Glossary of terms used on this site
There are 266 entries in this glossary.
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| Term | Definition |
|---|---|
| A-frame |
A structure with steeply angled sides that meet at the top in the shape of an A.
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| Abandonment |
The voluntary relinquishment of property claims or rights.
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| Abatement |
A termination, ending, reduction or decrease which usually applies to the assessed value of ad valorem taxes following their assessment and levy.
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| Absolute Auction |
A type of auction that has no reserve price and the highest bid wins the auction item.
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| Abstract of Title |
A brief summary of all of the conveyances, transfers, legal proceedings and other facts relied on as evidence of title.
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| Accelerated Depreciation |
A method of cost write-off in which depreciation allowances are greater in the first few years of ownership than in the following years.
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| Acceleration Clause |
A provision that allows a lender to demand payment of the total outstanding balance or demand additional collateral under certain circumstances.
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| Access Right |
The right of an owner to have access to and from owner’s property over adjoining property.
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| Accession |
An addition to a property through the efforts of man or by natural forces.
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| Acre |
The unit of measure most typically used to describe land area in the United States. An acre is equivalent to 43,560 square feet.
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| Addendum |
A supplement to any document that contains additional information pertinent to the subject.
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| Adjustable Rate Mortgage (ARM) |
A mortgage loan in which the interest rate may increase or decrease over the course of the loan depending on specific economic indicators. Differs from a fixed rate loan where the interest rate remains the same throughout the loan term.
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| Adjusted Sales Price |
The price of a comparable property after adjustments have been made to account for differences between comparable and subject properties.
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| Agency |
An expressed contractual relationship which can be created in writing or orally in which a principal authorizes and empowers the agent to act on behalf of the principal in dealing with third parties.
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| Agent |
An individual or firm authorized to act on behalf of another.
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| Alienation |
The voluntary or involuntary transfer of property from one entity to another.
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| Allowance |
The contribution by the landlord for the cost of tenant improvement in excess of the base building shell.
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| Amenities |
Additional features that enhance the desirability of a property.
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| Amortization |
A process of gradually paying off a debt by making equal periodic payments of principal and interest on a loan at equal intervals of time.
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| Anchor Tenant |
Major department or chain stores which are strategically located at shopping centers so as to give maximum exposure to smaller satellite stores.
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| Annual Percentage Rate (APR) |
The total annual cost of a loan, including all fees and interest, expressed as a percentage.
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| Annual Property Operating Data (APOD) |
A real estate equivalent of an annual income and expense statement.
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| Appraisal |
Impartial analysis conducted according to established criteria to determine the worth of an item.
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| Appreciation |
The increased value of an asset.
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| Assessed Value |
A value placed on a property by local government as a basis for property taxes.
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| Assignment |
A transfer to another of any property, real or personal, or of any rights or estates in said property.
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| Assumption |
The taking over of the primary liability for the payment of an existing mortgage or trust deed loan.
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| Auction |
A type of sale where the price is not set or negotiated but is derived from a form of open or sealed bidding.
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