Glossary of Real Estate Terms (ag- ap)

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Agent

• person licensed by the state to conduct real estate transactions.
  

Agreed boundary

• A compromise boundary to which property owners agree in order to resolve a dispute.
  

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. Phone: (800) 743-2744.
  

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.
  

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.
  

Anchor bolt

• A large steel bolt anchored in concrete and attached to a building to prevent the structure from moving.
  

Annual

• Any kind of plant that must be planted every year.
  

Annual mortgagor statement

• A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest.
  

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

• A document that details a potential borrower's income, debt and other obligations to determine credit worthiness.
  

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.
  
  

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