Terms Flashcards
Abandonment
The relinquishing of all rights and title to a property with no intention of reclaiming ownership.
Abstract
A disclosure statement to initial condo purchasers.
Abstract of Title
A condensed history or digest of the title to a parcel of land consisting of a summary of every recorded instrument, together with a statement of all liens, charges or encumbrances affecting title to that land.
Abutting Owner
An owner whose land touches a highway or other public place.
Accredited Property Manager
One awarded such a designation by Institute of Real Estate Management (IREM).
Acceleration Clause
A clause in a mortgage or agreement of sale stating that upon default of a payment due, immediate and full payment of the balance of the obligation becomes due and payable.
Access Right
The right of a property owner to have ingress and egress to and from his property.
Accession
Acquisition of property by its joining or union with other property.
Accretion
Gradual additions to land, by deposits of sand or soil, by bordering waters through natural causes.
Acknowledgement
A formal declaration made before a notary public or other authorized person, by a person who has executed an instrument, that such execution is his free act and deed.
Acre
A measure of land equal to 4,840 square yards, or 43,560 feet.
Accrued Depreciation
In appraisal, any loss of utility that causes the actual value of a property to be less than the reproduction cost new.
Actual Authority
The authority that a principal intentionally gives his agent.
Adjoining Owner
One whose property is contiguous to another; to be next to.
Administrator
A person appointed by the court to administer the estate of a deceased person who died intestate, or left no will; a personal representative.
