Business / Real Estate Glossary

3-Way Switch: A light switch that allows a person to turn the light on or off from either end of a hallway or stairway.

30-Day Notice: Notice to vacate a premises under a periodic tenancy. Notice must be for the rent period, but not more than 30 days.

Abatement: A reduction, decrease, or the removal of a nuisance.

ABCD Paper: Mortage loans are rated as A, B, C, or D paper. A paper loans are the highest quality, lowest risk loans, B quality are loans where the borrower has minor credit problems, C quality are borr . . . View Full Definition

Absorption Rate: The total number of vacant square feet of office space divided by the square footage leased per year historically. Used to analyze demand of office space in a given market area.

Abstract Of Judgment: A full summary by the court of a judgment. It becomes a general lien on all of a debtors property in the county where it is recorded.

Abstract Of Title: A full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate, together with a statement of all recorded . . . View Full Definition

Abstracter: The person preparing the abstract of title. The abstracter searches the title as recorded or registered with the county recorder, county registrar, circuit court and/or other official source . . . View Full Definition

Acceleration Clause: A provision in a mortgage, trust deed, promissory note or contract for deed (agreement of sale) that, upon the occurrence of a specified event, gives the lender (payee, obligee or mortgagee) . . . View Full Definition

Acceptance: An acceptance is a promise by the offeree to be bound by the exact terms proposed by the offeror. The acceptance must be communicated to the offeror.

Accession: Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.

Accord And Satisfaction: The settlement of an obligation. An accord is an agreement by a creditor to accept less than bargained for from a debtor. The creditors acceptance of the accord constitutes satisfaction of the debt.

Accounting: The agent must be able to report the status of all funds received from or on behalf of the principal. Most state real estate license laws require a broker to give accurate copies of all docu . . . View Full Definition

Accretion: The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake or sea. The gradual and imperceptible addition of land by alluvial deposits of soil thr . . . View Full Definition

Accrued Depreciation: 1. In accounting, a bookkeeping account that shows the total amount of depreciation taken on an asset since it was acquired, also called accumulated depreciation. 2. For appraisal purposes, . . . View Full Definition

Accrued Items: In a closing statement, items of expense that are incurred but not yet payable, such as interest on a mortgage loan or taxes on real property.

Accusation: The first step in a disciplinary action against a licensee.

Acknowledgment: A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document, also, the document itself. An acknowledgment is designed to preven . . . View Full Definition

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