DOCSLIB.ORG

Real Estate Glossary of Terms A

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

EGGHEAD PUBLISHERS, LLC. © 2015 Except as permitted under the copyright Act of 1976, this glossary may not be reproduced in whole or part, in any manner. Real Estate Glossary of Terms A A ABANDONMENT. The act of voluntarily relinquishing or surrendering possession of real property, without the transfer of title to someone else. ABANDONMENT OF EASEMENT. The obvious and intentional surrender of an easement. ABANDONMENT OF HOMESTEAD. A legal document that proves a homestead was abandoned. In order to obtain a homestead on a new property, the owner must file an abandonment of homestead on the old property. ABATEMENT. A decrease or reduction in worth or amount (usually applies to taxes or rent). ABATEMENT OF NUISANCE. Extinction or termination of a nuisance. ABLE. Refers to financial ability; as in ready, willing, and able buyer. ABOVE GRADE IMPROVEMENTS. Improvements built above the ground level. ABROGATION. The rescission, revocation, or annulling of a contract by mutual consent of the parties to the contract, or for cause by either party to the contract. ABSENTEE OWNER. A property owner who does not live on the property, and who may rely on a property manager to manage or oversee its maintenance. ABSOLUTE NET LEASE. Lease requiring the tenant to pay for all the expenses of operating and maintaining the property, including capital expenditures and major repairs. ABSOLUTE OWNERSHIP. The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferable and inheritable. Also known as Fee Simple Estate. ABSORPTION ANALYSIS. A study of the number of units of residential or non- residential property that can be sold or leased over a given period of time in a defined location. ABSORPTION BED. A shallow trench containing a pipe that carries treated sewage or other liquid waste away from the septic tank into an open area, where it is absorbed into the soil. 1 EGGHEAD PUBLISHERS, LLC © 2015_rev4 Real Estate Glossary of Terms A ABSORPTION PERIOD. The estimated time period required to sell, place in use, lease, or trade the subject property in its marketing area at prevailing rental rates or prices. ABSORPTION RATE. The rate at which a type of property is either bought or leased; absorbed by the market. ABSTRACT OF JUDGMENT. The summary of a court judgment that creates a lien against a property when filed with the county recorder. ABSTRACT OF TITLE. 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. ABSTRACTION. A method of valuing land. The indicated value of the improvement is deducted from the sale price. ABSTRACTOR. A person who searches historical records affecting the title to real property and summarizes the results in a report called an Abstract of Title. ABUTTER’S RIGHTS. The reasonable right to light, air and visibility that a property enjoys from another. ABUTTING PROPERTY. Property that touches or is contiguous to another property; as opposed to being near to another property. ACCELERATED COST RECOVERY SYSTEM (ACRS). The system for figuring depreciation (cost recovery) for depreciable real property acquired and placed into service after January 1, 1981. ACCELERATED DEPRECIATION. 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. ACCEPTANCE. 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. 2 EGGHEAD PUBLISHERS, LLC © 2015_rev4 Real Estate Glossary of Terms A ACCESS. Any means by which a person can enter property. ACCESSIBILITY. The degree to which a building or site allows access to people with disabilities. ACCESSION. An addition to property through the efforts of man or by natural forces. ACCESSORY BUILDINGS. Structures on a property that are secondary to the main building, such as sheds and garages. ACCESS RIGHT. The right of an owner to have ingress and egress to and from owner’s property over adjoining property. ACCESS TO PROPERTY. A seller must provide reasonable access to the property to the buyer, inspectors representing the buyer, and representatives of the lending institutions for appraisal purposes, or for any other purpose relating to the sale. ACCIDENT AND HEALTH PREMIUM. Additional insurance to insure mortgage payments in the event of the Borrower’s disability. ACCOMMODATION RECORDING. The recordation of an instrument without consideration and without assumption of responsibility for correctness or validity. ACCORD AND SATISFACTION. The discharge of an existing obligation by acceptance of a substitute agreement in