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Real Estate Glossary > A Words > Flashcards

A Words Flashcards

1
Q

What is “abstract of title”?

A

Asummaryordigestofalltransfers,conveyances,legalproceedings,andanyother factsreliedonasevidenceoftitle,showingcontinuityofownership,togetherwithanyotherelementsofrecordwhichmayimpairtitle.

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2
Q

What is “AccelerationClause”?

A

Aconditioninarealestatefinancinginstrumentgivingthelenderthepowerto declareallsumsowinglenderimmediatelydueandpayableuponthehappeningofanevent,suchas saleoftheproperty,oradelinquencyintherepaymentofthenote.

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3
Q

What is “Accession”?

A

Thepotentialrightofownershiptolandwhichisproduced,thenaddedorunitedtothe owner’sland.

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4
Q

AccordandSatisfaction

A

Amethodofdischargingaclaimwherebythepartiesagreetogiveandaccept somethinginsettlementoftheclaimandperformtheagreement,theaccordbeingtheagreementand thesatisfactionitsexecutionorperformance,anditisanewcontractsubstitutedforanoldcontract whichistherebydischarged,orforanobligationorCauseofActionwhichissettled,andmusthaveallof theelementsofavalidcontract.

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5
Q

Accretion

A

Theprocessofgradualgrowthorincreaseoveraperiodoftimefromnaturallyoccurring events,resultinginadditionallayersofmatter.

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6
Q

Acknowledgement

A

Aformaldeclarationmadebeforeanauthorizedperson(ex:anotarypublic)bya personwhohasexecutedaninstrumentstatingthattheexecutionwashisorherfreeact. InCalifornia,anacknowledgementisthestatementbyanofficersuchasanotarythatthesignatoryto theinstrumentisthepersonrepresentedtobe.

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7
Q

What is “ActualAuthority”?

A

Authorityexpresslygivenbytheprincipalorgivenbythelawandnotdeniedbythe principal.

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8
Q

What is “ActualEviction”?

A

Theremovalofatenantbythelandlordbecausethetenantbreachedaconditionofa leaseoranotherrentalcontract.

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9
Q

ActualFraud

A

Anactintendedtodeceiveanother,e.g.,makingafalsestatement,makingapromise withoutintendingtoperformit,suppressingthetruth.

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10
Q

ActualNotice

A

Expressorimpliedknowledgeofafact.

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11
Q

AdValorem

A

Latinfor“accordingtovalue”.

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12
Q

AdjustableRateMortgage(ARM)

A

Amortgageloanwhichbearsinterestataratesubjecttochange duringthetermoftheloan,predeterminedorotherwise.

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13
Q

AdjustedBasis

A

Valueofpropertyusedtodeterminetheamountofgainorlossrealizedbyanowner uponsaleoftheproperty;equalsacquisitioncostpluscapitalimprovementsminusdepreciationtaken.

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14
Q

Administrator

A

Apersonappointedbyacourttoadministertheestateofaonewhohasdiedintestate.

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15
Q

AdversePossession

A

Amethodofacquiringtitletorealpropertybyconformingtostatutory requirements;aformofinvoluntaryalienationoftitle.

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16
Q

Advertising

A

Theprocessofcallingpeople’sattentiontosomethingtoarouseadesiretobuy,ortoat leastobtainadditionalinformationabouttheproductorservicebeingpromoted.

17
Q

Agency

A

Therelationshipbetweenprincipalandtheprincipal’sagentwhicharisesoutofacontract, eitherexpressedorimplied,writtenororal,whereintheagentisemployedbytheprincipaltodocertain actsdealingwithathirdparty.

18
Q

Agent

A

Onewhoactsforandwithauthorityfromanothercalledtheprincipal.

19
Q

AirRights

A

Therightsinrealpropertytothereasonableuseoftheairspaceabovethesurfaceofthe land.

20
Q

Alienate

A

Thecapacityforapieceofpropertyorapropertyrighttobesoldorotherwisetransferred fromonepartytoanother.

21
Q

Alienation

A

Thetransferringofpropertytoanother;thetransferofpropertyandpossessionoflands,or otherthings,fromonepersontoanother.

22
Q

Alluvium

A

Thegradualincreaseoftheearthonashoreofanoceanorbankofastreamresultingfrom theactionofthewater.

23
Q

AlternativeDisputeResolution(ADR)

A

Theresolutionofdisputesbyvariousmeansincluding,butnot limitedtonegotiation,mediation,andarbitration.

24
Q

AmericanswithDisabilitiesAct(ADA)

A

Afederallawprotectingtherightsofindividualswithphysical ormentalimpairments.

25
Q

Annexation

A

Theattachingofpersonalpropertytolandsothatthelawviewsitaspartofthereal property(afixture).

26
Q

AnnualPercentageRate(APR)

A

TherelativecostofcreditasdeterminedinaccordancewithRegulation ZoftheBoardofGovernorsoftheFederalReserveSystemforimplementingtheFederalTruthin LendingAct.

27
Q

AnticipatoryRepudiation

A

Whenabreachoccursbeforeperformanceisdueasaresultofoneparty’s unequivocalintentionnottosubstantiallyperform.

28
Q

Appraisal

A

Awrittenstatement,independentlyandimpartiallypreparedbyaqualifiedappraisersetting forthanopinioninafederallyrelatedtransactionastothemarketvalueofanadequatelydescribed propertyasofaspecificdate.Itissupportedbythepresentationandanalysisofrelevantmarket information.Anopinionofvalue.

29
Q

Appraiser

A

Onequalifiedbyeducation,trainingandexperiencewhoishiredtoestimatethevalueof realandpersonalpropertybasedonexperience,judgment,facts,anduseofformalappraisalprocesses.

30
Q

AppropriationofWater

A

Thetaking,impoundingordiversionofwaterflowingonthepublicdomain fromitsnaturalcourseandtheapplicationofthewatertosomebeneficialusepersonalandexclusiveto
theappropriator.

31
Q

Appurtenances

A

Thatwhichbelongstosomething,bynotimmemorially;allthoserights,privileges,and improvementswhichbelongtoandpasswiththetransferoftheproperty,butwhicharenotnecessarily apartoftheactualproperty.

32
Q

Arbitration

A

Aneutralthirdpartywholistenstoeachparty’spositionandmakesafinalbinding decision.

33
Q

Assignees

A

Thosewhompropertyorintereststhereinshallhavebeentransferred.

34
Q

Assignment

A

Atransferofbenefitsandobligationswithinacontracttoa3rdpartywhoisnotoriginally apartytothecontract.

35
Q

Assignor

A

Onewhoassignsortransferproperty.

36
Q

AssociateBroker

A

Alicensedrealestatebrokerwhochoosestoworkunderthenameandsupervision ofanotherlicensedbroker.

37
Q

AssociateLicensee

A

Alicenseewhoislicensedunderabroker,orwhohasenteredintoawritten contractwiththebrokertoactasthebroker’sagentinarealestatetransaction.

38
Q

Avulsion

A

Asuddenandperceptiblelossoflandbytheactionofwaterasbyasuddenchangeinthe courseofariver.

Real Estate Glossary (23 decks)

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