Real Estate Terminology
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Addendum. Something added. A list or other
material added to a document, letter, real estate contract or escrow instructions.
Annual Percentage Rate. The yearly interest
percentage rate of a loan, as expressed by the actual rate of interest paid.
The APR is disclosed as a requirement of the federal truth in lending statues.
Additional Deposit. A buyer of real property
will generally give a small deposit with an offer and a secondary
deposit after the offer is accepted.
Adjusted Sales Price. An appraisal term used
when a comparable property's sale price is adjusted to reflect the value of the subject property. The
adjustment is made based on the differences between the subject property
and comparable property in time of sale, terms of sale, location and physical characteristics.
Aesthetic Value. The value of a property attributable
to the beauty of the improvements or surroundings.
A-Frame. The type of construction usually found in resort areas. The exterior framing of the
building is shaped like the letter A.
Agent. One who is authorized to act for or
represent another (Principal), usually in business matters. Authority may be expressed or implied.
Amortization. Payment of a
debt in equal periodic installments of principal and interest.
Amortization Schedule. A schedule showing each
payment of a loan to be amortized and breaking down the payment into the amount applied to principal and the amount
applied to interest. There are many good online web resources for calculating mortgage amortization schedules
based upon a loan amount, interest rate and term of the loan.
Appraisal Methods. Generally there are three major
methods of appraisal: the Cost Approach, Income Approach and Market Value (comparables) Approach.
Appraisal Report. A written report by an
appraiser containing an opinion as to the value for a property and the reasoning leading to the opinion.
The factual data supporting the opinion, such as comparables,
appraisal formulas and qualification for the appraiser.
Arterial Highway. Any major highway or thoroughfare.
"As Is Condition". Premises accepted by buyer or
tenant in the condition existing at the time of the sale or lease, including all physical defects.
Asking Price. The price at which the seller is
offering the property for sale. The eventual price may be lower after negotiating with the buyer.
Assessed Value. The value placed upon property
for property tax purposes by the tax accessor.
Real Estate Terminology
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