Business / Real Estate Glossary

Aids: Persons with acquired immunodeficiency syndrome are protected under most federal and state discrimination laws. If buyers ask the real estate agent whether a prior occupant had AIDS, most ag . . . View Full Definition

Air Lot: A designated airspace over a piece of land. An air lot, like surface property, may be transferred.

Air Quality Standards: The level of selected pollutants set by law that may not be exceeded in outside air. Used to determine the amount of pollutants that may be emitted by industry

Air Rights: Rights to the use of the open space or vertical plane above a property. Ownership of land includes the right to all air above the property. Until the advent of the airplane, this right was u . . . View Full Definition

Alienation: The act of transferring ownership, title, interest, or estate in real property from one person to another. Property is usually sold or conveyed by voluntary alienation, as with a deed or ass . . . View Full Definition

Alienation Clause: A provision sometimes found in a promissory note or mortgage that provides that the balance of the secured debt becomes immediately due and payable at the option of the mortgagee upon the al . . . View Full Definition

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 . . . View Full Definition

Alquist-Priolo Special Study Zone: A California law requiring a real estate agent or owner to disclose to prospective buyers that a property is located within a special studies zone (geological hazard zone) and if the propert . . . View Full Definition

Ambient: Any unconfined portion of the atmosphere, open air, outside surrounding air.

Amendment To The Escrow Instructions: A change to escrow instructions requiring the agreement of both buyer and seller.

Amendments: An amendment is a change to the existing content of a contract. Any time words or provisions are added to or deleted from the body of the contract, the contract has been amended.

Amenity Or Amenities: The qualities and state of being pleasant and agreeable. In residential appraising, those peculiar and intangible benefits of home ownership such as satisfaction of possession and use arisin . . . View Full Definition

American Institute Of Real Estate Appraisers (AIREA): A professional organization formerly affiliated with the National Association of REALTORS. AIREA promoted professional practice and ethics in the real estate appraisal industry and identifie . . . View Full Definition

American Land Title Association (ALTA) Policy: A title insurance policy that protects the interest in a collateral property of a mortgage lender who.

American Society Of Appraisers (ASA): A professional organization of appraisers engaged in the appraisal of both real and personal property. It confers the designations ASA and FASA (Fellow).

American Society Of Real Estate Counselors (ASREC): A professional organization, affiliated with the National Association of REALTORS, composed of individuals with proven success in real estate counseling who serve clients on a fee basis. The . . . View Full Definition

Americans With Disabilities Act (ADA): On July 26, 1990, President Bush signed into law the Americans with Disabilities Act of 1990 (ADA), a federal law which prohibits discrimination against individuals with disabilities. The AD . . . View Full Definition

Amortization: The gradual repayment of a debt by means of systematic payments of principal and/or interest over a set period, so that at the end of the period there is a zero balance. The principal is thu . . . View Full Definition

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