Real Estate Terms A-R

Real Estate Terms

A

• Accelerated Depreciation: A method of depreciating property that allows for greater deductions in the early years of ownership.
• Abstract of Title: A summary of the public records related to a property's ownership.

A-R

• Appraisal: An estimate of a property's value, usually performed by a licensed appraiser.
• Appreciation: The increase in value of a property over time.
• Asking Price: The price a seller is asking for a property.
• Assessed Value: The value of a property as determined by a local government for taxation purposes.
• ** Assignment**: The transfer of a property or interest in a property from one person to another.

B-C

• Broker: A licensed real estate professional who represents buyers or sellers in a transaction.
• Buyer's Agent: A broker who represents the buyer in a transaction.
• Chain of Title: The sequence of ownership of a property from the present owner back to the original owner.
• Clear Title: A title that is free of any defects or encumbrances.
• Closing: The final step in a real estate transaction, where the ownership is transferred.

D-E

• Deed: A legal document that transfers ownership of a property.
• Default: Failure to fulfill a contractual obligation, such as making mortgage payments.
• Depreciation: The decrease in value of a property over time.
• Disclosure: The act of revealing information about a property's condition or other issues to potential buyers.
• Earnest Money: A deposit made by a buyer to show their commitment to purchasing a property.

E-L

• Easement: A right to use someone else's property for a specific purpose, such as access to a road.
• Equity: The difference between the market value of a property and the amount still owed on the mortgage.
• Escrow: A third-party account that holds funds or documents until certain conditions are met.
• Fixer-Upper: A property that needs repairs or renovation.

L-R

• Lease: A contract that grants a tenant the right to use a property for a specified period.
• Lien: A claim against a property for a debt or obligation.
• Listing: A contract between a seller and a broker to market and sell a property.
• Market Value: The estimated price a buyer would pay for a property in the current market.

R-Z

• Real Estate Agent: A licensed professional who represents buyers or sellers in a transaction.
• Recording: The process of filing documents with the local government to make them public record.
• Refinancing: The process of replacing an existing mortgage with a new one, often to take advantage of better terms.
• Survey: A detailed analysis of a property's boundaries, dimensions, and features.
• Title Insurance: Insurance that protects against defects or errors in the title.
• Zoning: Local regulations that govern how a property can be used.

Real Estate Terms

A

• Accelerated Depreciation: Depreciation method that allows for greater deductions in the early years of ownership, reducing tax liability.
• Abstract of Title: A concise summary of public records related to a property's ownership, providing a brief history of the property.

A-R

• Appraisal: An estimate of a property's value performed by a licensed appraiser, often used to determine a property's value for lending or sales purposes.
• Appreciation: The increase in value of a property over time, often due to market conditions or property improvements.
• Asking Price: The initial price a seller sets for a property, which can be negotiated during the sales process.
• Assessed Value: The value of a property as determined by a local government for taxation purposes, which may not reflect the property's market value.
• Assignment: The transfer of a property or interest in a property from one person to another, often used in contracts or deeds.

B-C

• Broker: A licensed real estate professional who represents buyers or sellers in a transaction, earning a commission on the sale.
• Buyer's Agent: A broker who represents the buyer's interests in a transaction, responsible for finding properties and negotiating prices.
• Chain of Title: The sequence of ownership of a property from the present owner back to the original owner, important for verifying ownership.
• Clear Title: A title that is free of any defects or encumbrances, ensuring the buyer has full ownership rights.
• Closing: The final step in a real estate transaction, where ownership is transferred, and all parties fulfill their obligations.

D-E

• Deed: A legal document that transfers ownership of a property, specifying the buyer and seller, and any conditions of the sale.
• Default: Failure to fulfill a contractual obligation, such as making mortgage payments, which can lead to foreclosure.
• Depreciation: The decrease in value of a property over time, often due to wear and tear, or market changes.
• Disclosure: The act of revealing information about a property's condition or other issues to potential buyers, required by law in many jurisdictions.
• Earnest Money: A deposit made by a buyer to show their commitment to purchasing a property, often refundable if the sale falls through.

E-L

• Easement: A right to use someone else's property for a specific purpose, such as access to a road, which can impact property value.
• Equity: The difference between the market value of a property and the amount still owed on the mortgage, representing the owner's financial stake.
• Escrow: A third-party account that holds funds or documents until certain conditions are met, often used for secure transactions.
• Fixer-Upper: A property that needs repairs or renovation, often sold at a lower price due to the required work.

L-R

• Lease: A contract that grants a tenant the right to use a property for a specified period, often with conditions and rent obligations.
• Lien: A claim against a property for a debt or obligation, which can prevent the sale of the property until resolved.
• Listing: A contract between a seller and a broker to market and sell a property, specifying the commission and sale terms.
• Market Value: The estimated price a buyer would pay for a property in the current market, influenced by supply and demand.

R-Z

• Real Estate Agent: A licensed professional who represents buyers or sellers in a transaction, often working under a broker.
• Recording: The process of filing documents with the local government to make them public record, providing a permanent record of ownership and transactions.
• Refinancing: The process of replacing an existing mortgage with a new one, often to take advantage of better interest rates or loan terms.
• Survey: A detailed analysis of a property's boundaries, dimensions, and features, often required for exact property mapping.
• Title Insurance: Insurance that protects against defects or errors in the title, providing financial protection and peace of mind.
• Zoning: Local regulations that govern how a property can be used, such as residential or commercial, to ensure compatible land use.

Test your knowledge of real estate terms from A to R, including accelerated depreciation, abstract of title, appraisal, appreciation, and more.