Business / Real Estate Glossary

Acquisition Cost: The amount of money or other valuable consideration expended to obtain title to a property. It includes the purchase cost, plus such items as appraisal fees, closing costs, finance charges, . . . View Full Definition

Acre: A measure of land equal to 43.560 square feet, 4,840 square yards, 4,047 square meters, 160 square rods or 0.4047 hectares.

Actual Damages: Real, substantial and just damages, or the amount awarded to a complainant in compensation for his actual and real loss or injury.

Actual Eviction: The legal process that results in the tenants being physically removed from the leased premises.

Actual Notice: Express information or fact, that which is known, direct knowledge.

Ad Valorem: The Latin word for according to value.

Ad Valorem Tax: A tax levied according to value, generally used to refer to real estate tax. Also called the general tax.

Add-On Rate: Interest charged on a principal amount for specified term, regardless of any repayments of principal. The borrower is paying interest on the full principal sum for the entire loan period, ev . . . View Full Definition

Addendum: Additional material attached to and made part of a document. If there is space insufficient to write all the details of a transaction on the sales contract form, the parties will attach an a . . . View Full Definition

Ademption: Disposal by a testator in his or her lifetime of a specific property bequeathed in his or her will so the bequest is revoked.

Adjustable Rate Mortgage (ARM): A broad term for a loan (mortgage or deed of trust) with rates and terms that can change. The adjustable rate loan has become commonplace, with allowable ranges as to time intervals, percent . . . View Full Definition

Adjusted Basis: The original cost basis of a property reduced by certain deductions and increased by certain improvement costs. The original basis determined at the time of acquisition is reduced by the amo . . . View Full Definition

Adjustment: Decrease or increase in the sales price of a comparable property to account for a feature that the property has or does not have in comparison with the subject property.

Adjustment Period: In an adjustable rate mortgage (ARM), the adjustment period, is the period of time (i.e., one month, three months, six months, one year, etc.) between changes in one interest rate charged an . . . View Full Definition

Administered Price System: Federal National Mortgage Association securities purchasing procedure where required yields are adjusted daily to reflect financial market factors.

Administrative Agency: A government agency that makes rules and regulations to carry out the law. A states real estate commission develops regulations to complement license law.

Administrative Order: A legal document signed by the EPA directing an individual, business, or other entity to take corrective action or refrain from an activity. The order describes the violations and action to . . . View Full Definition

Administrator: A male person appointed by the court to settle the estate of a person who has died intestate (leaving no will). Sometimes referred to as the personal representative.

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