appendix a Flashcards
absolute net lease
tenant pays the base rent and all expenses associated with operating and maintaining the building
abstract of title
researched history of title to real property including owners, liens, easements, etc
acceleration clause
provides for full repayment of a mortgage if the mortgagor defaults on any aspect of the mortgage
accessory building
secondary building on a property
accessory use
secondary use for real property
accretion
addition to land over time by the depositing of waterborne sediment
acknowledgment
statement sworn to in front of a notary that the person freely and voluntarily entered into the contract
actual age
the chronological age of an improvement
actual eviction
expulsion of a tenant from the premises by filing a complaint with the court for an eviction notice, serving the notice, and holding a hearing to gather evidence from both sides; if complaint upheld, the tenant is served with a warrant to dispossess and must surrender the premises
adjustable-rate mortgage (ARM)
also known as a variable-rate mortgage; interest rate fluctuates based on certain conditions stated in the mortgage document
ad valorem
in proportion to the value; a term in assessed value
adverse possession
enroachment on real property; continuous, hostile, unopposed use of property by someone not the owner for a period of time that meets statutory requirements for adverse possession
agency
relationship between buyer and seller and his/her real estate broker/agent
agent
person acting for another
alienation
involuntary alienation and voluntary alienation