which the creditor accepts less than the full amount owed as satisfaction of the debt. ACCOUNTING. The process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information. ACCOUNTING METHOD. A set of rules used to determine when and how income and expenses are reported (GAAP-Generally Accepted Accounting Practices). ACCREDITED MANAGEMENT ORGANIZATION (AMO). A property management designation offered by the Institute of Real Estate Management (IREM) to property management companies that meet prescribed high standards. ACCREDITED RESIDENTIAL MANAGER (ARM). A property management designation offered by the Institute of Real Estate Management (IREM) to individuals. Requirements for designation include management experience, additional training, and adherence to a code of ethics. 3 EGGHEAD PUBLISHERS, LLC © 2015_rev4 Real Estate Glossary of Terms A ACCRETION. Accession by natural forces, e.g., alluvium. ACCRUAL METHOD. An accounting method that reports revenue when earned and expenses when incurred. ACCRUE. To accumulate, grow, or mature over a period of time; as in accrued interest on a loan. ACCRUED DEPRECIATION. The difference between the cost of replacement new as of the date of the appraisal and the present appraised value. ACCRUED ITEMS OF EXPENSE. Those incurred expenses which are not yet payable. The seller’s accrued expenses are credited to the purchaser in a closing statement. ACID RAIN. Precipitation containing harmful amounts of nitric and sulfuric acids formed primarily by sulfur dioxide and nitrogen oxides released into the atmosphere when fossil fuels are burned. ACKNOWLEDGMENT. 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. ACOUSTICAL TILE. Blocks of fiber, mineral or metal, with small holes or rough- textured surface to absorb sound, used as covering for interior walls and ceilings. ACQUISITION. The act or process by which a person procures property. ACQUISITION APPRAISAL. An appraisal that estimates the market value of a property facing condemnation under the government's powers of eminent domain. The appraisal is performed to determine the amount of just compensation due to the owner. ACQUISITION COST. The total cost of acquiring property. In addition to the purchase price, other costs include escrow fees, title insurance, lenders fees, etc. ACRE. 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. ACRE FOOT. The volume of material needed to cover an acre of land one foot deep. ACREAGE. A large piece of property that is usually unimproved. Acreage may be used for agricultural, industrial, residential or commercial uses. 4 EGGHEAD PUBLISHERS, LLC © 2015_rev4 Real Estate Glossary of Terms A ACREAGE ZONING. Zoning that reduces residential density by requiring large building lots. ACTION. A lawsuit brought to court. ACTION IN REM. An action in which judgment is sought against property to determine its status. ACTIVE SOLAR SYSTEM. A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use. ACT OF GOD. An act attributable to nature without human interference; include tidal wave, flood, hurricane, volcanic eruption, earthquake, and fire. ACTUAL AGE. The number of years a structure has been standing. ACTUAL AUTHORITY. Authority expressly given by the principal or given by the law and not denied by the principal. ACTUAL CASH VALUE. The monetary worth of an improvement. The cost of replacing the improvement, less any depreciation. ACTUAL DAMAGES. Damages a court of law recognizes, as the result of a wrong. ACTUAL DEPRECIATION. Depreciation occurring as a result of physical, functional, or economic forces, causing loss in value to a structure. ACTUAL FRAUD. An act intended to deceive another, e.g., making a false statement, making a promise without intending to perform it, suppressing the truth. ACTUAL NOTICE. Notice in fact or in reality to or by a party directly and personally based on things actually seen, heard, read, or observed. ADAM E. LEE. The eight ways to terminate an easement: Abandonment, Destruction, Adverse possession, Merger, Express agreement, Lawsuit, Estoppel, and Excessive use. ADDENDUM. An addition or change to a contract. ADDITIONAL DEPOSIT. Additional earnest money given with a purchase agreement. ADDITIONAL PRINCIPAL PAYMENT. Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan. 5 EGGHEAD PUBLISHERS, LLC © 2015_rev4 Real Estate Glossary of Terms A ADD-ON INTEREST. The interest a borrower pays on the principal for the duration of the loan.
Recommended publications
  • Architectural Guidelines

