Real estate definitions Dictionary provided as a service by Sandra Conley of HB Land & Homes, Palmdale, California. Home buyers and sellers - please visit www.real-estate-palmdale.com or call 1-877-SCONLEY for more information on buying or selling a home ANYWHERE in the Antelope Valley and surrounding areas!

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A.L.T.A. TITLE POLICY:
(American Land Title Association) A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy.  It is a lender's policy.

ABANDONMENT:
Abandonment occurs when a person with a right or interest in a property voluntarily gives up that right or interest, either by physically "abandoning" the property or by showing the intention to give up the right or interest.

ABATEMENT:
Often and commonly referred to as free rent or early occupancy and may occur outside or in addition to the primary term of the lease;
a decrease or reduction in the price of a property (or in rent chargeable to a tenant). Usually occurs as a result of the discovery of a negative fact about the property which decreases its value from the price originally agreed upon by the parties.

ABATEMENT OF NUISANCE:
Extinction or termination of a nuisance.

ABLE:
Quite literally, being capable. A Purchaser is ready, willing and able to complete a transaction when she has funds and has signed the documents required to transfer title to a property. If the Vendor is not ready, willing and able to complete the transaction on the date set for completion, the Purchaser may tender upon the Vendor and sue as a result of the failure to complete the transaction.

ABSENTEE OWNER:
An owner of a property who lives elsewhere, leaving tenants in control and occupation of the property.

ABSORPTION RATE:
The rate, expressed as a percentage, at which available space in the marketplace is leased during a predetermined period of time; expressed as a percentage, the number of properties that can be bought or sold in a particular market. May be broken down as to types and sizes of properties.

ABSTRACT:
A brief summary.

ABSTRACT OF JUDGMENT:
A condensation of the essential provisions of a court judgment.

ABSTRACT OF TITLE:
A condensed version of the history of title to a piece of land that lists any transfers in ownership, as well as any liabilities attached to it, such as mortgages; a summary or digest of the conveyances, transfers, and any other facts relied on as evidence of title, together with any other elements of record which may impair the title.

ABSTRACT PLANT:
See Title Plant.

ABSTRACTION:
A method of valuing land.  The indicated value of the improvement is deducted from the sale price.

ABUT - ABUTTING:
The joining, reaching or touching of adjoining land. Abutting pieces of property have a common boundary.  To adjoin or share a common boundary, or share even a small portion of a boundary.

ACCELERATED DEPRECIATION:
Depreciation is the reduction of the value of a property or chattel as a result of the passage of time (i.e. a new car may be worth $20,000.00, $18,000.00 after one year, $16,000.00 after two years etc.). Usually used for tax purposes, the depreciation in the value of a property may be used as a tax deduction. If a property or chattel loses its value quickly, this depreciation rate may be accelerated so that most of the value is lost in the first few years and then the depreciation rate decreases later in the property's life span. Also known as "Writing down" the value of a property (or a chattel).

ACCELERATION CLAUSE:
A provision in a written mortgage, note, bond or conditional sales contract that, in the event of default, the whole amount of principal and interest may be declared to be due and payable at once.  Clause in trust deed or mortgage giving lender right to call all sums owing him to be immediately due and payable upon the happening of a certain event.

ACCEPTANCE:
When the seller or agent's principal agrees to the terms of the agreement of sale and approves the negotiation on the part of the agent and acknowledges receipt of the deposit in subscribing to the agreement of sale, that act is termed an acceptance.

ACCESS RIGHT: 
The right of an owner to have ingress and egress to and from his property.

ACCESSIBILITY:
The ease with which one can reach a certain place, person or thing. A property may be inaccessible because it is located far back along a winding, mountainous road that is often blocked in winter. A property may also be said to have good accessibility to highways, shopping, schools etc.

ACCESSION:
Acquiring title by having property added to your property.

ACCESSORY BUILDING:
A structure on a property that serves a specific purpose, complementing the home or main building. A garage or storage shed.

ACCOUNTS PAYABLE:
Money owed by a business.  They are considered liabilities.

ACCOUNTS RECEIVABLE:
Money owed to a business.  They are considered assets.

ACCREDITED ASSESSMENT EVALUATOR (AAE):
A professional designation. A property evaluator who has achieved the requirements of the International Association of Assessing Officers.

ACCREDITED LAND CONSULTANT (ALC):
A professional designation. A person who has met the requirements of the Realtors Land Institute to aid in the marketing of real property.

