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21 Cards in this Set
- Front
- Back
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1099
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An IRS-designated form used by businesses to report payments to consultants or service providers who are paid ona contractual basis.
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A-Credit
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An informal term referring to borrowers and applicants with very good credit history; they usually have credit scoresof 650+, with A-plus credit starting at 720.
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A-Frame Roof
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A type of gable roof with high, steep (chalet-like) roofs. It is ideal for areas with high snowfall, as it allows gravityto prevent dangerous build-up.
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Abandonment
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The surrender of a property's ownership without a formal or legal successor.
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Absentee Owner
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An owner of real estate property who does not manage or reside at the subject property.
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Acceleration Clause
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The clause in a mortgage, or deed of trust, that allows the lender to "accelerate" the payment schedule—demandingimmediate payment of the loan principal.
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Acquisition Cost
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Charges and expenses related to a real estate purchase, over and above the property's price.
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Ad valorem tax
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A standard term for the real estate tax of a specific parcel of property. As the name suggests, this tax is based on the valuation of the property.
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Adjusted Gross Income (AGI)
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With tax returns, this is the consumer's taxable income after all deductions, carry-overs and adjustments havebeen included.
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Adjustable Rate
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An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.
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Aluminum Siding
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A type of exterior wall siding that has become popular with both new residential developments and remodeling ofolder homes.
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Amenities
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Attractive improvement features of a real estate property.
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Amortization
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A repayment method in which the amount you borrow is repaid gradually though regular monthly payments ofprincipal and interest.
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Annual Membership
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An amount that may be charged annually for having a line of credit available. Often charged regardless of whetheror not you use the line. Also referred to as a "participation fee."
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Annual Percentage Rate (APR)
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The cost of credit on a yearly basis, expressed as a percentage. Required to be disclosed by the lender under thefederal Truth in Lending Act, Regulation Z.
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Application
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An initial statement of personal and financial information which is required to approve your loan.
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Application Fee
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Fees that are paid upon application.
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Appraisal
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A fee charged by an appraiser to render an opinion of market value as of a specific date.
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Appraisal Review
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A process conducted by many lenders, which formally re-examines the appraisal report.
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Assumption of Mortgage
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The agreement of a purchaser to become primarily liable for the payments on a mortgage loan. Unless otherwisespecified by the lender, the seller may remain secondarily liable for payments.
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Assignment of Contract
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When the rights to a contract are transferred from one person/corporation to another through a legal document of thesame name.
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