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GLOSSARY
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Accrued Depreciation
Total loss in value from all sources. The difference between the reproduction or replacement cost of the improvements and the market value of the improvements, as of a specific date.
Acre
A measure, usually of land, equal to 160 sq. rods (43,560 sq. ft.) in any shape.
Ad Valorem
“According to value”. A method of taxation using the value of the thing taxed to determine the amount of tax.
Addendum
Something added. A list or other material added to a document, letter, contractual agreement, escrow instructions, etc.
Adjustable Rate Mortgage (ARM)
Mortgage loan under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to at the inception of the loan.
Adverse Possession
A method of obtaining ownership rights by the open, notorious, exclusive, and hostile possession of private real property for a statutory period which varies from state to state (from 5 to 30 years).
Amortization
Payment of a debt in equal periodic installments of principle and interest.
Anchor Tenant
The most reliable, and usually the largest, tenant in a commercial property.
Annual Debt Service
Yearly amount of principle and interest payments of debt service
Annual Percentage Rate (A.P.R.)
The interest rate of a loan expressed as a yearly rate. The APR takes into account the interest rate, mortgage insurance, and loan origination fees (points). The A.P.R. is disclosed as a requirement of federal truth in lending statutes.
Appraisal
An analysis, opinion, or conclusion relating to the value or nature of specified interests in identified real estate. An estimate of value, or the process of estimating value, as of a specific date.
Appraisal Report
A written report by an appraiser containing an opinion as to the value of a property and the reasoning leading to this opinion.
Appreciation
An increase in property value, usually as a result of an excess of demand over supply.
Arm’s Length Transaction
A transaction between unrelated parties, without collusion or duress.
Assessed Value
Value placed upon property for real estate tax purposes by the tax assessor.
Assessor
One who estimates the value of property for tax purposes.
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