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- Amortization The process of paying the principal and interest
on a loan through regularly scheduled installments.
- Amortization tables Mathematical tables that lenders use to
calculate a borrower's monthly payment.
- Amperage The strength of an electrical current.
A calculation of voltage and load.
- Anchor bolt A large steel bolt anchored in concrete.
- Annual Any kind of plant that must be planted every year.
- Annual Percentage Rate (APR) The cost of the loan expressed
as a yearly rate on the balance of the loan.
- Annuity The payment of a fixed sum to an investor at regular
intervals.
- Anticipatory breach A communication that informs a party that
the obligations of the original contract will not be fulfilled.
- Application fee The fee that a lender charges to process a
loan application.
- Appraisal An opinion of the value of a property at a given
point in time.
- Appraisal fee The fee that an appraiser charges to estimate
the market value of the property.
- Appraisal report A detailed written report on the value of a
property based on recent sales of comparable sites in the area.
- Appraised value An opinion of the current market value of a
property as stated by an appraiser.
- Appreciation An increase in the value of property..
- Arbitration A method of resolving a dispute in which a third
party renders a decision.
- Arbor An area shaded by trees, shrubs or vines on a
latticework structure.
- Arch A curved structure that supports weight over an area,
such as a doorway.
- Architect A licensed professional who designs homes,
buildings and other structures.
- Asbestos A fire-resistant mineral used for insulation and
home products that has been found to pose a health hazard.
- As-is condition The purchase or sale of a property in its
existing condition.
- Asking price A seller's initial price for a property.
- Assessed value A tax assessor's determination of the value of
real property to calculate a tax base.
- Assets Items of value which include cash, real estate,
securities and investments.
- Assignor A person who transfers rights and interests of a
property.
- Assumable mortgage A mortgage that can be transferred to
another borrower.
- Assumption clause A provision that allows a buyer to take
responsibility for the mortgage from a seller.
- Assumption fee A fee the lender charges to process new
records for a buyer who assumes an existing loan.
- Average price The price of a home determined by totaling the
sales prices of all houses sold in an area and dividing that number by the
number of homes.
- Awning windows Single-sash windows that tilt outward and up.
- Accelerated cost recovery system A tax calculation that
provides greater depreciation in the early years of ownership of real
estate or personal property.
- Acceleration clause A provision that gives a lender the right
to collect the balance of a loan if a borrower misses a payment.
- Accelerated depreciation A bookkeeping method that
depreciates property faster in the early years of ownership.
- 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.
- Acknowledgment A written declaration affirming that a person
acted voluntarily.
- Acre A measurement of land equal to 43,560 square feet.
- 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.
- 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.
- Affirmation A substitution for an oath granted to people
based on religious reasons.
- A-frame design An interior style that features a steeply
peaked roofline and a ceiling that is open to the top rafters.
- Agency The relationship of trust that exists between sellers
and buyers and their agents. The agency is formed through a written
contract.
- Agent A person licensed by the state to conduct real estate
transactions.
- Agreement of sale A document the buyer initiates and the
seller approves that details the price and terms of the transaction.
- Alcove A recessed section of a room, such as a breakfast
nook.
- Alienation clause A provision that requires the borrower to
pay the balance of the loan in a lump sum after the property is sold or
transferred.
- Alkali Mineral salt found in soil.
- Alkaline soil Soil that contains a higher concentration of
mineral salt than natural acid.
- Alley A lane behind a row of buildings or between two rows of
buildings.
- Allowances Budgets offered by builders of new homes for the
purchase of carpeting and fixtures.
- Alternative mortgage Any home loan that does not conform to a
standard fixed-rate mortgage.
- Aluminum-clad windows Wooden windows with aluminum covering
the exterior.
- Aluminum siding A metal covering that provides an alternative
to paint for owners of wood homes.
- Amenities Parks, swimming pools, health-club facilities,
party rooms, bike paths, community centers and other enticements offered
by builders of planned developments.
- American Society of Home Inspectors The American Society of
Home Inspectors is a professional association of independent home
inspectors.
- Americans with Disabilities Act A law passed in 1990 that
outlaws discrimination against a person with a disability in housing,
public accommodations, employment, government services, transportation and
telecommunications.
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