    Architectural Guidelines

    Architectural Guidelines December 15, 2020 Table of Contents Contact Information ...................................................................................................................................... 1 General Information ..................................................................................................................................... 1 Introduction .............................................................................................................................................. 1 Responsibilities ......................................................................................................................................... 1 Components .................................................................................................................................................. 1 Residential ................................................................................................................................................. 2 Residential Mixed-Use .............................................................................................................................. 2 Commercial/Mixed Employment .............................................................................................................. 2 Multiple Family ......................................................................................................................................... 2 Architectural & Landscape Review Committee ...........................................................................................
  • Descriptions of Important Historic Sites

    Descriptions of Important Historic Sites

    Appendix A DESCRIPTIONS OF IMPORTANT HISTORIC SITES This list of some of the most important historic sites or properties (buildings, structures, and districts), within the proposed Santa Cruz Valley National Heritage Area includes: (1) all National Historic Landmarks; (2) selected properties currently listed on the National and State Registers of Historic Places; (3) selected properties that are unlisted but are likely eligible for inclusion in the National and State Registers; and (4) selected properties with local significance. The properties in Pima County were identified in 2002 as Priority Historic Sites for the cultural resources element of the Sonoran Desert Conservation Plan (Pima County 2002). The properties in Santa Cruz County were identified in a 2004 inventory conducted for this Feasibility Study by the University of Arizona Preservation Studies Program. This combined list does not include every property currently listed on the National and State Registers. It is a small sample of the historic properties with national, state, and local significance in this region, and it can be expanded in the future. 10 COTTAGES ON SHORT STREET, NRHP Short Street Nogales (Early 1900s) These 10 concrete cottages were built as modest worker’s housing early in the twentieth century. They are significant to the Nogales area because they are the only examples of cast-in-place concrete construction in the residential sector. They are uniquely situated on a hillside, with a central stairway access servicing the units. The cottages feature exposed rafters and corrugated steel sheathed gabled roofs. (Andrew Gorski) 1ST UNITED METHODIST CHURCH 915 East Fourth Street Tucson (1929, T.
  • Report and Associated Database Will Become a Planning and Management Tool for the City of Tucson’S Historic Preservation Office

    Report and Associated Database Will Become a Planning and Management Tool for the City of Tucson’S Historic Preservation Office

    7XFVRQ'DLO\&LWL]HQ 7XFVRQ$UL]RQD 7XFVRQ'DLO\&LWL]HQ 7XFVRQ$UL]RQD POST-WORLD WAR II RESIDENTIAL SUBDIVISION DEVELOPMENT in TUCSON, ARIZONA 1945-1975 National Register of Historic Places Eligibility Assessment prepared by: J. Chris Evans, Architect Modern Architecture Preservation Project Jennifer M. Levstik City of Tucson Historic Preservation Office R. Brooks Jeffery, Professor University of Arizona Heritage Conservation Program 2016 KWWSLQWHUDFWLYHDQFHVWU\FRP3ULQW1HZV$578B'$B&,BB"ODQGVFDSH IDOVH VRXUFH3ODFHPHQW TXHU\ EDFNXUO'KWWS« KWWSLQWHUDFWLYHDQFHVWU\FRP3ULQW1HZV$578B'$B&,BB"ODQGVFDSH IDOVH VRXUFH3ODFHPHQW TXHU\ EDFNXUO'KWWS« Post-World War II Residential Subdivision Development in Tucson 1945-1975 ACKNOWLEDGEMENTS This project was funded in part by a Certified Local Government Historic Preservation Grant issued through the Arizona State Historic Preservation Office. Funding was also provided by the Drachman Institute, the community-based research and outreach arm of the University of Arizona’s College of Architecture, Planning and Landscape Architecture. Additional resources and support were provided by the City of Tucson’s Historic Preservation Office. 2 Post-World War II Residential Subdivision Development in Tucson 1945-1975 TABLE OF CONTENTS Introduction 4 Methodology 4 Context: “The Evolution of Post-World War II Subdivision Design and 11 Development in Tucson, Arizona 1945-1975” Results and Recommendations 27 Priority Subdivisions 30 Maps 48 Bibliography 53 Appendix 56 3 Post-World War II Residential Subdivision Development in Tucson 1945-1975 INTRODUCTION In 2012, the City of Tucson’s Historic Preservation Office--in partnership with architect Chris Evans and the University of Arizona’s Heritage Conservation Program--embarked on a three- year project to address the preservation issues surrounding the hundreds of single-family residential subdivisions built in Tucson during the mid-20th century.
  • Special Topics in Graphic Design: Open Source Design Spring 2018

