of accounts receivable is for less than face
value (discounted).
- ACCRETION - The gradual
addition to the shore or bank of a waterway.
- ACCRUAL ACCOUNTING - An
accounting method under which income and expenses are
charged to the periods for which they are applicable,
rather than when payment is received or made. The method
calling for income and expenses to be based on payment
being received or made is cash accounting.
- ACCRUE - To grow or
mature.
- ACCRUED DEPRECIATION -
(1) The amount reserved each year in the accounting
system for replacement of a building or other asset. (2)
The useful life of a property at any given time.
- ACCRUED INTEREST
-Interest on a note, bond, etc. which has been earned
but not yet paid. Since interest is usually paid in
arrears, accrued interest does not necessarily indicate
a delinquency in payment. (See also: Accumulated
Interest).
- ACCUMULATED DEPRECIATION
- (See: Accrued Depreciation).
- ACCUMULATED INTEREST -
Unpaid interest which is past due. (See also: Accrued
Interest).
- ACID SOIL - A soil with
an acid rather than an alkaline base. This can determine
its suitability for farming.
- ACID TEST RATIO - A
formula used by lending institutions to determine if a
business can meet its current obligations. The formula
adds cash plus receivables plus marketable securities
and then divides by liabilities. A ratio of one to one
is considered acceptable.
- ACKNOWLEDGEMENT - A
written declaration by a person executing an instrument,
given before an officer authorized to give an oath
(usually a notary public), stating that the execution is
of his own volition.
- ACOUSTICAL MATERIALS -
Materials which absorb sound. Usually installed in walls
and ceilings and composed of fiberglass, cork, special
plaster, or similar materials.
- ACOUSTICAL TILE - Tile
which absorbs sound.
- ACQUISITION APPRAISAL -
An appraisal to determine market value of a property to
be taken by eminent domain, in order to justly
compensate the owner.
- ACQUISITION COSTS
-
Costs of acquiring property other than purchase price:
escrow fees, title insurance, lenders fees, etc.
- ACRE
- A parcel of land,
equal to 160 sq. rods (43,560 sq. ft.) in any shape.
- ACREAGE - Any parcel of
land which may be measured in terms of acres. Usually
qualified by its zoning or usage, such as residential
acreage, industrial acreage, etc.
-
ACREAGE CONTROL -
Federal control setting the number of acres which may be
planted with crops which have federal price supports.
- ACRE FOOT - A volume of
water, sand, coal, etc., equal to an area of one acre
with a depth of one foot (43,560 cubic ft.). If a
liquid, 325,850 gallons.
- ACRE-INCH - A cubic
measure of one acre in area with a depth of one inch.
- ACTION TO QUIET TITLE -
A court action to establish ownership to real property.
Although technically not an action to remove a cloud on
title, the two actions are usually referred to as "Quiet
Title" actions. (See also: Cloud on Title).
- ACTIVE CAPITAL - Capital
used on a regular basis for profit-making activities.
- ACT OF GOD
- Damage
caused by nature (floods, winds, etc.) rather than
destruction by man.
- ACTUAL AGE - The
chronological age of a structure as opposed to its
effective or economic age.
- ACTUAL CASH VALUE -
(See: Market Value).
- ACTUAL NOTICE - Notice
actually and expressly, or by implication, given and
received. (See also: Constructive Notice; Statutory
Notice).
- AD - By, for, relating
to, concerning.
- ADDENDUM - Something
added. A list or other material added to a document,
letter, contractual agreement, escrow instructions, etc.
(See also: Amendmet).
- ADDITION - (1) A portion
of a building added to the original structure. (2) A
synonym for subdivision in certain legal descriptions.
- ADDITIONAL DEPOSIT - A
buyer of real property will generally give a small
deposit with an offer, and a more substantial deposit
after the offer has been accepted. The second deposit is
the "additional deposit".
- ADD-ON INTEREST - A
method of charging interest usually used in the
financing of automobiles, but not generally used in real
estate financing. Interest is computed on the total
amount borrowed and added on to the principal. Each
payment is then deducted from this total amount.
Interest on real estate loans is usually figured based
on the balance owing after each payment is made
(declining balance).
- AD HOC
- Latin meaning
"for this". For a single purpose only.
- ADJACENT - Close to. May
or may not be contiguous (touching).
- ADJOINING - Touching or
contiguous to.
- ADJUDICATION - A
judgment or decision by a court.
