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5 Cards in this Set
- Front
- Back
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Abatement
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1) An official reduction or invalidation of an assessed tax value after the initial investment 2) The termination of a nuisance 3) The correction of an unlawful or unsafe building condition
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Absorption Rate
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The rate at which properties offered for sale or lease are successfully marketed or anticipated to be sold - generally used in forecasting sales
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Abstract (of title)
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A summary of the public records that identifies transfers, conveyances, and other facts used as evidence of title including documents, liens, or judgments that may impair title. If there are any title defects, they must be cleared before a buyer can purchase and receive marketable, insurable title.
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Acceleration Clause
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A clause in a mortgage note or lean contract that allows the lender to 1) speed up the rate at which your loan comes due 2) demand immediate payment of the entire balance of the loan in the event of default
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Adjustable Rate Mortgage (ARM)
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A mortgage in which the interest rate is adjusted periodically based on an index. Also referred to as the renegotiable rate mortgage or variable rate mortgage
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