Business / Real Estate Glossary

Annual Percentage Rate (APR): An expression of the relationship of the total finance charge to the total amount to be financed as required under the federal Truth-in-Lending Act. Tables available from any Federal Reserve . . . View Full Definition

Annuity: A sum of money recieved by an annuitant in a series of fixed periodic payments.

Anticipation: The appraisal principle which holds that value can increase or decrease based on the expectation of some future benefit or detriment produced by the property.

Antimerger Clause: A clause in a mortgage or deed of trust specifying that the senior lienholder will retain lien priority in the event of a merger.

Antitrust Laws: State and federal laws designed to maintain and preserve business competition. The Sherman Antitrust Act (1890) is the principal federal statute covering competition, which is defined by mos . . . View Full Definition

Apartment Building: A building having separate units for permanent tenants who rent or lease them. The owner of the building provides common facilities, such as lights, heat, elevator and garbage disposal servi . . . View Full Definition

Appraisal: An estimate of the monetary value of a property on the open market, an estimate of a propertys type and condition, its utility for a given purpose or its highest and best use.

Appraiser: An independent person trained to provide an unbiased estimate of value, such as a professional service performed for a fee.

Appreciation: An increase in the worth or value of a property due to economic or related causes, which may prove to be either temporary or permanent, opposite of depreciation.

Appropriation: Appropriation is the way a taxing body authorizes the expenditure of funds and provides for the sources of funding. Appropriation generally involves the adoption of an ordinance or the passa . . . View Full Definition

Appropriative Water Rights: A water right favored in some states where an owner has the exclusive rights to take all the water for specific beneficial uses.

Appurtenant: Belonging to, adjunctive, appended or annexed to. For example, the garage is appurtenant to the house, and the common interest in the common elements of a condominium is appurtenant to each . . . View Full Definition

Appurtenant Easement: An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbors land.

Aquifer: An underground water-bearing layer of rock, including gravel and sand, that will yield water in usable quantity. Aquifers are sources of water for wells and springs.

Arbitrage: Borrowing at one interest rate and investing at a higher rate.

Arbitration: A nonjudicial method of resolving disputes by selecting a neutral party to make a final determination. This method was either previously agreed to by the disputing parties or stipulated by law.

Arranger Of Credit: As defined under the federal Truth-in-Lending Law, a person who regularly arranges for the extension of consumer credit by another person if a finance charge will be imposed, if there are to . . . View Full Definition

Arrears: 1. The state of being delinquent in paying a debt. 2. At or after the end of the period for which expenses are due or levied, the opposite of in advance. Mortgage interest and real estate ta . . . View Full Definition

Article 5: The part of the Business and Professions Code governing transactions in real property sale contracts and trust deeds.

Article 6: The part of the Business and Professions Code governing real property securities dealers.

Article 7: The part of the Business and Professions Code governing commissions, loan costs, and payment requirements in loan brokerage activities.

As-Is: Words in a contract intended to signify that no guarantees, whatsoever, are given regarding the subject property and that it is being purchased exactly as it is found. An as-is indicator is . . . View Full Definition

Asbestos: A mineral once used in insulation and other materials that can cause respiratory diseases. Asbestos has been classified as carcinogenic.

Asbestos Containing Material (ACM): The EPA defines asbestos containing material as any material or product that contains more than one percent asbestos. Some states regulate smaller percentages of asbestos containing material.

Asbestosis: A disease associated with inhalation of asbestos fibers. The disease makes breathing progressively more difficult and can be fatal.

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