ACCREDITED RESIDENTIAL MANAGER (ARM): A professional designation for a person trained to manage residential properties. A person who has earned the designation by fulfilling the requirements of the Institute of Real Estate Management (IREM), which is an affiliate of the National Association of Realtors.

ACCRETION:
An addition to land from natural causes as, for example, from gradual action of the ocean or river waters.

ACCRUED:
Accumulated up to this point in time.  Accrued interest, accrued depreciation.

ACCRUED DEPRECIATION:
The difference between the cost of replacement new as of the date of the appraisal and the present appraised value.

ACCRUED INTEREST:
Interest which has already been earned but has not yet been paid.

ACKNOWLEDGEMENT:
A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is his act and deed.

ACQUISITION:
The act or process by which a person procures property.

ACQUISITION COST:
The cost to the purchaser of obtaining title to anything, including real property. Acquisition cost includes the cost of the transaction of obtaining title, including legal fees and expenses, interest charges on mortgages, land transfer tax, etc.

ACRE:
A measure of land equaling 160 square rods, or 4840 square yards, or 43,560 square feet, or a tract about 208.71 feet square.

ACT OF GOD:
When used in insurance policies, an event caused by natural forces such as rain, lightning, floods or earthquakes which results in damage to property or chattels.

ACTION TO QUIET TITLE:
A legal proceeding begun for the purpose of settling competing claims to property and establishing clear legal title in one party.

ACTUAL AGE:
As opposed to effective age. The objective age in years of a building measured simply by the passage of time since it was constructed. Effective age is a subjective measurement of the condition of a building, influenced mostly by the maintenance and upkeep carried out on the building over the years.

ACTUAL AUTHORITY:
With reference to an agent or representative. The limits of the power the agent or representative has to bind her principal to an agreement or to a statement.

ACTUAL CASH VALUE:
An insurance term, the value of a building calculated by subtracting the decrease in value caused by age and wear and tear from the cost of replacing the building entirely.

ACTUAL DAMAGES:
An award of the court to compensate an injured party for losses incurred as a result of the actions or omissions of another party.

ACTUAL EVICTION:
Wrongful removal of a tenant from possession of a premises, usually by a landlord, contrary to the terms of the lease.

ACTUAL NOTICE:
Knowledge of the existence of a thing or fact.

ACTUAL POSSESSION:
As opposed to constructive possession. When the owner of a property occupies the property on a day-to-day basis. Constructive possession is when the owner takes actions to establish and maintain his ownership of a property without actually occupying it himself (i.e. leasing it to tenants, removing squatters, hiring a security firm).

AD VALOREM:
According to value or valuation.  Latin meaning "according to value." Taxes that are said to be ad valorem are assessed according to the value of the property.

ADC LOAN:
A loan that finances the three major phases of a land development project: (i) acquisition, (ii) development and (iii) construction.

ADDENDUM:
An addition to a document that forms part of it. Similar to a Schedule to an Agreement of Purchase and Sale. May be used to add specific and detailed information material to the contract or upon which contractual terms are based.

ADDITIONAL PRINCIPAL PAYMENT:
A one-time or lump-sum payment made by a borrower in addition to the regular payments on a loan or mortgage which reduces the principal owing on the debt.

ADEQUATE PUBLIC FACILITIES ORDINANCE:
An ordinance by the local level of government controlling development by requiring that infrastructure works (roads, sewers, hydro lines) be completed prior to or concurrent with the building of dwellings or commercial buildings in a new development.

ADJACENT LAND:
An inexact term used to described any property which is situated near or abutting a certain piece of property. Note, an abutting property will always be adjacent but an adjacent property may not be abutting.

ADJUSTABLE RATE MORTGAGE (ARM):
A mortgage loan whose interest rate fluctuates according to the movements of an assigned index or designated market indicator, such as the weekly average of one-year US Treasury Bills, over the life of the loan. To avoid drastic fluctuations, ARMs typically limit how often and by how much the interest rate can vary by the use of a "cap".   Also known as a Variable Rate Mortgage, a loan secured against land which has an interest rate that changes according to some outside index, such as the federal prime rate or the interest rate paid on government bonds, over the term of the mortgage. The change in interest rate will result in a change in the periodic payments due under the mortgage.

ADJUSTED BOOK VALUE:
Cost of acquisition minus depreciation (if allowed) plus capital improvements.  Used when figuring profit for income tax.