- ADJUSTABLE MORTGAGE
LOANS(AML'S) - Mortgage loans under which the interest
rate is periodically adjusted to more closely coincide
with current rates. The amounts and times of adjustment
are agreed to at the inception of the loan. Also called:
Adjustable Rate Loans, Adjustable Rate Mortgages (ARM's),
Flexible Rate Loans, Variable Rate Loans. (See also:
Indexing, Rate Index).
- ADJUSTABLE RATE LOANS -
(See: Adjustable Mortgage Loans).
- ADJUSTED BASIS - (See:
Book Value).
- ADJUSTED GROSS INCOME -
Gross income of a building if fully rented, less an
allowance for estimated vacancies.
- ADJUSTED MORTGAGE - A
mortgage released after a company has undergone
reorganization.
- ADJUSTED SALE PRICE - An
appraisal term used when a comparable property's sale
price is adjusted to reflect the value of the subject
property. The adjustment is made based on the
differences between the subject property and comparable
property in time of sale, terms of sale, location, and
physical characteristics.
- ADJUSTMENTS - (See:
Proration).
- AD LITUM
- (For the
suit). A guardian "Ad Litum" prosecutes or defends a
suit for a minor or incompetent.
- ADMINISTRATOR - A person
given authority by a proper court to manage and
distribute the estate of a deceased person when there is
no will. (See also: Administrator C.T.A.).
- ADMINISTRATOR C.T.A. -
Administrator when there is a will but no executor is
named or the executor named is unable or unwilling to
- serve. The C.T.A. stands
for Cum Testamento Annexo (with the will attached).
- ADMINISTRATOR'S DEED - A conveyancing instrument used by an Administrator to
transfer property from an estate. (See: Administrator).
- ADMINISTRATRIX - Female
administrator.
- ADOBE CONSTRUCTION - A
structure built of adobe blocks. Adobe blocks are made
from adobe mud mixed with straw or a straw-like
substance, and then baked. Considered a very good but
expensive material.
- ADR (THE CLASS LIFE
ASSET DEPRECIATION RANGE SYSTEM) A flexible set of guide
lines for depreciation which sets up an "asset
depreciation period", rather than using the "useful
life" of an asset.
- ADULT
- One old enough
to legally act without the consent of a parent or
guardian. One over 18 years old, except in some states
for the purchase of alcohol, which is limited to those
over 21 years old.
- AD VALOREM - "According
to value". A method of taxation using the value of the
thing taxed to determine the amount of tax. Taxes can be
either "Ad Valorem" or "Specific". Example: A tax of
$5.00 per $1000.00 of value per house is Ad Valorem". A
tax of $5.00 per house (irrespective of value) is
"Specific".
- ADVANCE FEE - A fee
charged by a broker to a seller to cover all or a
portion of the broker's costs of promoting the property.
The fee is generally credited against commissions but is
not refunded if no commissions are received. Most
frequently used in connection with large offerings which
require a substantial outlay of funds for promotion.
- ADVANCES - Money
advanced by a mortgagee (beneficiary under a deed of
trust) to pay the mortgagor's (trustor's) obligations of
taxes, insurance, or other items necessary to protect
the secured property.
- ADVERSE LAND USE - A use
which causes surrounding property to lose value, such as
an industrial development in a residential area.
- ADVERSE POSSESSION - A
method of acquiring title by possession under certain
conditions. Generally, possession must be actual, under
claim of right, open, continuous, notorious, exclusive,
and hostile (knowingly against the rights of the owner).
Exact time (years) of possession and specific
requirements (such as payment of property taxes) vary
with the statutes of each state.
- ADVERTISING
- In real
estate, mainly confined to newspaper ads and signs on
the property, although advertising of the real estate
brokerage may extend to radio and television. Recently,
newspaper ads have become more binding on the
advertiser, especially with regard to the financing
advertised.
- AEOLIAN SOIL
- Soil
composed of materials deposited by the wind.
- AERATION ZONE - The
surface soil to a depth from which plants draw moisture.
- AESTHETIC VALUE - The
value of a property attributable to the beauty of the
improvements or surroundings.
- AFFIANT
- One who makes
an affidavit. Also called a deponent, although
technically not the same.
- AFFIDAVIT
- A sworn
written statement.
- AFFIDAVIT OF ALIMONY AND
CHILD SUPPORT - A sworn statement of a separated or
divorced person showing the amount (if any) of alimony
or child support.
