ABANDONMENT
A surrender of rights; point when a broker makes no effort to service or sell listed property; failure to perform.
ABSENTEE OWNER
A property holder who does not reside on the property and who usually relies on a property manager to supervise the investment.
ABSTRACT OF TITLE
Condensed history of title to real property consisting of a summary of the links in the chain of title extracted from documents bearing on the title status.
ACCELERATION CLAUSE
Stipulation in a mortgage that the entire unpaid balance of the debt may become due and payable if a default of expresses conditions should occur.
ACCEPTANCE
Voluntary receipt of an item offered by another.
ACCRETION
Gradual addition of land caused by natural forces such as wind, tide, flood, or watercourse deposits.
ACKNOWLEDGEMENT
Formal declaration before an authorized official, by the person who executed the instrument, which is a free act.
ACTUAL NOTICE
Information a person has actually learned by reading, seeing or hearing.
ADJUDICATION
A judicial or court decision.
ADJUSTABLE RATE MORTGAGE
A financing technique in which the lender can raise or lower the interest rate according to asset index.
ADMINISTRATIVE LAW JUDGE
An attorney employed by the Division of Administrative Hearings, Department of Administration, to hear complaints and issue recommended orders.
AD VALOREM
According to the value; in proportion to worth.
ADVANCE FEE
Collection of a fee prior to a transaction actually closing or prior to the performance of a service.
ADVERSARY
Opponent; A person or group that opposes another
ADVERSE INTEREST
A purpose in opposition to the interest of another party( as fort example, with a buyer and a seller).
ADVERSE POSSESSION
A method of obtaining title to real property by occupying it in an open and hostile manner contrary to the interests of the owner.
AFFIDAVIT
A sworn statement written down before a notary or a public official.
AFTER TAX CASH FLOW
(SEE CASH FLOW.)
The resulting amount when annual debt service, tax liability, and capital improvement costs are subtracted from net operating income.
AGENCY
Express or implied authorization for one person to act for another.
AGENT
A representative, one who is authorized to act on behalf of another.
AGREEMENT FOR DEED
(SEE CONTRACT FOR DEED)
A financing technique wherein the seller agrees to deliver the deed at some future date and the buyer takes possession while paying the agreed amount (also called a land contract, an installment sale contract, and an agreement for deed).
AIR RIGHTS
The freedom to use the open space above property.
ALIENATION
The act of transferring ownership, title, or an interest or estate in real property.
ALLODIAL SYSTEM
A theory of land ownership that individuals may own land free of the rights of an overlord.
ALLUVION (ALLUVIUM)
The increase of land by the gradual and imperceptible action of natural forces (e.g., alluvial deposits of sand and mud on a river bank).
AMORTIZATION
Payment of a debt by regular installment payments.
ANNIVERSARY DATE
Recurring every year; the date an insurance policy must be renewed to continue in effect.
ANNUAL DEBT SERVICE
The amount of money required each year for the payment of all mortgage interest and principal.
ANNUAL PERCENTAGE RATE (APR)
Total yearly cost of credit.
APPEAL
A request to some authority for a decision of judgment.
APPLICANT
A person who applies for something; a candidate.
APPRAISAL
Professional service provided by a registered, licensed, or certified appraiser or real estate licensee to produce an estimate of value.
APPRAISAL PLANT
Copies of current statistics and publications kept by appraisers in their library or record room.
APPRAISED VALUE
Estimated worth of property determined by someone qualified in valuation.
APPRAISER, REAL ESTATE
One who is a registered, licensed, or certified appraiser and provides an estimate of value.  Appraisers render a ?professional service?.
APPRECIATION
The increase in value.
ARBITRATION
The act of having a third party render a binding decision in a dispute between two parties.
ARREARS
The state of being behind in the discharge of an obligation; paid at the end of the period for which due. (The opposite of in advance.)
ASSESSED VALUE
Worth established for each unit of real property for tax purposes by a county property appraiser.
ASSESSMENT
The imposition of a tax or charge according to a preset rate; the allocation of the proportionate individual share of a common expense in a condo or co-op building.
ASSET
Anything of value.
ASSIGNEE
Person to whom a right or interest is transferred.
ASSIGNMENT
Written instrument that serves to transfer the rights or interest of one person to another.
ASSIGNER
Person who gives his or her legal rights or interests to another person.
ASSOCIATE
Person working for a broker.
ASSOCIATION
An organization of persons having a common interest (e.g., Condominium Association, Homeowner?s Association).
ASSUMPTION OF MORTGAGE
The taking over of an existing mortgage by a buyer.
ATTACHMENT
A legal writ obtained to prevent removal of property that is expected to be used to satisfy a judgment.
ATTORNEY IN FACT
One who is authorized to perform certain acts for another under a power of attorney.
ATTORNEY, POWER OF
Designation of another person to act for a principal who may not be present.
AUTOMATED UNDERWRITING
A service that enables lenders to obtain a credit risk classification using applications software in the loan underwriting process.