Wi Real Estate Salesperson

Front 1

Abstract of Title

Back 1

A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.

Front 2

Acceleration Clause

Back 2

A condition in a real estate finance instrument giving the lender the power to declare all sums owing the lender immediately due and payable upon the happening of an event, such as sale of the property, or delinquency in the repayment of the note.

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Acceptance

Back 3

The act of agreeing or consenting to the terms of an offer thereby establishing the “meeting of the minds” that is an essential element of a contract.

Front 4

Accession

Back 4

An addition to property through the efforts of man or by natural forces.

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Accretion

Back 5

Accession by natural forces, e.g., alluvium.

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Acknowledgment

Back 6

A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act.

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Actual eviction

Back 7

The removal of a tenant by the landlord because the tenant breached a condition of a lease or another rental contract.

Front 8

Actual Notice

Back 8

Express or implied knowledge of a fact.

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Addendum

Back 9

Additional pages of material that are added to and become part of a contract.

Front 10

Adverse Possession

Back 10

A method of acquiring title to real property through possession of the property for a statutory period under certain conditions by a person other than the owner of record.

Front 11

Agency

Back 11

The relationship between principal and the principals agent, which arises out of a contract, either expressed or implied, written or oral, wherein the agents is employed by the principal to do certain acts dealing with a third party.

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Agent

Back 12

One who acts for and with authority from another called the principal.

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Agreement of sale

Back 13

A written agreement or contract between seller and purchaser in which they reach a “meeting of minds” on the terms and conditions of the sale. The parties concur; are in harmonious opinion.

Front 14

Air Rights

Back 14

The rights in real property to the reasonable use of the air space above the surface of the land.

Front 15

Alienation Clause

Back 15

A clause in a contract giving the lender certain rights in the event of a sale or other transfer of a mortgaged property.

Front 16

Alluvium

Back 16

The gradual increase of the earth on a shore of an ocean or bank of a stream resulting from the action of the water. (Material deposited by rivers.)

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Amortization

Back 17

The liquidation of a financial obligation on an installment basis.

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Amortized Loan

Back 18

A loan to be repaid, interest and principal, by a series of regular payments that are equal or nearly equal, without any special balloon payment prior to maturity.

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Amperage

Back 19

A unit measure of electricity.

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Appraisal

Back 20

An estimate of the value of property resulting from an analysis of facts about the property. An opinion of value.

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Appraiser

Back 21

One qualified by education, training, and experience who is hired to estimate the value of real and personal property based on experience, judgement, facts and use of formal appraisal process.

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Appreciation

Back 22

Monterey gain resulting from the increase in the market value of an investment, excluding additions of capital. For example, a house which is sold five years after it was purchased for 20% more than the purchase price.