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Real Estate Words Glossary Archive


Appraisal

A formal estimate of property value conducted by a professional qualified to make such an opinion.


Annual percentage rate (APR)

Combines the interest rate with other loan costs, such as points and loan fees, into a single figure that shows the true annual cost of borrowing.


Amortize

Pay a debt in monthly or other periodic installments until the total amount, along with the interest, if any, is paid.


Air rights

Right to occupy and use the open space above a parcel of land or property, such as in the leasing of air space over existing buildings or highways.


Agent

Person authorized to act by and on behalf of another.


Adjustable rate mortgage (ARM)

Mortgage loan on which the interest rate falls and rises with changes in prevailing rates. The mortgage rate is tied to a selected index and may be adjusted annually. Also called a variable rate mortgage.


Acceleration clause

Stipulation in a mortgage agreement that allows the lender to demand immediate payment of the entire loan balance if any scheduled payment is missed.


Z

Zone – The area set off by the proper authorities for a specific use or in an area subject to certain restrictions or restraints. ...


Y

Yard – A unit of measurement that is 3 feet long. ...


X

X – An individual who cannot write may execute a legal document by affixing an “X” – his or her mark – where the signature normally goes and a witness would write the person’s name beneath the mark and then sign his or her own name. ...


W

Wainscoting – The wooden lining of an interior wall and also the lower part of a wall when it is finished different than the upper wall. ...


V

VA – See Veterans’ Administration. ...


U

Ultra vires activities – The actions of a corporation done beyond the powers granted in its charter that could lead to a lawsuit by its shareholders. ...


T

Tacking – The adding together of successive periods of adverse possession of parties in privity with each other in order to create one continuous adverse possession to meet the legal time requirement to establish title. ...


S

Safe rate – The rate of interest paid on government bonds, utility bonds or bank savings which holds mimimal chance of loss. ...


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