Vocab: A Flashcards
Acceleration
A demand for immediate payment of all amounts remaining on a loan or extension of credit by a mortgage lender or carryback seller
Accession
The physical addition to property through man made efforts or through natural forces
Accretion
Accesion through natural forces. EX: Alluvium
Acre
A measure of land equaling, 160 square rods, 4,840 square yards, 43,560 square feet, or a tract about 208.71 feet square
Adjusted Basis
The cost basis of a property after the applications of addition for further improvements and deductions for destruction of improvement and depreciation
Adverse Possesion
A method of acquiring title to real property by a person other than the owner of record through open possession of the property for a five year period or longer and payment of taxes
Ad Valorem
Real estate taxes imposed on property based on its assessed value
Agency
The relationship between a principal and the pricipals agent which arises out of a contract either expressed or implied, written or oral, the principal employing the agent to do specified activities dealing with third parties,
Agency Law Dislcosure
Restatement of agency codes and cases which establish the conduct of real estate licensees. It is delivered to all parties in targeted sales and leasing transactions
Alienation
The transfer of an interest in property or possesion of lands to another;
Alluvium
The gradual increase of the earth on a shore of an ocean or bank of a stream resulting from the action of water
Alquist-Priolo Maps
Maps which identify earthquake fault areas available from the State Mining and Geology Board and city or county planning departments.
ALTA title policy (American Land Title Association)
A type of title insurance policy issued by title insurance companies which expands the risks insured against under the standard type of policy to include unrecorded mechanics liens; unrecorded physical easements; facts a physical survey would show; water and mineral rights; and rights of parties in possession, such as tenants and buyers under unrecorded instruments
American with Disability Act (ADA)
Federal regulations prohibiting an employers from discriminating against a qualified person based on disability.
Amortization
The reduction in principal - liquaidation - of a mortgage obligation on an installment basis.
Amortization Table
A tabular schedule detailing the apportionment of principal and interest on each periodic payment due on an amortizing loan.
annual percentage rate (APR)
The relative cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for the implementing the Federal Truth in Lending Act,
appraisal
An individuals opinion of a property value on specific date, documented in an appraisal report
Appurtenance
A right belonging to a property affect title to other property, all those rights, privileges, and improvements which belong to and pass with the transfer of the property but are not part of the property. For example: rights-of-way, easements, water rights, and use of improvements located on other property.
assignment
A transfer to another of rights held by a person. A transfer to another of a persons rights under a contract such as a mortgage, lease, purchase agreement or option.
Assumption
A promise to pay the debt of another, typically a mortgage, given by a buyer of a property
Avulsion
A sudden and perceptible loss of land by the action of water such as by a rapid change in the course of a river.