ADJUSTED COST BASE:
For the purposes of determining capital gains or losses. The acquisition cost of a property or chattel, plus the cost of any improvements to the property.

ADJUSTED GROSS INCOME:
Total rents received from income property, after an allowance for vacancies and bad debts.

ADJUSTED SELLING PRICE:
Selling price minus expenses of sale.  Used when figuring profit for income tax.

ADJUSTMENT DATE:
The date on which the interest rate changes for an adjustable rate mortgage.   Mortgage term usually preceded by the word "Interest" (i.e. "Interest Adjustment Date"). The date soon after the completion of a purchase and mortgage transaction on which the borrower must make a payment of accumulated interest only, usually used to place the periodic payment dates for the mortgage at the first day of the month (i.e. you borrow on March 18, your interest adjustment date is April 1 and your first regular monthly payment is May 1).

ADJUSTMENT INTERVAL:
Also known as Adjustment Period. The period of time (i.e. week, month, year) between changes in the interest rate charged on a adjustable-rate mortgage.

ADJUSTMENT PERIOD:
See Adjustment Interval.

ADJUSTMENTS:
In real estate sales, the changes made to the selling price to account for the advantages and disadvantages of the subject property, market conditions etc. When closing a real estate transaction, the changes to the purchase price made as a result of realty taxes over- or under-paid by the Vendor, fuel oil provided, tenant's rental payments etc. (Contained on the Statement of Adjustments).

ADMINISTRATOR:
A person appointed by the probate court to administer the estate of a person deceased.  

ADVANCE:
Verb: to deliver a portion of money borrowed under a mortgage or loan before the loan instrument requires the money to be delivered.
Noun: the money so delivered.

ADVANCE FEE:
A fee charged for advertising property or business opportunities in a publication other than a newspaper of general circulation.

ADVERSE POSSESSION:
The open and notorious possession and occupancy under an evident claim or right, in denial or opposition to the title of another claimant.

AESTHETIC VALUE:
A subjective element in the overall market value of a property created by the physical presentation of the land or buildings.

A.F.L.B.:
Accredited Farm and Land Broker.

AFFIANT:
A person who makes a sworn or affirmed statement.

AFFIDAVIT:
A statement or declaration reduced to writing, sworn to or affirmed before some officer who has authority to administer an oath or affirmation.

AFFIDAVIT OF TITLE:
A Vendor's statement to the effect that title is good and marketable and subject to no defects other than those set out in the Agreement of Purchase and Sale or the Vendor's Deed.

AFFIRM:
To confirm, to aver, to ratify, to verify.

AFFIRMATION:
A solemn declaration made by a person who objects to taking an oath.

AFFIRMATIVE FAIR HOUSING MARKETING PLAN:
In an initiative sponsored by the Department of Housing and Urban Development (HUD) to foster integration of races in new housing projects, such a Plan is required before a project becomes eligible for certain U.S. programs.

AFTER-TAX CASH FLOW:
The net proceeds from an income-producing property, after all costs (taxes, mortgage interest, maintenance costs etc.) of owning and operating the property have been deducted.

AFTER-TAX PROCEEDS FROM RESALE:
The net proceeds from the sale of a property. The sale price minus legal fees and expenses, realty commission, any taxes paid, mortgage payout etc.

AGENCY:
The relationship between principal and agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.

AGENCY BY ESTOPPEL (OSTENSIBLE AGENCY):
An agency relationship created by the actions, behavior or statements of the Principal and/or the Agent upon which a third party relies. Ostensible Agency may be found by a court where no agency relationship was intended by the Principal.

AGENCY BY NECESSITY:
An agency relationship where the authority to represent is imputed to the Agent as a result of an emergency situation to protect the interests of the Principal.

AGENCY BY RATIFICATION:
An agency relationship which is created after the fact when the Principal agrees to be bound by the actions of another person who was acting without authority.

AGENT:
One who represents another from whom he has derived authority.

AGREEMENT:
A legally binding contract between two or more people, representing a meeting of minds on one or more issues.

AGREEMENT FOR PURCHASE AND SALE:
A land contract.

AGREEMENT OF SALE:
A written agreement or contract between seller and purchaser in which they reach a meeting of minds on the terms and conditions of the sale.

AGREEMENT TO CONVEY:
A Land contract.

AGRICULTURAL PROPERTY:
Land zoned for agricultural or farming activities.

AIR RIGHTS:
A saleable commodity, the right to occupy or use the air space above a specific property.