- AFFINITY - (1)
Relationship not of the blood. Related by marriage. (2)
Any group for a specific purpose is called an affinity
group, such as clubs, people in the same school, etc.
- AFFIRMATION
- A
substitution for an oath when a person objects to taking
an oath (Quakers, atheists, etc.). A lie after an
affirmation is still perjury.
- AFFIRMATIVE EASEMENT -
An easement described from the benefited estate
(dominant tenement). Also called a parcel 2 easement.
The same easement described from the burdened estate (servient
tenement) would be a negative easement.
- AFFORESTATION
- The
growing of a forest where none previously existed, as
opposed to reforestation (the replanting of a harvested
or destroyed forest).
- A-FRAME - A type of
construction usually found in resort areas. The exterior
framing of the building is shaped like the letter A.
- AFTER ACQUIRED PROPERTY
- As applied to a judgment lien, it means that the lien
will attach to property of the debtor acquired after the
judgment. (See also: After Acquired Title).
- AFTER ACQUIRED TITLE
-
Legal doctrine by which property automatically vests in
a grantee when the grantor acquires title to the
property after the deed has been executed and delivered.
- AGE-LIFE METHOD OF
DEPRECIATION - Estimating depreciation by using the
ratio of the effective age of improvements to the
Economic Life (Economic Age-Life Method) or Physical
Life (Physical Age-Life Method).
- AGENCY - Any
relationship in which one party (agent) acts for or
represents another (principal) under the authority of
the latter. Agency involving real property should be in
writing, such as listings, trusts, powers of attorney,
etc.
- AGENCY AGREEMENT (AGENCY
LISTING) - In some states, the term describing a listing
under which the broker's commission is protected against
a sale by other agents but not by a sale by the
principal. Called a' non-exclusive" listing in some
states.
- AGENCY BY ESTOPPEL - An
agency created by operation of law when an agent
oversteps his or her authority but the action (or
failure to act) by the principal leads one to believe
the authority exists. (See also: Apparent Authority).
- AGENCY COUPLED WITH
INTEREST - A contractual relationship with consideration
going from agent to principal; the agency is given as
return consideration. Example: A broker agrees to work
to obtain property for a builder in return for a listing
after the builder has completed the project. The broker
would be entitled to (have an interest in) the listing
(agency), provided the broker did obtain the property
for the builder.
- AGENT - One who is
authorized to act for or represent another, usually in
business matters. AGRARIAN - Relating to land, or to a
division or distribution of land.
- AGREEMENT
- A general
term usually describing a common view of two or more
people regarding the rights and obligations of each with
regard to a given subject. Not necessarily a contract,
although all contracts are agreements.
- AGREEMENT FOR DEED -
(See: Land Contract).
- AGREEMENT OF SALE
- Has
two separate meanings, depending on area of the country.
In some states it is synonomous with a purchase
agreement (See: Purchase Agreement). In other states, it
is synonomous with a land contract (See: Land Contract).
- AGRICULTURAL LIEN
- A
lien against crops (only), to secure money or payment
for materials used to grow the crop.
- AGRICULTURAL PROPERTY -
(1) Land which is zoned agricultural,
- (2) Land used for
growing of agricultural products or raising of
livestock.
- A HORIZON - Surface
horizon (layer) of soil, the composition of which is
effected by water which percolates through it.
- A.I.R. (AMERICAN
INDUSTRIAL REAL ESTATE ASSOCIATION) - A specialized
association of real estate brokers and salesmen who deal
primarily in industrial properties. The goal of the
association is to further the knowledge and
effectiveness of its members.
- AIR RIGHTS - The right
to the utelize air space above a parcel of land.
- ALCOVE - A recessed part
or addition to a room.
- ALIAS - Latin for
"otherwise". Commonly meaning that a person is known by
more than one name. In some states, indicated by the
letters AKA (also known as).
- ALIENATION
- Transfer of
property from one owner to another.
- ALIENATION CLAUSE - A
type of acceleration clause, calling for a debt under a
mortgage or deed of trust to be due in its entirety upon
transfer of ownership of the secured property. Also
called a due-on-sale" clause.
- ALKALI
- The chemical
opposite of acid. Heavy concentrations of alkaline salts
in soil may damage crops.
- ALKALINE SOIL - Soil
which has an alkali, rather than an acid base.
- ALLEGATION - The
assertion or statement of a party to an action, setting
forth that which he expects to prove.
