| Term |
Definition |
| Abstract of judgment,law |
The summary of a court judgment that creates a lien against a property when filed with the county recorder. |
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| Accelerated cost recovery system |
A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property. |
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| Acceleration clause |
A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment. |
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| Accelerated depreciation |
A bookkeeping method that depreciates property faster in the early years of ownership. |
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| Acceptance |
The seller's written approval of a buyer's offer. |
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| Access |
Any means by which a person can enter property. |
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| Accessibility |
The degree to which a building or site allows access to people with disabilities. |
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| Accretion |
The gradual addition to the shore or bank of a waterway by deposits of sand or silt. |
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| Acknowledgment |
A written declaration affirming that a person acted voluntarily. |
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| Acre |
A measurement of land equal to 43,560 square feet. |
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| Acre foot |
The volume of material needed to cover an acre of land one foot deep. |
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| Active solar system |
A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use. |
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| Actual age |
The number of years a structure has been standing. |
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| Addendum |
An addition or change to a contract. |
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| Additional principal payment |
Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan. |
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| Add-on interest |
The interest a borrower pays on the principal for the duration of the loan. |
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| Adjustable-rate mortgage (ARM) |
A loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index. |
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| Adjusted cost basis |
The cost of any improvements the seller makes to the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold. |
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| Adjustment period |
The amount of time between interest rate adjustments in an adjustable-rate mortgage. |
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| Administrator |
A person given authority to manage and distribute the estate of someone who died without leaving a will. |
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