Key Terms Flashcards
Abstract of title
An abbreviated history of a property, including info on any transfers, grants, wills, conveyances, liens, and encumbrances
Acceleration clause
A clause within a security instrument, such as a mortgage or a deed of trust, that makes the entire loan amount due immediately upon default of the loan
Accession
The right to everything that one’s property produces, including what’s added onto it, whether that’s natural or through human action
Accretion
The process in which land area increases due to soil being added onto it by natural forces
Acre
Measurement of land equal to 43,560 square feet
Actual eviction
Legal process where someone is removed from the property and forbidden to re-enter
Actual notice
a party is directly given, or notified of, information that pertains to them
Ad valorem taxes
A tax calculated according to the assessed value of a piece of real estate
Adjustable rate mortgage (ARM)
A mortgage with an interest rate that gets adjusted based off of fluctuations in the cost of money
adverse possession
involuntary transfer of title from an owner who does not use or inspect their land for a number of years to another person who has some claim to the land and takes possession
agency agreement
mutual understanding between two parties that authorizes another party to act on their behalf
agent
individual with authority to act on behalf of another, must have state license
air rights
the rights to use the airspace above the surface of the land
air space
the area above ground that is owned along with a property. could include space above land or space in a apartment unit
alienation
the transfer of ownership (title) to real property. May be voluntary or involuntary
Americans with Disabilities Act
a federal civil rights law passed in 1990, which prohibits discrimination against, and creates standards for , people with disabilities
amortization
the process of paying off a debt/mortgage in regular installments based on a fixed payment schedule
Annual percentage rate (APR)
how much the borrower will pay in interest over the course of a year
antitrust laws
laws designed at preventing unfair or anti-competitive practices such as price fixing, collusion, monopolies, etc
appraised value
an estimation of a property’s value as of a specific date, performed by a certified appraiser
appreciation
the increase in value of a property
appurtenances
rights that run with real property ownership ; most often transferred with the property, but possible to sell separately
arrears
a payment that occurs at the end of a period to compensate for charges accrued during that time
asbestos
a mineral fiber that is commonly used in insulation but if airborne or inhaled, can cause severe respiratory health issues