- ALLEY - A narrow right
of way, either public or private, used for access
(usually to garages, loading platforms, etc.).
- ALLEY INFLUENCE - In
appraising, the effect upon value of a property, because
of an adjoining side or rear alley.
- ALL-INCLUSIVE DEED OF
TRUST - (See: Wrap-Around Mortgage).
- ALLOCATION - A method
for appraising a site (land) by comparing other site
values as a percentage of total value. Example: An area
has a typical land value of 35% of the total value of a
site (including improvements). Property X has a total
(improved) value of $100,000. The land is worth $35,000.
The term is often (and incorrectly) used synonymously
with abstraction (See: Abstraction).
- ALLODIAL TENURE - (See:
Allodium).
- ALLODIUM - Land owned by
individuals, as opposed to the feudal system of
ownership of all land by a king or ruler.
- ALLOTMENT
- A small
parcel of land, sold or given to a farm worker for
cultivation as a supplementary source of income. Popular
in the 1900's before World War II.
- ALLUVION (ALLUVIUM,
ALLUVIAL) - Deposits formed by accretion.
- A.L.T.A. (AMERICAN LAND
TITLE ASSOCIATION) - An organization, composed of title
insurance companies, abstractors and attorneys, which
have adopted certain insurance policy forms to
standardize coverage nationwide.
- ALTERATIONS
- Changes in
the interior or exterior of a building, but without
changing the exterior dimensions.
- AMENDMENT - A change,
either to correct an error or to alter a part of an
agreement without changing the principal idea or
essence.
- AMENITIES - Those things
which enhance the enjoyment (and therefore the value) of
real estate but are not necessary for its intended use.
Examples: a scenic view, swimming pool, etc.
- AMERICAN BANKERS
ASSOCIATION NUMBER - (See: ABA Number).
- AMERICAN
BANKERS ASSOCIATION - A national organization formed in 1875 as
a professional association for banks and other financial
institutions.
- AMERICAN BOND
- A
process in bricklaying by which every 5th, 6th, or 7th
layer of bricks is laid with the wide length facing the
wall; the other layers have the narrow length facing the
wall.
- AMERICAN INSTITUTE OF
BANKING - The educational arm of the American Bankers
Association.
- AMERICAN INSTITUTE OF
REAL ESTATE APPRAISERS - A trade organization designed
to establish standards of competence in the appraisal
industry. The designation MAI (competent by the
institute's standards to appraise all types of real
property) and RM (one to four family residences) are
prestigious and heavily relied upon by the real estate
industry, lenders, governments, and others who utilize
appraisers.
- AMORTIZATION - Payment
of debt in regular, periodic installments of principal
and interest, as opposed to interest only payments. (See
also: Balloon Note; Straight Note).
- AMORTIZATION SCHEDULE -
A schedule showing each payment of a loan to be
amortized (see Amortization) and breaking down the
payment into the amount applied to principal and the
amount applied to interest.
- AMORTIZE - To reduce a
debt by regular payments of both principal and interest,
as opposed to interest only payments.
- AMPERE - A measure of
electrical current equal to the current produced by the
force of one volt through a resistance of one ohm. (See
also: Coulomb)
- ANCESTOR - Legally, the
word may have several meanings. It may imply a lineal
descent, such as the parent of a child, or collaterals,
such as an older brother being the ancestor of a younger
brother. Also means one from whom a person inherits.
- ANCHOR BOLT - A bolt set
(anchored) in concrete or other masonry foundation and
then attached to the superstructure to prevent movement
(anchor it).
- ANCHOR TENANT - The most
reliable, and usually the largest, tenant in a shopping
center. The strength of the anchor tenant greatly
effects the availability of financing for the shopping
center. The term may also be used to describe a tenant
in an office building, industrial park, etc.
- ANCILLARY - Subordinate,
aiding.
- ANNEX - To add or
attach.
- ANNEXATION - Permanently
affixing to real property, such as a city adding
additional land to increase its size.
- ANNUAL - By the year.
- ANNUAL DEBT CONSTANT -
(See: Loan Constant).
- ANNUAL DEBT SERVICE -
Yearly amount of principal and interest payments of debt
service. (See: Debt Service).
- ANNUAL PERCENTAGE RATE (A.P.R.)
