Term
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Definition
The relinquishment of all rights and title to a property with no intention of reclaiming ownership.
7-180 |
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Term
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Definition
A condensed history of the title to a parcel of land consisting of a summary of every recorded instrument, together with a statement of all liens, charges or encumbrances affecting the title to that land
8-188 |
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Term
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Definition
| An owner whos land touches a highway or other public place |
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Term
| Accelerated Cost Recovery system |
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Definition
A method of depreciation in which more depreciation is deducted in earlier years and less in later years
21-393 |
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Term
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Definition
A clause in a mortgage or installment contract stating that upon default of payment due, immediate and full payment of the balance of the obligation becomes due and payable.
14-272 |
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Term
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Definition
| Voluntary expression by the offeree to be bound by the exact terms of the offer, must be unconditional 9-200 |
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Term
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Definition
Acquisition of property by its joining or union with other property
4-148 |
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Term
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Definition
| The right of a property owner to have ingress and egress to and from his property |
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Term
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Definition
The difference between the cost of a replacement new, on the date of the appraisal, and the present appraised value
22-407 |
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Term
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Definition
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Term
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Definition
| The price and all related fees paid to acquire a property |
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Term
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Definition
A measure of land equal to 160 square rods, 4,840 sq yars or 43,560 square feet
23-421 |
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Term
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Definition
| Such authority that a principal intentionally gives his agent |
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Term
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Definition
A process whereby the landlord may terminate a lease for good reason and the tenant must appear and show cause why he should not be eveicted. Also called dispossess proceeding, summary possession and unlawful detainer
18-325 |
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Term
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Definition
Notice received by direct communication: notice that has been brought expressly to a person's attention
8-185 |
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Term
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Definition
One whose property is contiguous or next to.
7-181 |
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Term
| Adjustable Rate Mortgage (ARM) |
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Definition
A mortgage loan that allows the interest rate to be changed at specific intervals over the term of the loan.
14-276 |
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Term
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Definition
For tax purposes, the original cost of property reduced by deprecitaiont deductions and increased by the cost of capital improvements
21-392 |
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Term
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Definition
| The amount realized on the ale of a home minus the qualified expenses of fixing up a home to sell it |
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Term
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Definition
A person appointed by the court to administer the estate of a deceased person who died intestate (no will)
6-175 |
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Term
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Definition
A deed given by an administrator
12-258 |
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Term
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Definition
Tax according to valuation
21-389 |
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Term
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Definition
The means of acquiring title to land against the real owner where possession has been actual, open, hostile, exclusive, continous and under claim of right for 30 or 60 years
13-268 |
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Term
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Definition
| A statement reduced to writing and sworn to before a notary public or some other authorized officer in which the seller states the existence of any known liens or facts relating to the title that were not included in the title binder and reveals any judments that were not revealed in the search. 8-191 |
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Term
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Definition
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Term
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Definition
The legal relationship resulting from an agreeement that the agent is authorized by a principal to perform certain acts on behalf of the principal in dealing with a third party
10-225 |
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Term
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Definition
A person who is authroized to act on behalf of another person called the "principal"
10-225 |
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Term
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Definition
The rights vested by a grant of an estate in real property to all or any portion of th space above the ground
4-147 |
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Term
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Definition
The transferring of real property from one person to another
4-153 |
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Term
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Definition
| A clause in a conventional mortgage calling for payment of the entire principal balance in full in the event a transfer of title to the mortgaged proerpty takes place also known as a "due-on-sale clause" 14-272 |
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Term
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Definition
That increase of soil on a shore or bank of a river as the result of accretion
4-148 |
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Term
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Definition
Those things which are marked by such qualities as pleasantness comfortableness and agreeableness. In appraising the amenities of a property are those qualities which increase the pleasure of ownership and are not necessarily related to monetary values
9-229 |
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Term
| American land title association (ALTA) |
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Definition
a NATIONAL ASSOCIATION OF MORE THAN 2,000 LAND TITLE COMPANIES ESTABLISHED TO ENCOURAGE UNIFORMITY AND QUALITY IN TITLE INSURANCE POLICIES
8-192 |
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Term
| Americans with Disabilities Act |
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Definition
A law that provies access requirements and prohibits discrination against people with diabilities in public accommodations, state and local government, transportation, telecommunications and employment
16-307 |
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Term
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Definition
The gradual paying off of a debt on an installment basis
14-280 |
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Term
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Definition
| Selling price minus expenses |
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Term
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Definition
| The act of attaching, adding, joining or uniting one thing to another |
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Term
| Annual percentage Rate (APR) |
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Definition
The effective rate of interest for a loan per year, disclosure of which is required by the Federal Truth in Lending Law
16-302 |
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Term
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Definition
An agreement made by a man and woman in contemplation of their marriage and to be effective on marriage. Also called prenuptial agreement.
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Term
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Definition
An estimate value of real estate that report stating and supporting the estimated value of realty
22-401 |
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Term
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Definition
| An increased value of property due to economic or related causes which may prove to be either temporary or permanent |
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Term
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Definition
| Formerly, the term used to describe the requirement that broker applicants must have been continously licensed as salespersons for at least three years immediately preceding application. Today referred to as "experience requirement" |
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Term
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Definition
That which has been added to a property, which becomes an inherrent part of the property, and will pass with it when conveyed
4-147 |
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Term
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Definition
| The Association of Real Estate License Law Officials. a federation of real estate license law officials to assist each other in the administration and enforcement of license laws in the united States and Canada |
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Term
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Definition
A person who regularly arranges for consumer credit by another person if a finance charge is imposed
16-301 |
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Term
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Definition
| Delinquency in meeting ann obligation or paid at the end of a period (ie end of the month) for the previous period |
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Term
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Definition
Putting together two or more lots to form a large parcel. To be distinguished from "plottage" which is the resulting value
22-402 |
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Term
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Definition
An assessment of property values by the government for the purpose of taxation
21-389 |
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Term
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Definition
| A charge against real estate made by a unit of government to coer the propotionate cost of improvements 21-391 |
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Term
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Definition
The person to whom an agreement or contract is transferred
9-203 |
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