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Real Estate Glossary

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Term Definition
Abstract of judgment,law 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.

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.

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.

* Glossary Services are provided by Inman News, Real Estate News Service

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