- The yearly interest percentage of a loan, as expressed
by the actual rate of interest paid. For example: 6%
add-on interest would be much more than 6% simple
interest, even though both would say 6%. The A.P.R. is
disclosed as a requirement of federal truth in lending
statutes.
- ANNUITY - (1) A payment
of money yearly for life or a given period of years. (2)
A fixed amount given or left by will, paid periodically,
not necessarily yearly.
- ANNUITY METHOD -
Appraisal method determining present value by future
anticipated net income before depreciation, which is
then discounted.
- ANNUM - Year.
- ANTE - Prefix meaning
before.
- ANTENUPTIAL AGREEMENT -
An agreement made by a man and woman in contemplation of
marriage, setting forth the property rights of each
during the marriage, and in the event of divorce or
death.
- ANTICIPATION - Appraisal
method using the principle that value is created by
anticipated future benefits.
- ANTICIPATORY BREACH -
One party to a contract informing the other of his or
her intent not to perform before performance is due. A
legal action may be brought even though the original
contract (not yet due for performance) has not been
breached. Example: The buyer informs the seller before
the closing date of his or her intent not to buy.
- APARTMENT - One or more
rooms of a building used as a place to live, in a
building containing at least one other unit used for the
same purpose. Usually has, at least, cooking facilities,
a bathroom, and a place to sleep. Those who live in
these units pay rent for their use, usually on a monthly
basis.
- APARTMENT HOTEL - A
building combining the features of an apartment building
and a hotel. The units are furnished and may offer hotel
facilities such as maid service, a restaurant, etc., but
whose residents may stay for months or years, paying on
a weekly or monthly basis.
- APARTMENT HOUSE - A
building, containing two or more separate residential
units, which is under one ownership. The residents of
the units pay rent.
- APPARENT AUTHORITY -
Action (or failure to act) by a principal which leads
one to believe that an agent of said principal has
authority which in fact the agent does not have.
- APPEL LOAN (ACCELERATING
PAYOFF PROGRESSIVE EQUITY LOAN) - A residential property
loan which calls for a payment increase over the first 6
years. Level payments are made for the remaining years
and the loan paid off during the 15th year. There is no
prepayment penalty and P.M. I. is required.
- APPOINTMENTS -
Furnishings (mostly thought of as decorative) and
equipment in a building.
- APPORTIONMENT - A proper
allocation of income and expenses of property,
especially after a division of ownership.
- APPRAISAL - An opinion
of value based upon a factual analysis. Legally, an
estimation of value by two disinterested persons of
suitable qualifications.
- APPRAISAL - An opinion
of value based upon a factual analysis.
- APPRAISAL REPORT - A
written report by an appraiser containing his opinion as
to the value of a property and the reasoning leading to
this opinion. The factual data supporting the opinion,
such as comparables, appraisal formulas, and qualifictions of the appraiser, will also be set forth.
- APPRAISED VALUE - An
opinion of the value of a property at a given time,
based on facts regarding the location, improvements,
etc., of the property and surroundings.
- APPRAISER - One who is
trained and educated in the methods of determining the
value of property through analysis of various factors
which determine said value.
- APPRECIATION - An
increased value of property due to either a positive
improvement of the area or the elimination of negative
factors. Commonly, and incorrectly, used to describe an
increase in value through inflation.
- APPROPRIATION - The
private taking and use of public property, such as water
from a river or lake. Not to be confused with
condemnation or expropriation.
- APPROVED ATTORNEY
- In
states where attorneys examine the chain of title before
title insurance is issued, the title company will
approve certain attorneys as those whose opinion it will
accept for the issuance of a title policy.
- APPURTENANCE - Something
belonging to something else, either attached or not,
such as a barn to a house, or an easement to land. The
appurtenance is part of the property and passes with it
upon sale or other transfer.
- APPURTENANT - Belonging
to, accessory to, or incidental to.
- APPURTENANT EASEMENT -
(See: Easement).
- APR
- (See: Annual
Percentage Rate).
- APRON - Any structure
resembling the shape of the apron worn as clothing, such
as the protruding lower inside part of a window, the
portion of a driveway which connects it to the street,
the entrance to a loading dock, and similar structures.
- AQUATIC RIGHTS
-
Individual rights to the use of the sea and rivers, for
the purpose of fishing or navigation, and to the soil in
the sea and rivers.
- AQUEDUCT - A large pipe,
conduit, or trench to bring water or carry it away.
- ARABLE - Land capable of
being cultivated for farming.
