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25 Cards in this Set
- Front
- Back
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a written summary of the chain of title
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Abstract of Title
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any clause in a loan requiring the loan be paid off upon the occurrence of a certain event. i.e. alienation clause.
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Acceleration Clause
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the acquisition of property by its being added to other property
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Accession
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the process of gradual or imperceptible additions to land bordering a river or stream
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Accretion
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the declaration before a notary by a person who executed a document stating that he did in fact sign the document. A deed must be acknowledged to be recorded. Once it is accepted as prima facie evidence in court.
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Acknowledgment
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43,560 sf, or 4,480 sy, or about 209' x209'
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an acre
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the authority that a principal actually confers on the agent
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Actual Authority
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for tax income purposes, it is determined by subtracting the adjusted cost basis from the exchange value of a property
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Actual Gain (profit)
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when a person actually knows something, such as when an agent knows someone has taken possession of a property
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Actual Notice
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according to value
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Ad Valorem
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for income tax purposes, it is the cost basis plus capital improvements, plus existing assessment liens assumed by the buyer, minus depreciation, minus gain (s) deferred from prior transactions.
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Adjusted Cost Basis
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for income tax purposes, it is the selling price minus the expenses of the sale
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Adjusted Selling Price
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acquiring title by 5 yrs of exclusive, notorious & open possession of a property (contrary to the best interests of the true owner) under a claim of right or color of title. Quiet Title action required to perfect title.
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Adverse Possession
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an agent is a person authorized to represent a principal in business dealings with other parties.
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Agency
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to sell, transfer or convey.
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Alienate
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the soil deposited by accretion
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Alluvion (Alluvium)
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requires the disclosure of earthquake fault lines on a map
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Alquist-Priolo Act
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the federal law which requires equal access to public buildings for handicapped persons
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American with Disabilities Act (ADA)
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the liquidation of a financial obligation, such as a loan
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Amortization
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used to determine monthly payment
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Amortization Tables
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a promissory note which calls for periodic payments of both principle and interest
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Amortized Installment Note
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used in the Capitalization Approach to appraisal and determined by this formula: Gross Income - Vacancies - Expenses
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Annual Net Income
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the relative cost of credit expressed in % terms
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Annual Percentage Rate
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an opinion of the value of a specific property on a given date, it is valid for that date only
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Appraisal
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occurs when the government gives permission to a non-riparian owner to take water from a public waterway
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Appropriation
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