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16 Cards in this Set

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Amortization
The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time.
Appreciation
The increase in the value of a property due to changes in market conditions, inflation, or other causes.
Commission
An amount, usually a percentage paid to a real estate broker (normally by seller), for services rendered in connection with the sale or exchange of real property.
Cubic Foot
A block whose length, width and height are each 12 inches or any equivalent of 1728 cubic inches
Cubic Yard
A block whose length, width and height are each 1 yard. 1 yard (3) X 1 yard (3") X 1 yard (3") = 1 cubic yard" or any equivalent of 27 cubic feet. "
Interest Rate
The percentage of a sum of money charged for its use. Rent rate on money.
Legal Description
A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony.
Loan Value
Value set to aid in determining the amount of a new mortgage or trust deed loan.
Meridian Line
Survey line running North and South, used in establishing township boundaries.
Parcel
Any area of land contained within one legal description.
Principal
The employer of an agent. Also means money or capital, as opposed to interest or income.
Property Tax
Tax paid on privately owned property. Property taxes are usually paid semiannually, or monthly if the lender requires. The amount is based on local tax rates and assessed property value.
Prorate
To divide equally or proportionately, according to time or use.
Range Line
A north and south line used in the location and description of townships.
Square Footage
The number of square feet of livable space in a home or building.
Township
A unit of land containing thirty-six (36) square miles, and is six (6) miles long on each side, constituting a Standard Township.