- ARBITRAGE - The buying
and selling of money or securities in different markets
at a profit. For example: The value of 1 pound sterling
is selling in New York for $2.00 and in London for
$1.98. If one buys in London for dollars and sells in
New York, there is a profit of $.02 per pound sterling.
The term has come to be used with regard to the interest
rate spread between wrap-around and underlying
financing.
- ARBITRARY MAP
- A map
drawn by a title company to be used in locating property
in areas where legal descriptions are difficult and
- complex. Areas are
arbitrarily subdivided, usually by ownership at a given
time, into lots which are numbered. Recorded documents
are then posted to these arbitrary lots by the same "arb"
number.
- ARBITRATION CLAUSE - A
clause in a lease calling for the decision of a third
party (arbiter) regarding disputes over future rents
based on negotiation. Also used in construction
contracts, disputes between brokers, etc.
- ARCADE - A seldom used
term describing a series of colonnaded arches, covering
a walkway with retail stores on one or both sides. A
forerunner of the present shopping center.
- ARCH - A concave curved
span which may be over a doorway or an entire room or
building, such as an arched ceiling or roof.
- ARCHITECTURAL CONCRETE
CONSTRUCTION - Concrete poured into a form to produce a
design, giving the affect of stone masonry.
- ARCHITECTURE - The
design and construction plans for a structure. Recently
the design for landscaping has become known as landscape
architecture.
- ARCHITRAVE - The
surrounding molding of a doorway or similar wall
opening.
- ARCH RIB ROOF - A roof
used primarily in industrial buildings, and having the
shape of an arch or crescent. It is supported by a
bow-string truss which spreads the roof load evenly.
- AREA - The surface
(plane) space of land or a building. Also describes a
neighborhood, or large land section (such as the
Southern California area). The term may also indicate a
use, such as a work area, living area, play area, etc.
- AREAWAY - An old term
referring to a cellar or room under the sidewalk.
- AREA ZONING - Mainly
residential zoning which regulates the ratio of
improvements to land, setbacks, etc. Also called bulk
zoning.
- ARM
- Adjustable Rate
Mortgage - variable rate mortgage..
- ARM'S LENGTH - Legal
slang meaning that there existed no special relationship
between the parties involved in any matter which would
taint the result.
- ARM'S LENGTH TRANSACTION
- A transaction without collusion or duress between the
parties involved.
- ARPENT - French land
measure of area used in parts of the South,
approximately.84625 acre.
- ARREARS - (1) Payment
made after it is due is in arrears. (2) Interest is said
to be paid in arrears since it is paid to the date of
payment rather than in advance, as is rent. Example: A
rental payment made July 1 pays the rent to August 1. An
interest payment made July 1 pays the interest to July
1.
- ARTERIAL HIGHWAY - Any
major highway or thoroughfare.
- ARTESIAN WELL - A well
bored into a subterranean body of water, which, being
under pressure, rises naturally to the surface without
artificial pumping.
- ARTICLES OF
INCORPORATION - Documentation filed with the state which
sets forth general information about a corporation. More
specific rules of the corporation would be contained in
the by-laws.A
- ARTIST'S CONCEPTION
(RENDERING) - A drawing of a proposed real estate
project. Not necessarily to scale and generally used to
promote the sale of vacant land or the leasing of
proposed buildings.
- ASBESTOS - Afire and
heat resistant material used in insulation, roofing,
etc.
- ASHLAR (ASHLER)
- A
stone which is cut in squares and used both as a facing
for masonry walls, and in foundations.
- "AS IS" CONDITION
-
Premises accepted by a buyer or tenant in the condition
existing at the time of the sale or lease, including all
physical defects.
- ASKING PRICE - The price
at which the seller is offering property for sale. The
eventual selling price may be less after negotiation
with a buyer.
- ASPECT - A position or
direction. Exposure.
- ASSEMBLAGE - The
acquisition of contiguous properties into one ownership
for a specific use.
- ASSEMBLAGE COST - The
cost above the value of individual properties because of
assemblage, rather than periodic individual sales.
- ASSESS - To fix a value
or appraise. Usually for taxation purposes..
- ASSESSED VALUE - Value
placed upon property for property tax purposes by the
tax assessor.
- ASSESSMENT - (1) The
estimating of value of property for tax purposes. (2) A
levy against property in addition to general taxes.
Usually for improvements such as streets, sewers, etc.
