Key Real Estate Terms A | Myers & Myers Real Estate

Key Real Estate Terms A

This article provides the definition of key estate terms beginning with the letter A.

Abstract of Title

is 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

is 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

is a formal declaration made before a duly authorized officer, usually a notary public by a person who has a signed document.

Acre

is a measure of land equal to 43,560 square feet

Adjustable Rate Mortgage (ARM)

is a loan characterized by fluctuating interest rate, usually one tied to a bank or savings and loan association cost of funds index.

Advolerem Tax

is a tax levied according to value generally used to refer t real estate tax.

Agent

is 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

is the act of transferring property to another.  It may be voluntary, such as a gift or sale, or involuntary as through eminent domain or adverse possession.

Amortized Loan

is 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)

is 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

is the process of developing and communicating an opinion of a property’s value.

Appreciation

is 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

is 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)

is the value of real property established for the purpose of computing property taxes.

Asset

is something of value owned by persons, a useful item of property.

Associate Broker

is 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

is 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

is a computer systems that permit lenders to expedite the loan approval process and reduce lending costs.

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Key Real Estate Key Terms A