ALIENATION:
The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.

ALIENATION CLAUSE:
A clause in a mortgage, which gives the lender the right to call the entire loan balance due if the property is sold, also known as a due-on-sale clause.  Clause in a loan document providing for full payment if the property is sold.

ALLOCATION (ABSTRACTION) METHOD:
Estimating the value of land only by deducting the value of the buildings etc. on the land from the actual market value of the property as a whole.

ALLODIAL SYSTEM:
The system of ownership of property in the United States, meaning free from any claims or rights of a monarch or a feudal lord.

ALLUVION (ALLUVIUM):
Soil deposited by accretion.  Increase of earth on a shore or bank of a river.

ALTERATION:
A change made to an executed contract which has not been approved by the parties to the contract. An alteration may constitute fraud if it has the impact of significantly affecting the rights of a party to the contract and was intentionally carried out by another party. If fraud is found, the innocent party may void the contract.

AMENITIES:
Satisfaction of enjoyable living to be derived from a home; conditions of agreeable living or a beneficial influence arising from the location or improvements.

AMERICAN LAND TITLE ASSOCIATION (ALTA):
Trade association of American title insurance companies, with a view to standardizing the policies nationwide.

AMERICAN RURAL APPRAISER:
A Professional Designation. Awarded by the American Society of Farm Managers and Rural Appraisers.

AMERICAN SOCIETY OF APPRAISERS:
A Professional Society, for persons involved in the appraisal of both real and personal property.

AMERICAN SOCIETY OF HOME INSPECTORS, INC. (ASHI):
A Professional Trade Organization, for persons specializing in the inspection of the physical condition of homes.

AMERICAN SOCIETY OF REAL ESTATE COUNSELORS (ASREC):
A Professional Society, for persons specializing in helping people buy and sell homes.

AMORTIZATION:
Calculation to determine a regular-interval payment plan over time, with interest, to pay a set sum.  The liquidation of a financial obligation on an installment basis, also recovery, over a period, of cost or value.

AMORTIZATION SCHEDULE:
The printed table of the payments to be made on an amortized loan showing the date and amount of each payment, the amount of each payment which will be applied to interest and to principal and the balance of principal still outstanding on the loan after the payment is made.

AMORTIZED LOAN:
A loan that is completely paid off, interest and principal, by a series of regular payments that are equal or nearly equal.  Also called a level payments loan.

ANACONDA MORTGAGE:
A specific kind of mortgage. Contains a clause that states that it secures all debts owed to the mortgagee by the mortgagor and applies to rules of the mortgage to all such debts. Clause is also known as a Mother Hubbard clause.

ANCHOR TENANT:
The major or prime tenant in a shopping center, building, etc.  Description of a tenant in a shopping mall or center. A "name" store that will draw shoppers to the mall and, therefore, benefit the other mall stores. Usually receives a favourable lease.

ANNUAL DEBT SERVICE:
The total amount required to service a loan in a given year.

ANNUAL LOAN CONSTANT:
Ratio of Annual Debt Service to original principal of the loan. Also known as a mortgage constant.

ANNUAL MORTGAGOR STATEMENT:
Document sent by the lender to the mortgagor each year which sets out amounts paid for principal, interest and taxes in the given year and the amount still owing on the principal of the mortgage at the end of the year.

ANNUAL PERCENTAGE RATE (A.P.R.):
The actual cost of borrowing money, expressed in the form of an annual interest rate.   A rate designed to allow for the comparison of one type of loan to another. The annual cost of borrowing under a given form of loan (includes in the calculation compounded interest, cost of borrowing etc.). Required to be disclosed by the lender under the American Truth in Lending Act, Regulation Z.

ANNUITY:
A series of assured equal or nearly equal payments to be made over a period of time or it may be a lump sum payment to be made in the future.  The installment payments due to the landlord under a lease is an annuity.  So are the installment payments due to a lender.

ANNUITY IN ADVANCE:
A form of periodic payment. Payments are made at the beginning of each payment period rather than at the end of each period, as with a normal annuity.

ANTICIPATION, PRINCIPAL OF:
Affirms that value is created by anticipated benefits to be derived in the future.

ANTITRUST LAWS:
Laws requiring competition and a free market, outlawing monopolies in certain businesses.

AO (ACCEPTED OFFER):
A short form used by agents to designate that an offer to purchase has been accepted by the offeree.

