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33 Cards in this Set
- Front
- Back
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Abandonment |
the voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim one's possession or interest. May pertain to an easement or a property. |
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Abrogation |
Tenants cannot sign away their rights in advance of signing the lease |
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Abstract of Title |
A condensed version of the history of title to a particular parcel of real estate as recorded in the county clerk's records; consists of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property |
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abutting |
The joining, reaching, or touching of adjoining land. Abutting parcels of land have a common boundary. |
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Accelerated Depreciation |
A method of calculating for tax purposes the depreciation of income property at a faster rate than would be achieved using the straight-line method. Note that any depreciation taken in excess of that which would be claimed using the straight-line rate is subject to recapture as ordinary income to the extent of gain resulting from the sale. |
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Acceleration clause |
A provision in a written mortgage, note, bond, or conditional sales contract that, in the event of default, the whole amount of principal and interest may be declared to be due and payable at once. |
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Accretion |
An increase or addition to land by the deposit of sand or soil washed up naturally from a river, lake, or sea |
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Accrued depreciation |
The actual depreciation that has occurred to a property at any given date; the difference between the cost of replacement new (as of the date of appraisal) and the present appraised value. |
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Acknowledgement |
A declaration made by a person to a notary public, or other public official authorized to take acknowledgements, that an instrument was executed by that person as a free and voluntary act |
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Actual eviction |
The result of legal action originated by a lessor, whereby a defaulted tenant is physically ousted from the rented property pursuant to a court order |
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Actual notice |
Express information or fact; that which is known; actual knowledge |
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Adjustable rate-mortgage |
A mortgage in which the interest rate changes at predetermined intervals. The mortgage has caps, or a ceiling, that limits the amount it can change at the predetermined intervals. |
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Administator |
The party appointed by the county court to settle the estate of a deceased person who died without leaving a will |
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ad valorem tax |
A tax levied according to value generally used to refer to real estate tax. Also called the general tax. |
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Adverse possession |
The right of an occupant of land to acquire title against the real owner, where possession has been actual, continuous, hostile, visible, and distinct for the statutory period |
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Affidavit |
A written statement signed and sworn to before a person authorized to administer an oath. |
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Agent |
One who represents or has the power to act for another person (called the principal). The authorization may be express or implied. 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 the owner's agent. |
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Agreement of sale |
A written agreement whereby the purchaser agrees to buy certain real estate and the seller agrees to sell, upon terms and conditions set forth in the agreement. |
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Air Lot |
A designated airspace over a piece of land. Air lots, like surface property many be trasferred. |
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Air Rights |
The right to use the open space above a property, generally allowing the surface to used for another purpose. |
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Alienation |
the act of transferring property to another. Alienation may be voluntary, such as by gift or sale; or involuntary, such as through eminent domain or adverse possession. |
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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 mortgagee's option if the property is sold by the mortgagor. In effect, this clause prevents the mortgagor from assigning the debt without the mortgagee's approval |
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alluvion |
New deposits of soil as result of accretion |
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amenities |
The tangible and intangible features that increase the value or desirability of real estate |
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Americans with Disabilities Act (ADA) |
The ADA is a federal law that became effective in 1992. It is designed to eliminate discrimination against individuals with disabilities by mandating equal access to jobs, public accommodations, public transportation, telecommunications, and government services. |
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Amortization |
The liquidation of a financial burden by installment payments |
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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 |
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Antitrust laws |
the laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition. Violations of antitrust laws in the real estate business generally involve either price fixing (brokers conspiring to set fixed compensation rates) or allocation of customers or markets (brokers agreeing to limit their areas of trade or dealing to certain areas or properties). |
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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 setting forth the process of estimation and conclusion of value. |
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Appraised value |
An estimate of a property's present worth. |
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Appreciation |
An increase in the worth or value of a property due to economic or related causes that may prove to be either temporary or permanent; opposite of depreciation. |
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Appurtenant |
Belonging to; incident to; annexed to. For example, a garage is appurtenant to a house, and the common interest in the common elements of a condominium is appurtenant to each apartment. Appurtenances pass with the land when the property is transferred. |
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Arbitration |
A means of settling a controversy between two parties through the medium of an impartial third party whose decision on the controversy (it is agreed) will be final and binding. |
