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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.