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Details Title: Promissor RE Exam 8th Edition Description: Terms and Definitions Total Flash Cards: 12 Created: 01/20/2008 14:30:43	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term abandonment Definition Voluntarily giving up possession of property or a claim or right. Term abatement Definition a legal action to stop a nuisance.  also can be a reduction of a property tax assessment. Term absorption rate Definition the rate at which new or vacant space (such as office space) will become occupied. Term abstract Definition a history of every recorded document dealing with a property.  it is examined to determine whether there is marketable title. Term abstractive method Definition a means of obtaining land value by deducting the value of improvements from the total property value. Term abstract of judgment Definition a condensation of a court judgment.  when recorded, the judgment becomes a general lien on the property of the debtor within the country where recorded. Term acceleterated depreciation Definition any method of depreciation for tax purposes that gives greater initial depreciation than the straight-line method.  no longer allowed. Term acceleration clause Definition a provision in a note making all payments due on the happening of a certain event(such as missing a payment or selling the property) Term acceptance Definition an act or agreement that forms a contract. Term accession Definition obtaining title as a result of attaching or joining property to other property. Term accommodation party Definition a third person (cosigner) who signs a negotiable instrument agreeing to be personally liable to the payee Term Definition