Real Estate Terms Glossary: A
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ABR
Accredited Buyers Representative is a designation of excellence in buyer representation. The Real Estate Buyer Agent Council (REBAC) of the NAR awards this designation to real estate practitioners. Individuals with this designation meet specified educational and practical experience criteria.
Abstract Of Title
A document that traces the history of title or a particular parcel of real estate from the original government grant through the chain of ownership including all conveyances and encumbrances affecting the property.
Access
A general or specific right of ingress and egress to a particular property.
Accretion
Land accumulated through the gradual motion of water. The gradual building up of land in a watercourse over time by deposits of silt, sand, and gravel.
Acquisition Cost
The cost of acquiring real estate, in addition to purchase price. Acquisition costs include the title insurance and lender's fees. With FHA, acquisition is a set amount based on the appraised value of the property.
Acre
A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods.
Act Of God
When the forces of nature act in an uncontrolled manner without the influence of man to produce a result that could not have been escaped or prevented. Thereby, causing damage to real estate property.
Ad Valorem
Latin for "according to value". Each property bears a tax burden according to its assessed value.
Adverse Possession
A means of acquiring title to real estate that results from the exclusive, open, notorious, and adverse use of the property for a statutorily-prescribed period of time. Also know as title by prescription.
Agent
One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer.
Agreement Of Sale
An agreement between the seller and buyer for the purchase of real estate property.
Alienation
The transfer of title and possession of real estate property from one party to another by any voluntary means.
Allodial System
The type of land ownership existing in the United States whereby individuals may hold title to real property absolutely. Since 1785.
Alluvion
The actual increase in land resulting from the deposit of earth caused by the washing motion of water so as to from firm ground.
Appraisal
A written analysis by a certified appraiser used to determine the estimated value of real estate property.
ARELLO
Association of Real Estate License Law Officials. Founded in 1929, a group of real estate license law officials that regulates more than two million real estate licensees.
Arrears
Delinquency in meeting an obligation; or, paid at the end of a period (e.g., at the end of the month) for the previous period; payments in arrears include interest for using the money during the previous period.
As Is
Present condition of property being transferred, with no guaranty or warranty provided by the seller.
Asking Price
Price at which the owner wishes to sell a property.
Assemblage
The combining of two or more parcels of real estate, which, together, will generate more than the sum of their individual values.
Assessed Value
The value placed on real estate property by a municipality for purposes of levying taxes. It may differ widely from appraised or market value.
Assets
Anything of monetary value owned by an individual.
Associate Broker
A person who has passed his or her broker's licensing exam but chooses to work for another broker, also called a broker/salesperson.
Assumable Mortgage
A mortgage that allows a new owner to take over the previous owners obligations.
Avulsion
Sudden loss or gain of land as a result of water or shift in a bed of a river that has been used as a boundary.
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