Business / Real Estate Glossary

Administratrix: A female 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.

Advance Fee: A fee paid before any services are rendered. Specifically, it is a practice of some brokers to obtain a nonrefundable fee from the seller in advance to cover the advertising of properties or . . . View Full Definition

Advance Fee Addendum: An agreement specifying services for which an agent or broker will be compensated including a provision for payment of an advance fee.

Adverse Action: A denial or revocation of credit, a change in the terms of an existing credit arrangement, or a refusal to grant credit either on the amount requested or on the terms requested.

Adverse Possession: The acquiring of title to real property owned by someone else by means of open, notorious, hostile and continuous possession for a statutory period of time. The burden to prove title is on t . . . View Full Definition

Aesthetic Zoning: Zoning for beauty. May regulate architectural styles, colors or signage.

Affidavit: A sworn written statement made under oath before a notary public or other official authorized by law to administer an oath. The term literally means has pledged ones faith. The affiant (pers . . . View Full Definition

Affidavit Of Title: A written statement, made under oath by a seller or grantor of real property and acknowledged by a notary public, in which the grantor 1. identifies himself or herself and indicates marital . . . View Full Definition

Affirmation: A formal declaration that an affidavit is true.

Affirmative Easement: Gives the owner of the dominant tenement the right to use the servient tenement.

After-Acquired Title: Title or interest acquired by the grantor after a property has been conveyed.

Agency: A relationship created when one person, the principal, delegates to another, the agent, the right to act on his or her behalf in business transactions and to exercise some degree of discreti . . . View Full Definition

Agency Coupled With An Interest: An agency relationship in which the agent is given an estate or interest in the subject of the agency (the property).

Agent: One authorized to represent and to act on behalf of another person (called the principal). Unlike an employee, who merely works for a principal, an agent works in the place of a principal. T . . . View Full Definition

Agent Property Evaluation: A questionnaire filled out by real estate agents while reviewing a listed property. Often completed during the course of a caravan.

Aggrieved Party: One whose legal right is invaded by an act(s) of another. The word aggrieved refers to a substantial grievance, a denial of some personal or property right, or the imposition upon a party of . . . View Full Definition

Agricultural Lease: Agricultural landowners often lease their land to tenant farmers, who provide the labor to produce and bring in the crop. An owner can be paid by a tenant in one of two ways: an agreed cash . . . View Full Definition

Aida: Attention, Interest, Desire, Action. In real estate advertising, creating ads that get the Attention of prospects, stimulating their Interest in a property, generating a Desire to purchase, . . . View Full Definition

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