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| Term | Definition |
| Abstract of judgment | The
summary of a court judgment that creates a lien against a property when filed
with the county recorder. |
| Accelerated cost recovery system | A tax
calculation that provides greater depreciation in the early years of ownership
of real estate or personal property. |
| Accelerated depreciation | A
bookkeeping method that depreciates property faster in the early years of
ownership. |
| Acceleration clause | A
provision that gives a lender the right to collect the balance of a loan if a
borrower misses a payment. |
| Acceptance | The seller's written
approval of a buyer's offer. |
| Access | Any means by which a person
can enter property. |
| Accessibility | The degree to which a
building or site allows access to people with disabilities. |
| Accretion | The gradual addition to the
shore or bank of a waterway by deposits of sand or silt. |
| Acknowledgment | A written declaration
affirming that a person acted voluntarily. |
| Acre | A measurement of land equal to
43,560 square feet. |
| Acre foot | The volume of material needed
to cover an acre of land one foot deep. |
| Active solar system | A
system that utilizes electric pumps or fans to transfer solar energy for
storage or direct use. |
| Actual age | The number of years a
structure has been standing. |
| Addendum | An addition or change to a
contract. |
| Additional principal payment | Extra
money included in the monthly payment to help reduce the principal and shorten
the term of the loan. |
| Add-on interest | The
interest a borrower pays on the principal for the duration of the loan. |
| Adjustable-rate mortgage (ARM) | A loan
with an interest rate that is periodically adjusted to reflect changes in a
specified financial index. |
| Adjusted cost basis | The
cost of any improvements the seller makes to the property. Deducting the cost
from the original sales price provides the profit or loss of a home when it is
sold. |
| Adjustment period | The
amount of time between interest rate adjustments in an adjustable-rate
mortgage. |
| Administrator | A person given authority
to manage and distribute the estate of someone who died without leaving a will.
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| Administrator's deed | A legal
document that an administrator of an estate uses to transfer property. |
| Adverse possession | The
acquisition of title to property through possession without the owner's consent
for a certain period of time. |
| Adverse use | The access and use of
property without the owner's consent. |
| Aeolian soil | Soil that is composed of
materials deposited by the wind. |
| Affiant | A person who makes a sworn
statement. |
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