Business / Real Estate Glossary

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.

Assemblage: The combining of two or more adjoining lots into one larger tract to increase their total value.

Assessment: The imposition of a tax, charge or lein, usually according to established rates.

Asset: An asset is something of value, encumbered or not, owned by a person, corporation or other entity. Assets are financial (cash or bonds), tangible or intangible, or physical (real or personal . . . View Full Definition

Asset Management: The assembly, management and disposition of a portfolio of investment properties.

Assignment: The transfer of the right, title and interest in the property of one person (the assignor) to another (the assignee). There are assignments of, among other things, mortgages, sales contracts . . . View Full Definition

Associate Broker: A real estate license classification used in some states to describe a person who has qualified as a real estate broker but still works for and is supervised by another broker, also called a . . . View Full Definition

Assumption Of Mortgage: The acts of acquiring title to property that has an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.

Assumption Subject To: When a loan is taken subject to, the seller agrees to remain liable and the buyer accepts no liability in the event of a deficiency on a foreclosure.

Page: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82