Abstract of Title Condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.
Acceleration Clause the clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other covenant.
Acknowledgement a formal declaration made before a duly authorized officer, usually a notary public by a person who has a signed document.
Acre a measure of land equal to 43,560 square feet
Adjustable Rate Mortgage (ARM) a loan characterized by fluctuating interest rate, usually one tied to a bank or savings and loan association cost of funds index.
Ad Volerem Tax a tax levied according to value generally used to refer t real estate tax.
Agent one who acts or has the power to act for another. A fiduciary relationship is created under the law of agency when a property owner, as the principle, executes a listing agreement or management contract authorizing a licensed real estate broker to be his or her agent.
Alienation the act of transferring property to another. Alienation may be voluntary, such as a gift or sale, or involuntary as through eminent domain or adverse possession.
Amortized Loan a loan in which the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan.
Annual Percentage Rate (APR) the relationship of the total finance charges associated with a loan. This must be disclosed to borrowers by lenders under the Truth in lending act.
Appraisal the process of developing and communicating an opinion of a property’s value.
Appreciation a temporary or permanent increase in the value of property due to economic causes
As Is signifies the owner offers the property in it present condition, with no modifications or improvement, and is usually intend to be a disclaimer of warranties or representations.
Asking Price the listed price of a parcel of real estate, the price at which it is offered to the public by the seller or broker.
Assessed Value (Ad Volrem) the value of real property established for the purpose of computing property taxes.
Asset something of value owned by persons, a useful item of property.
Associate Broker a real estate license classification use in New Mexico to descript a person who has qualified as a real estate broker but still works for and is supervised by a Qualifying Broker
Assumption of Mortgage acquiring title to property on which there is an existing mortgage an agreeing to be personally liable for the terms and conditions of the mortgage including payments.
Automated Underwriting computer systems that permit lenders to expedite the loan approval process and reduce lending costs.