    Special Topics in Graphic Design: Open Source Design Spring 2018

    Special Topics in Graphic Design: Open Source Design Spring 2018 Syllabus 2 Reading 1 7 The GNU Manifesto Open Source Design Manifesto Open Source Design is now Open Design On Being a Unicorn: The Case for User-Involvement in F/LOSS Designing Open Source This is the First Day of my Life The Problem With Open Source Design Reading 2 17 The Cathedral and the Bazaar Reading 3 36 Autoprogettazione? Designer as Author Utopia is No Place Reading 4 47 Counterculture & Anti-Design: Postmodern Appropriations of Utopia The Global Style: Modernist Typography after Postmodernism Beyond the New: A Search For Ideals In Design The Whole Earth Catalog Reading 5 58 Vernacular: How Buildings Learn from Each Other Hacking Clothing: An Interview with Susan Spencer Friendlier Forks Specimen Reading 6 82 Awkward Gestures In Defense of the Cultural Commons Open Source as Culture/Culture as Open Source In Practice: RestructWeb Reading 7 91 Giving Things Away is Hard Work: Three Creative Commons Case Studies An Authentic Commons is not a Temporary Affair Oxygen’s Project Coordinator Nuno Pinheiro Interview Making the Switch Reading 8 103 Indigenous Domain: Pilgrims, Permaculture, and Perl 1 Special Topics in Graphic Design: Open Source Design GD 399.01 abandon whatever methods we have covered. I do Fridays not aim to proselytize. My main desire for you is 9:00am–3:00pm not to replicate my ideas and practices and beliefs, 3 Credits but come up with your own methodologies and BR206 systems and aesthetics that make sense based on your thoughts or understanding. Everything I will Kristian Bjørnard present is in the service of you coming up with [email protected] your own philosophy of Free/Libre/Open Source 507-301-8402 design and your own methodologies for your design practice.
  • Architectural Design for Traditional Neighborhoods

    Architectural Design for Traditional Neighborhoods

    (Adjust Width As Needed) ARCHITECTURAL DESIGN FOR TRADITIONAL NEIGHBORHOODS Korkut Onaran Fernando Pagés Ruiz Ronnie Pelusio Tom Lyon Foreword by Andrés Duany Afterword by Stephen A. Mouzon Published by Vinyl Siding Institute As advocates of New Urbanism and traditional neighborhood development (TND), designers often face the task of convincing their builder clients that true TND entails more than a few facade details slapped on production models in a suburban plat. Architectural Design for Traditional Neighborhoods offers simple concepts that will help developers and builders quickly grasp the basic ideas behind traditional neighborhood platting and block-face design. At the same time, designers must adapt to the methods and materials best suited to production builders, who build most of our nation’s housing. Our guidelines help designers and planners work within the limitations of the construction industry while taking advantage of building material innovations that add value to TNDs. Andrés Duany Foreword by Andrés Duany Afterword by Stephen A. Mouzon ©2019 Korkut Onaran, Fernando Pagés Ruiz, Ronnie Pelusio, Tom Lyon, and Vinyl Siding Institute, Inc. ARCHITECTURAL DESIGN FOR TRADITIONAL NEIGHBORHOODS Korkut Onaran Fernando Pagés Ruiz Ronnie Pelusio Tom Lyon Foreword by Andrés Duany Afterword by Stephen A. Mouzon Published by VINYL SIDING INSTITUTE © 2019 Korkut Onaran, Fernando Pagés Ruiz, Ronnie Pelusio, Tom Lyon and Vinyl Siding Institute, Inc. ii ARCHITECTURAL DESIGN FOR TRADITIONAL NEIGHBORHOODS TABLE OF CONTENTS Acknowledgments, p. v Foreword by Andrés Duany, p. vii INTRODUCTION, p. 1 Chapter 1 NEIGHBORHOOD DESIGN, p. 3 General neighborhood plan, p. 4 Public realm, p. 6 Diversity on the block face, p. 7 Lot configurations, p.
  • County Courthouses of New Mexico TR State Chaves County and Others T *™^ Sutotantlvat*S * 7 Nomination/Type of Review Date/Signature

