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30 Cards in this Set
- Front
- Back
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Acre |
43,560 square feet |
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Abandonment |
Voluntary and permanent cessation with no intention to resume or reclaim one’s interests |
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Acknowledgement |
A declaration made by a person to a notary public or other public official that an instrument was executed by him or her as a free and voluntary act. |
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Ad Valorem |
Real property taxes are “according to value” Latin word meaning |
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Adjustments |
Reconciling, like for different sizes of comparable different ages, location and different quality. |
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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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Agency Disclosure |
Informing the parties to a real estate transaction who, you as an agent represent. |
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Agent |
One who represents or who has power to act for another. |
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Alienation Clause |
A clause in a security agreement restricting the sale of property without paying off a debt. Also called Disposition of Sale or Due on Sale clause. |
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Alternative Agency Options |
Directed agency or appointed agency or assigned agency. |
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Amenities |
Features that enhance the desirability of a property usually intangible or external to the physical real estate. |
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ADA |
American Disabilities Act-1988 |
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Amortization |
A method or pattern of paying off the principal loan where the 3rd payment is the same as the 24th payment or the 78th payment. |
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APR |
Annual Percentage Rate-factors in the upfront fees. |
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Gross Rent Multiplier |
A multiplier which is a rule of thumb method of appraising residential and smaller income properties based on monthly gross income only |
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Gross Income Multiplier |
A multiplier which is a rule of thumb method of appraising commercial, industrial, or larger residential properties based on annual gross income only. |
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Sherman Anti-Trust Act |
In real estate the law that would prohibit broker collusion or boycotting of other brokers. |
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Appreciation |
An increase in the worth or value of a property due to economic or related causes which may prove to be either temporarily or permanent. |
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Mortgage Abbreviations |
ARM-Adjustable Rate Mortgage GPM-Graduated Payment Mortgage RAM-Teverse Annuity Mortgage |
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Arms Length Transaction |
A transaction with knowledgeable buyer and knowledgeable seller |
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Assessment Ratio |
Where property is accessed at only a portion of its value. |
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Assignment |
A transfer in writing of rights or interest in a bond, mortgage, lease or other interest. |
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Assumable |
A loan that may be transferred to a new buyer:borrower |
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Writ of Attachment |
A method whereby debtors property is placed in the custody of the law and held as security pending outcome of a creditors suit. |
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Attorney in fact |
If you are a holder of a power of attorney you are considered to be an Attorney in Fact |
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Balloon Loan |
A loan which has partial amortization and a final larger payment. |
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Base Line |
Runs east to west and crosses a principal meridian at a definite point. |
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Benchmark |
A permanent reference mark or pint established for use by surveyors in measuring differences in elevations. |
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Beneficiary |
A person who receives the benefits of a trust or gift |
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BiLateral Contract |
A contract which has simultaneous duties or obligations by both parties to each other throughout the contract. |
