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15 Cards in this Set

  • Front
  • Back
a summary of all legal instruments affecting title to a prop. from the original cource of the title to the present.
abstract of title
if the buyer's lawyer examines the abstract and writes a report of the title's condition, it is called what?
an abstract and lawyer's opinion
an alternative method of calculating deprectiation in which more depreciation is taken in earlier years and less in laters years.
ACRS (accelerated cost recovery system)
a clause in the mortgage that allows the lender to demand immediate payment of the loan balance if the borrower breaks the terms of the note or mortgage.
acceleration clause
acquiring additions to real estate as a result of adding a fixture or of accretion.
the addition of land through natural forces.
an expense that has occurred but not been paid
accrued expense
a voluntary statement before a notary or officer of the court by a person who signed a document that indicates that the signature is genuine and made by the signer's free will.
an income tax term used to describe money borrowed to purchase, construct or improve a residence.
acquisition debt
a measure of land equal to 43,560 sf
a method of settling an insurance claim in which depreciation is subtracted from the original cost of the property.
actual cash value
the removal of a tenant by the landlord b/c the tenant breached a condition of the lease.
actual eviction
information a person has gained by actually reading, hearing or seeing
actual notice
a variation of the statutory month method for prorating expenses at closing. It takes into account the actual number of days in the month of closing
acutal number of days in the month method
a method of proration using the actual number of days in the proration period
actual number of days in the year method