- ASSESSMENT BASE - The
total assessed value of all property in a given
assessment (tax) district.
- ASSESSMENT DISTRICT - An
area, the boundaries of which are set for tax assessment
purposes only; these boundaries may cross city
boundaries.
- ASSESSMENT PERIOD -
Taxable period. The period during which the tax
assessment must be completed.
- ASSESSMENT RATIO - The
assessed value of a property expressed as a fraction in
comparison to market value.
- ASSESSMENT ROLL - The
list of, taxable persons and property in a given area as
compiled by the assessor.
- ASSESSOR - One who
estimates value of property for tax purposes.
- ASSETS - Everything
owned by a person or corporation which can be used for
the payment of debts.
- ASSIGN
- To transfer
property, or an interest in property.
- ASSIGNEE
- One who
receives an assignment. (pl. assigns).
- ASSIGNMENT - A transfer
to another of any property, real or personal, or of any
rights or estates in said property. Common assignments
are of leases, mortgages, deeds of trust, but the
general term encompasses all transfers of title.
- ASSIGNMENT OF LEASE
-
The transfer by a lessee to a third party of the exact
interest of said lessee. Differs and should not be
confused with sublease (see which). A lease may legally
contain certain restrictions of assignment and/or
subleasing.
- ASSIGNOR - One who makes
an assignment.
- ASSUMPTION FEE -
Lender's charge for paperwork involved in processing
records for a new buyer assuming an existing loan.
- ASSUMPTION OF DEED OF
TRUST - (See: Assumption of Mortgage)
- ASSUMABLE MORTGAGE - A
mortgage which, by its terms, allows a new party to take
over its terms or obligarions.
- ATELIER - A craftsman's
workshop or artist's studio.
- ATRIUM - An interior
court, centrally located in a structure, which is either
uncovered or covered with a transparent or translucent
material to admit light.
- ATTACHMENT - An act of
seizing persons or propery by judicial order to bring
them within the custody of the court.
- ATTEST - To witness, to
affirm to be true or genuine; to certify.
- ATTESTATION CLAUSE - The
clause in a document (deed, mortgage, etc.) in which the
witnesses certify that the document has been properly
executed.
- ATTIC - The space under
the roof of a structure but before the top story. May be
simply an air space or improved and used.
- ATTORN
- To turn over;
to transfer to another. To agree to recognize a new
owner of a property and pay rent to him. (See also:
Letter of Attornment).
- ATTORNEY AT LAW - An
advocate, counsel, or official agent employed in
preparing, managing, and trying cases in court. Must be
licensed by the state.
- ATTORNEY-IN-FACT - One
who is appointed to act (as agent) for another under a
power of attorney.
- ATTORNMENT AGREEMENT -
(See: Letter of Attornment).
- ATTRACTIVE NUISANCE -
Anything on a property which may attract small children
and is dangerous to them. Reasonable care must be used
to prevent injury to the children.
- AUCTION - A public sale
of land or goods to the highest bidder.
- AUXILIARY LANE - A paved
shoulder of a highway, usually designed for emergency
stopping.
- AVENUE
- Originally, a
broad passageway bordered by trees. Now synonomous with
street or road, and of no special significance.
- AVERAGE DAILY BALANCE -
The sum of the daily balances in a bank account over a
monthly period divided by the number of days in a month.
- AVERAGE DAILY COLLECTED
BALANCE - The average daily balance (see which) less the
float (uncollected funds).
- AVERAGE DAILY TRAFFIC -
The number of vehicles passing a given point in one day.
Usually obtained by finding the number for several days
and averaging.
- AVIGATION EASEMENT - An
easement over private property abutting an airport
runway, which limits the height of crops, trees,
structures, etc., in the aircraft's take off and landing
path.
- AVULSION - A sudden and
substantial tearing away of land by water and the
deposit of said land as an addition to the land of
another owner. The original boundaries apply and
ownership of the land in question remains in the
original owner.
- AWARD - In condemnation,
the amount paid for the property taken.
- AWNING
- Canvas, metal
or other material, which protrudes out over a window or
doorway to provide protection from the sun, rain, etc.
- AWNING WINDOW - A window
which, being hinged at the top, forms an awning when
open.
- AZIMUTH
- Distance in
degrees from North to an object, or, in the Southern
hemisphere, from South to an object. A surveying term.
- AZONAL SOIL - Soil which
does not contain distinct horizons (layers).
|
|
|
|
|
Customer Service