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6/17/2012

Real Estate Terms A

Glossary for the DRE Real Estate Test
Letter A words
ALTA Owner’s Policy
Or ALTA-R Residential Title policy with extended coverage
ALTA Title Policy
American Land Title Association covering standard risks plus mechanics liens, unrecorded physical easements, water and or mineral rights, facts a survey would reveal, rights such as tenants in possession
Abandonment
The act of allowing the property to be unused
Absolute Fee-Simple Title
The best title on can have
Abstract of Judgment
Condensed explanation of a court judgment
Abstract of Title
Summary of conveyances, transfers or recordings that relate to title of a particular property
Abstraction
Method of Valuing land where the value of improvement is subtracted from the sales price
Acceleration Clause
Clause in a trust deed/ mortgage that gives the lender the right to declare all sums immediately due.
Acceptance
The seller or agent’s principal agrees to the terms of the sale and approves the negotiation. They acknowledge the deposit receipt and subscribe to the terms of agreement of sale. Statement of intent to be bound by the terms of the offer.
Access Right
The rights of owner to have ingress and egress or right of way to and from his property. Not landlocked.

Accretion
Addition to land from the action of rivers, streams or ocean. Any gradual eroding away is referred to as "reliction". Any increase of soil or sand to land adjacent or contiguous to a water course formed by Accretion becomes the possession of the riparian or littoral owner. Also erosion or reliction due to the gradual actions of nature become lands lost by the riparian or littoral owner.
AVULSION is different, it is the sudden and perceptible change formed by nature is referred to avulsion. A violent storm may suddenly change the flow or construction of a water course or the lands abutting thereon. Unlike with accretion, land so divided by avulsion remains the property of the original owner as if the water course had not been moved.
Accrued Depreciation
The difference between the cost of replacement new as of the date of appraisal and current appraised value.
Accrued Items of Expense
Incurred expenses that are not yet payable such as the seller’s accrued expenses are credited to the purchaser in a closing statement.
Accrued Interest
Interest that remains in an account instead of being paid immediately to the depositor.
Acknowledgement
Formal declarations before a duly authorized officer. This executes the instrument as voluntarily signed. Usually with a notary.
Water images because of the alluvion words and to break up the boring
Acre
Measure of land that has 160 square rods, or 4840 square yards, or 43560 square feet, or tract of about 208.71 feet square
Actual Eviction
Result of legal action brought by lessor. Lessee is physically removed
Ad Valorem
Latin for “according to value” – for real estate tax.
Adjacent
Near or next but not necessarily touching
Adjoining
Actually touching, abutting

Administrator/trix
Person appointed by probate court to administer the estate of a deceased person
Advance Commitment
Institutional investor/ lender’s prior agreement to offer long term financing
Advance FEE
Paid before services rendered, asking for fee before advertising property for sale, can be violation of real estate law
Adverse Possession
The open hostile and notorious possession and occupancy under and evident claim of right, in denial or opposition to the title of another claimant
Affiant
A person who makes and affidavit
Affidavit
Statement or declaration in writing sworn under oath
Affidavit of title
Seller swears they have no bankruptcy pending, judgment, divorce, unpaid repairs, defects in title…
Agency
Relationship between principal and agent arising out of contract. Agent is employed to do certain things dealing with third parties
Agreement of Sale
Written contract between seller and buyer on all terms of sale, deposit receipt
Alienation
Transferring property to another
Alienation Clause
Clause that lender can call a loan due on sale
Allodial System
Method of land ownership held free and clear with no rent or service due to the government, free, opposite of feudal system
Alluvion / Alluvium
Soil deposited by accretion- increase in size on the banks of a river
Amenities
Satisfaction and enjoyment from a home, beneficial improvements
AMO
Accredited Management Organization
Amortized Loan
Loan paid off with principal and interest payments- level payment loan
Annuity
Series of assured equal payments over period of time or lump-sum type in future. Could be landlord, lender, etc
Anticipation principle of
Affirms value created by the benefits to be received in the future
Appurtenance
Something annexed to another thing that may be transferred incident to it for example a barn, a garage, an orchard
Assessor
The official who determines assessed values for property taxes
Assignment
Transfer or making over to another of the whole of a property, real or personal
Assignor
One who assigns or transfers the property
Attest
To affirm to be true- official
Avulsion
Sudden tearing away of land by water
Axial growth
City growth along main transportation routes- star shaped from the center






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