    County Courthouses of New Mexico TR State Chaves County and Others T *™^ Sutotantlvat*S * 7 Nomination/Type of Review Date/Signature

    NPS Form 10-900 0-82) OWB Wo. 1024-0018 Expires 10-31-87 United States Department of the Interior National Park Service For NPS UM only National Register of Historic Places received^ 4 1S87 Inventory Nomination Form date enteredJUNlSflft See instructions in How to Complete National Register Forms Type all entries complete applicable sections_____________ 1. Name ______________ historic and or common County Courthouses of New Mexico Thematic Group 2. Location__________________________ street & number See continuation sheets for individual properties. __ not for publication city, town See continuation sheets. __ vicinity of state New Mexico code 35 county See continuation sheets. code 3. Classification Category Ownership Status Present Use district public X occupied agriculture X museum X building(s) private unoccupied commercial park structure X both work in progress educational __ private residence site Public Acquisition Accessible entertainment X religious object in process X yes: restricted X government __ scientific X Thematic being considered _ X- yes: unrestricted industrial transportation Group no military __ other: 4. Owner of Property name Multiple owners. See continuation sheets. street & number city, town vicinity of state New Mexico 5. Location of Legal Description courthouse, registry of deeds, etc. County Courthouse- See continuation sheets. street & number city, town state 6. Representation in Existing Surveys New Mexico Historic v v title Building Inventory has this property been determined eligible? -2- yes _±_ no date Various - See continuation sheets. JL federal _X_ state county local NM Historic Preservation Division depository for survey records 228 East Palace Avenue, Room 101 city, town Santa Fe state New Mexico 87503 7.
  • The Cultural Meaning of American Architecture

    The Cultural Meaning of American Architecture

    KARYA ILMIAH THE CULTURAL MEANING OF AMERICAN ARCHITECTURE oleh : RUMONDANG MIRANDA MARSAULINA, SP., MSi FAKULTAS KEGURUAN DAN ILMU PENDIDIKAN UNIVERSITAS HKBP NOMMENSEN MEDAN 2010 Page 1 of 49 PREFACE This article depicts the ways American ideal values has influenced in developing the art of American architecture manifested by Americans‘ attitudes to always tend to bring the passion of ideal architecture styles into reality, yet at the same time emphasize pragmatism through making the building structure serve their daily needs. Written based on the description qualitative research using the library research designed to survey the written materials from some related references, this article discusses the stages where Americans have undergone to find their own cultural identities mirrored in the development of architectural design styles. The material written in this text can be exploited as the content of a different method in teaching English-speaking countries‘ culture, like America to the English learners. The description of the integrated elements of architecture, technology, and art to unfold American culture through its history of building styles can increase their awareness and appreciation of the culture from the countries of target language, associating it with their own cultural heritage and becoming more confident in acquiring the language they intend to master. The writer recognizes that the writing needs continuous reviews. Hence, critiques from the readers of this article are always warmly welcomed. Medan, August 2010 The writer, Rumondang Miranda Marsaulina, SP. MSi Page 2 of 49 TABLE OF CONTENTS PREFACE i TABLE OF CONTENTS ii I. INTRODUCTION 4 I.1. Background 4 I.2. The Purpose of Writing 6 I.3.
  • Frommer's Arizona 2004

