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14 Cards in this Set
- Front
- Back
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Accelerated Depreciation |
A method of cost write-off in accounting practice in which allowances for depreciation of a wasting asset are greater in early years and decline according to a formula |
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Accelerated Capital Cost and Recovery System |
The methods for determining depreciation allowances required by the Economic Recovery Tax Act of 1981 |
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Acceleration Clause |
A condition in a loan contract or a mortgage note that permits the lender to require immediate repayment of the entire balance of the loan if the contract is breached or conditions for repayment occur |
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Accrual Accounting |
An accounting system where income is realized when not earned, not when received, and expenses are recorded when incurred, not when paid |
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Adjustable Mortgage Loan (AML) |
A flexible mortgage instrument approved by the Federal Home Loan Bank Board for use by federal savings and loan associations which allows adjustment of the interest rate as often as monthly based upon changes on an interest rate index |
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Adjusted Basis |
The difference between the cost of the property and total depreciation claimed in prior years |
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Adjusted Net Operating Income |
Net operating income plus reserve for replacements |
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Adverse Action |
The refusal to grant credit more or less on terms requested by the applicant; or the refusal to increase the amount of credit available to an exiting borrower, when the borrower has requested an increase in accordance with standard procedures |
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Annual Loan Constant |
The total annual payments of principal and interest, annual debt service, on a mortgage with level-payment amortization schedule, expressed as a percentage of the initial principal amount of the loan |
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Annuity Capitalization |
A process of capitalization in which the income from a property is converted to a present value under the assumption that the income stream will consist of a finite number of equal payments |
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Appraisal |
A supported, defended, estimate of the value of property rights as of a given date. |
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ASA |
The designation awarded by the American Society of Appraisers (ASA), to its senior members who appraise various types of personal property as well as real property |
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Assignee |
The one to whom a mortgage and mortgagee note is transferred and assigned (The Purchaser) |
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Assignor |
The one who is transferring and assigning a mortgage and mortgage not (The Mortgagee) |
