Glossary Worksheet

The failure to occupy and use property that may result in a loss of rights
Extinction or termination of a nuisance.
FEE SIMPLE ESTATE.
A condensation of the essential provisions of a court judgment.
A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.
A method of valuing land. The indicated value of the improvement is deducted from the sale price.
A method of cost write-off in which depreciation allowances are greater in the first few years of ownership than in subsequent years. This permits an earlier recovery of capital and a faster tax write-off of an asset.
ACCELERATION CLAUSE A condition in a real estate financing instrument giving the lender the power to declare all sums owing lender immediately due and payable upon the happening of an event, such as sale of the property, or a delinquency in the repayment of the note
The act of agreeing or consenting to the terms of an offer thereby establishing the “meeting of the minds” that is an essential element of a contract.
The right of an owner to have ingress and egress to and from owner’s property over adjoining property
An addition to property through the efforts of man or by natural forces.
Accession by natural forces, e.g., alluvium.
The difference between the cost of replacement new as of the date of the appraisal and the present appraised value
Those incurred expenses which are not yet payable. The seller’s accrued expenses are credited to the purchaser in a closing statement.
A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act. In this state an acknowledgment is the statement by an officer such as a notary that the signatory to the instrument is the person represented to be.
Blocks of fiber, mineral or metal, with small holes or rough-textured surface to absorb sound, used as covering for interior walls and ceilings.
The act or process by which a person procures property.
A measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square feet, or a tract about 208.71 feet square.
Authority expressly given by the principal or given by the law and not denied by the principal.
An act intended to deceive another, e.g., making a false statement, making a promise without intending to perform it, suppressing the truth
Additional pages of material that are added to and become part of a contract.
A mortgage loan which bears interest at a rate subject to change during the term of the loan, predetermined or otherwise.
In appraising, a means by which characteristics of a residential property are regulated by dollar amount or percentage to conform to similar characteristics of another residential property.
A person appointed by the probate court to administer the estate of a deceased person who died intestate. (
A Latin phrase meaning “according to value.” Usually used in connection with real estate taxation.