    Frommer's Arizona 2004

    Arizona 2004 by Karl Samson Here’s what the critics say about Frommer’s: “Amazingly easy to use. Very portable, very complete.” —Booklist “Detailed, accurate, and easy-to-read information for all price ranges.” —Glamour Magazine “Hotel information is close to encyclopedic.” —Des Moines Sunday Register “Frommer’s Guides have a way of giving you a real feel for a place.” —Knight Ridder Newspapers About the Author Karl Samson finds that the sunny winter skies of the Arizona desert are the perfect antidote to the dreary winters of his Pacific Northwest home. Each winter, he flees the rain to explore Arizona’s deserts, mountains, cities, and small towns. It is the state’s unique regional style, Native American cultures, abundance of contemporary art, and, of course, boundless landscapes that keep him fascinated by Arizona. Summers find him researching his other books, including Frommer’s Washington, Frommer’s Oregon, and Frommer’s Seattle & Portland. Published by: Wiley Publishing, Inc. 111 River St. Hoboken, NJ 07030 Copyright © 2004 Wiley Publishing, Inc., Hoboken, New Jersey. All rights reserved. No part of this publication may be reproduced, stored in a retrieval sys- tem or transmitted in any form or by any means, electronic, mechanical, photo- copying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600. Requests to the Publisher for permission should be addressed to the Legal Department, Wiley Publishing, Inc., 10475 Crosspoint Blvd., Indianapolis, IN 46256, (317) 572-3447, fax (317) 572-4447, E-Mail: [email protected].
  • The ARCHITECTURE of SANTA FE a SURVEY of STYLES

    The ARCHITECTURE of SANTA FE a SURVEY of STYLES

    the ARCHITECTURE of SANTA FE A SURVEY of STYLES By Conron and Lent, Architects John P. Conron, FAIA I FASID R. Patrick Christopher Th e arc hitectural heritage of Santa 700 A.D. Some of the multi-story courses of adobe directly on the Fe stems from three major roots: the structures were bu ilt of stone mason­ ground , the Spanish builders fre­ New Mexico Indian building legacy ry ( Pueblo Bonito), while others qu ently formed a roug h stone founda­ of massive communal dw ellings , the were built of puddled adobe (Taos ) tion on the leveled ground. Although Spanish inheritance from the Moors or hand-shaped "turtlebacks" ( mud these foundations were too crude and of adobe construction and the Anglo patted into the shape of loaves ). shallow to equalize settling, they did importation of east ern building styles The Indian culture furnished the prevent some erosion at ground level. and materials. basic inethods and materials for the Window openings were small and What follows is a description of early Spanish architecture: walls of infrequent. Th ey were often barred these forces as they combined to adobe, roofs of peeled logs (vigas) with vertical poles and closed with make the architecture of ew Mexico overlaid with wood saplings (latias) wood en shutte rs. Occasionally, both and Santa Fe unique and varied. and topped with a layer of twigs , Spanish and Indian placed sheets of bark, chamisa or straw and finally a selenite in the window openin g. Even PU EBLO/SPANISH STYLE thick covering of packed earth. after window glass became available, 1598-1848 The Spanish brought the technique window openin gs remained small .
  • Architectural Classification: Style and Type

    Architectural Classification: Style and Type

    Architectural Classification: Style and Type to be used with the Historic Cultural Property Inventory (HCPI) Form November 2013 [Draft Release 1.0] State of New Mexico Department of Cultural Affairs Historic Preservation Division Table of Contents Introduction ............................................................................................................................................ 1 Pueblo/ Pueblo Vernacular ...................................................................................................................... 3 Dine’/ Navajo and Apache ....................................................................................................................... 5 Spanish-Mexican Vernacular ................................................................................................................... 7 New Mexico Vernacular........................................................................................................................... 9 Rustic/Log ............................................................................................................................................. 11 Territorial .............................................................................................................................................. 14 Folk Territorial ....................................................................................................................................... 16 Folk Victorian .......................................................................................................................................