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25 Cards in this Set
- Front
- Back
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A.L.T.A. (AMERICAN LAND TITLE ASSOCIATION)
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An organization, composed of title insurance companies, which has adopted certain insurance policy forms to standardize coverage on a national basis.
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ABSTRACT OF TITLE
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A compilation of the recorded documents relating to a parcel of land, from which an attorney may give an opinion as to the condition of title. Still in use in some states, but giving way to the use of title insurance.
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ACCELERATION CLAUSE
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Clause used in an installment note and mortgage (or deed of trust), which gives the lender the right to demand payment in full upon the happening of a certain event, such as failure to pay an installment by a certain date, change of ownership without the lender's consent, destruction of the property (see Waste), or other event which endangers the security of the loan. See also: Alienation Clause.
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ACCESSION
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The right of an owner to an increase in his property by natural means (such as a riparian owner's right to an abandoned river bed, rights of alluvion and reliction, etc.) or artificially, by improvements.
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ACCRETION
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The gradual addition to the shore or bank of a waterway. The land generally becomes the property of the owner of the shore or bank, except where statutes specify otherwise.
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ACRE
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A measure, usually of land, equal to 160 sq. rods (43,560 sq. ft.) in any shape.
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AD VALOREM
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"According to value". A method of taxation using the value of the thing taxed to determine the amount of tax. Taxes can be either "Ad Valorem" or "Specific". Example: A tax of $5.00 per $1000.00 of value per house is "Ad Valorem". A tax of $5.00 per house (irrespective of value) is "Specific".
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ADMINISTRATOR
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A person given authority by a proper court to manage and distribute the estate of a deceased person when there is no will.
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ADVERSE POSSESSION
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method of obtaining ownership rights by the open, notorious, exclusive, and hostile possession of private real property for a statutory period which varies from state to state (from 5 to 30 years). Some states have additional requirements, such as payment of property taxes by the adverse possessor. The true owner is then barred (statute of limitations) from asserting his/her rights. The adverse possessor has no evidence of title without court action.
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ADVANCES
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Money advanced by a lender (mortgagee or beneficiary under a deed of trust) to pay the borrower's (mortgagor's or trustor's) obligations of taxes, insurance, or other items necessary to protect the secured property. The amounts advanced are then added to the balance owing on the mortgage or trust deed.
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AFFIANT
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One who makes an affidavit. Also called a deponent, although technically not the same
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AFFIDAVIT
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A written statement or declaration, sworn to before an officer who has authority to administer an oath.
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AGE-LIFE METHOD OF DEPRECIATION
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Estimating depreciation by using the ratio of the effective age of improvements to the Economic Life (Economic Age-Life Method) or Physical Life (Physical Age-Life Method).
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AGENCY
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Any relationship in which one party (agent) acts for or represents another (principal) under the authority of the latter. Agency involving real property should be in writing, such as listings, trusts, powers of attorney, etc
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AGREEMENT OF SALE
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Has two separate meanings, depending on area of the country. In some states it is synonymous with a purchase agreement (See: Purchase Agreement). In other states, it is synonymous with a land contract. See: Land Contract.
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A.I.R. (AMERICAN INDUSTRIAL REAL ESTATE ASSOCIATION)
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A specialized association of real estate brokers and salesmen who deal primarily in industrial properties. The goal of the association is to further the knowledge and effectiveness of its members.
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AIR LOT
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Any bounded air space which has been legally subdivided into a lot, such as a condominium.
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AIR RIGHTS
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The right to the use of the air space above property without the right to use the surface of the property. However, air rights may restrict surface rights, especially height of improvements.
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ALLUVION
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Deposits formed by accretion.
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AMENITIES
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Those things which enhance the enjoyment (and therefore the value) of real estate but are not necessary for its intended use. Examples: a scenic view, swimming pool, etc.
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APPRAISAL
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An opinion of value based upon a factual analysis. Legally, an estimation of value by two disinterested persons of suitable qualifications.
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APPRECIATION
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An increase in value to real property due to positive changes or the elimination of negative elements in the surrounding area. Although not within the original meaning, the word has been incorrectly used so often that it is now acceptable to describe an increase in value for any reason, including inflation.
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APPURTENANCE
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Something belonging to something else, either attached or not, such as a barn to a house, or an easement to land. The appurtenance is part of the property and passes with it upon sale or other transfer.
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AQUATIC RIGHTS
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Individual rights to the use of the sea and rivers, for the purpose of fishing or navigation, and to the soil in the sea and rivers.
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AMORTIZATION
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Payment of a debt in equal periodic installments of principal and interest. (See also: Balloon Note; Straight Note; Negative Amortization).
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