Terms A Flashcards
(53 cards)
Parcels of land next to each other that share a common border.
Abutting
A summary of all of the recorded instruments and proceedings which affect the title of property, arranged in the order in which they were recorded.
Abstract of Title
Term given to the practice of paying off a mortgage loan faster than required by terms of the mortgage agreement.
Acceleration Clause
A mode of acquiring property that involves the addition of value to property through labor or the addition of new materials. For example, a person who owns a property on a river delta also takes ownership of any additional land that builds up along that riverbank due to natural deposits or man made deposits.
Accession
A second residential unit that may be contained within an existing single-family home, garage, or carriage house. An accessory apartment is usually required to be a complete housekeeping unit that can function independently with separate access, kitchen, bedroom, and sanitary facilities.
Accessory Apartment Uses
The use of land that is subordinate, incidental to, and customarily found in connection with the principal use allowed on a lot by zoning law. A garage is incidental to the principal use of a lot as a single-family residence and customarily found on a single-family parcel.
Accessory Uses
The addition of land through processes of nature, as by water or wind.
Accretion
A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is the person’s act and deed.
Acknowledgement
A measure of land equaling 43,560 square feet.
Acre
Describes a cause of action that can be brought in court to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property.
Act of Waste
Income for which service have been performed.
Active Income
A method of valuing insured property.
Actual Cash Value
Where one is either by force or by process of law, actually put out of possession.
Actual Eviction
Notice delivered in such a way as to give legally sufficient assurance that actual knowledge of the matter has been conveyed to the recipient.
Actual Notice
According to valuation.
Ad Valorem Taxes
The original cost of a property minus depreciation and sales of portions thereof plus allowable additions such as capital improvements and certain carrying costs and assessments. A bookkeeping rather than appraisal term.
Adjusted Basis
A mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.
Adjustable Rate Mortgage (ARM)
The Department of State’s ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses.
Administrative Discipline
The seller or buyer agrees to dual agency before it occurs by indicating the same on the agency disclosure form.
Advance Consent to Dual Agency
A means of acquiring title where an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of property under a claim of right for the required statutory period.
Adverse Possession
The net profit/loss realized after taxes are deducted.
After Tax Cash Flow
A written explanation, to be signed by a prospective buyer or seller of real estate, explaining to the client the role that the broker plays in the transaction.
Agency Disclosure Form
One who undertakes to transact some business or to manage some affair for another by authority of the latter.
Agent
Rights in real property to use the space above the surface of the land.
Air Rights
