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Abstract of title
A history of a title and the current status of a title based on a title examination.
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Alienation clause
A clause in a mortgage or deed of trust that entitles the lender to declare the entire principal balance of the debt immediately due and payable if the borrower sells the property during the mortgage term.
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Acceleration clause
A provision in a mortgage or deed of trust that permits the lender to declare the entire principal balance of the debt immediately due and payable if the borrower is in default.
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Amenities
Benefits resulting from the ownership of a particular property.
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Acceptance
Compliance with the terms and conditions of an offer so that a contract becomes legally valid.
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Amortization schedule
A designation of periodic payments of principal and interest over a specific term to satisfy a mortgage loan.
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Access
The right to go onto and leave a property.
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Annual percentage rate (APR)
The actual effective rate of interest charged on a loan expressed on a yearly basis; not the same as the simple interest rate.
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Appraisal
An estimate of property value based on factual data.
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Accrued depreciation
The amount of depreciation taken, as of a given date, for tax purposes. The loss in value in a structure measured by the cost of a new replacement.
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Appraisal process
An organized and systematic program for estimating real property value.
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Acknowledgment
A formal statement before an authorized official (e.g., notary public) by a person who executed a deed, contract, or other document that it was (is) his free act.
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Appraisal report
A report containing an estimate of property value and the data on which the estimate is based.
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Acquisition
The act of acquiring a property.
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Appreciation
An increase in property value.
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Acre
A land area containing 43,560 square feet.
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Appurtenant easement
A right of use in the adjoining land of another that moves with the title to the property benefiting from the easement.
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Action to quiet title
A lawsuit to clear a title to real property.
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Arrears
Delinquent in meeting an obligation. The payment of interest for a prior period as scheduled.
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Actual eviction
The removal of a tenant by the landlord because the tenant breached a condition of a lease or other rental contract.
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Artificial person
A corporation of other legally recognized entity.
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Actual notice
The knowledge that a person has of a fact.
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Asking price
The price specified in a listing contract.
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Adjustable-rate mortgage (ARM)
A mortgage in which the interest rate changes according to changes in a predetermined index.
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Assessed value
The value to which a local tax rate is applied to calculate the amount of real property tax.
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Adjusted basis
Original cost (purchase price and closing costs) of a property plus capital improvement minus depreciation, in any.
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Assessment
A levy against property.
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Adjusted sales price
The amount realized reduced by the cost of fixing up expenses.
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Assessor
An official of local government who has the responsibility for establishing the value of property for tax purposes.
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Administrator's deed
One executed by an administrator to convey title to estate property.
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Assignee
One to whom contractual rights are transferred.
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Adverse possession
A method of acquiring title to real property by conforming to statutory requirement. A form of involuntary alienation of title.
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Assignment
A transfer of legal rights and obligations by one party to another.
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Affirmative easement
A legal requirement that a servient owner permit a right of use in the servient land by the dominant owner.
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Assignment of a lease
The transfer by a lessee of the entire remaining term of a lease without any reversion of interest to the lessee.
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Agency
The fiduciary relationship existing between a principal and agent.
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Associate broker
Any person employed by or on behalf of an agency to perform real estate brokerage services and licensed by the commission as an associate broker.
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Agent
A person authorized by another to act on her behalf.
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Assumable mortgage
One that does not contain an alienation clause.
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Agreement
A contract. Mutual assent between two or more parties.
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Attorney-at-law
A person licensed by a state to engage in the practice of law.
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Air rights
Rights in the air space above the surface of land.
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Auction
A form of property sale in which people are bidding against each other.
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Alienation
Transfer of title to real property.
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