Real Estate 4
Terms
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- annexation
- The process of converting personal property into real property
- allodial system
- a system of land ownership in which land is held free and clear of any rent or service due to the government; commonly contrasted to the feudal system. Land is held under the allodial system in the United States
- annual percentage rate(APR)
- The relationship of the total finance charges associated with a loan. This must be disclosed to borrowers by lenders under the Truth-in-Lending Act.
- Americans with Disabilities Act
- Act addresses rights of individuals with disabilities in employment and public accommodations
- antitrust laws
- Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and cobinations formed to minimize competition. Most violations of antitrust laws in the real estate business involve either price-fixing (brokers conspiring to set fixed compensation rights) or allocation of customers or markets(brokers agreeing to limit their ideas of trade or dealing to certain areas or properties).
- ammortized loan
- A loan in which the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan
- American Land Title Association (ALTA) policy
- A title insurance policy that protects the interest in a collateral property of a mortgage lender who originates a real estate loan
- alienation
- The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary , as through eminent domain or adverse possession
- alienation clause
- the clause in a mortgage or deed of trust that states that the balance of the secures debt becomes immediately due and payable at the lenders option if the property is sold by the borrower. In effect this cluase prevents the borrower from assigning the debt without the debt without the lenders approval
- anticipation
- The appraisal principle that holds the value can increase or decrease based on the expectation of some future benefit or detriment produced by the property