APPARENT AUTHORITY:
Where an agent compels, by actions, omissions or statements, a third party to believe the agent has the authority to bind a principal. The authority to bind is apparent due to the behavior of the agent but may not actually exist.

APPLICATION:
A form filled out in order to allow a lender to consider a person for a mortgage or loan. Will contain personal and financial and personal information on the applicant.

APPLICATION FEE:
The fees the lender charges the applicant. May include costs of a property appraisal and a credit report on the applicant. May be payable by applicant even if loan is not approved.

APPOINTMENTS:
Chattels or decorative touches that may affect the value of a property.

APPORTIONMENT CLAUSE:
A clause in a policy of insurance. Allows the payment of compensation for a loss to be divided between insurers holding different policies on the same property.

APPORTIONMENT:
Also known as adjustment. The division of responsibility for certain costs between the parties to a transaction, such as realty taxes. In many U.S. jurisdictions, the vendor is responsible for the day of closing and all days prior to it.

APPRAISAL:
A determination of the value of something by a qualified, disinterested expert.  An opinion of the value of property.

APPRAISAL PRINCIPLES:
Elements to be considered by an appraiser in appraising the value of a property, such as competition, supply and demand.

APPRAISAL PROCESS:
A standardized approach to appraising a property, to allow for accuracy and consistency.

APPRAISAL REPORT:
Documentation to support an appraisal of a property. Varies in length but sets out elements considered, positive and negative aspects of property etc.

APPRAISED VALUE:
The estimated market value of a property on a given date, given by a qualified person as a result of an inspection of the property and a consideration of other market forces.

APPRAISER:
One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal processes.

APPRECIATION:
An increase in value or worth of property.  The increase over time in the value of a property caused by many factors: market conditions, inflation, changes to area around the property, etc.

APPROACHES TO VALUE:
Different methods by which appraisers estimate the value of a property. Include: (1) cost approach, (2) comparison approach, and (3) income approach.

APPROVED ATTORNEY:
A lawyer who meets the requirements of title insurance companies to be able to complete transactions involving title insurance and to render title opinions.

APPURTENANCE:
Something annexed to another thing which may be transferred incident to it.  That which belongs to another thing, as a barn, dwelling, garage, or orchard is incident to the land to which it is attached.

ARBITRATION:
An Alternative Dispute Resolution method. Allows an objective third party to settle disputes between parties without resorting to court. Binding arbitration involves the parties agreeing to be bound by the decision of the arbitrator.

ARCHITECTURAL STYLE:
Generally, the appearance and character of a building's design and construction.


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"ARM'S LENGTH" TRANSACTION:
A colloquial description of a transaction where none of the parties are related to each other or have common interests -- they have each other at "arm's length". An arms-length transaction is generally at fair market value; in a "non-arm's-length" transaction, the relationship between the parties may cause one or the other to accept less than they are entitled or pay more than fair market value.

ARREARS:
Money which is not paid when due, under a payment plan or amortization schedule. Could lead to enforcement of loan agreement by lender

ARTERIAL STREET:
A main thorough fare or through road, one which is designed to carry traffic through an area where that area is not the destination of the traffic.

ARTIFICIAL PERSON:
As opposed to a natural person. A corporation of other legal entity which has at least some of the legal rights of a human being.

AS IS:
Implied in most Agreements of Purchase and Sale, suggests the Purchaser is accepting the property in its current condition and releases the Vendor from any liability for problems found before or after closing.

"AS-IS" AGREEMENT:
A statement in the Agreement of Purchase and Sale that confirms that the Purchaser shall accept the property and all chattels included in the Purchase in the condition in which they are found at the time the Agreement is signed.

ASKING PRICE:
The price placed on a property for sale.  The price at which the Vendor advertises a property. When used in the advertisement, may suggest flexibility on the part of the Vendor regarding the price.

ASSEMBLAGE:
Putting together two or more parcels to increase the total value.

ASSESSED VALUE:
A value placed upon property by a public officer or board as a basis for taxation.

ASSESSMENT:
The valuation of property for the purpose of levying a tax or the amount of the tax levied.

ASSESSMENT BASE:
The total of the assessed values of all properties in a municipality.

ASSESSMENT RATIO:
Assessed value as compared to full market value for a particular property or for all properties as set by the municipality.

ASSESSMENT ROLL:
Public record of the assessed values of properties. Also includes Assessment Roll Number for each property, the number by which the property is identified in the municipal records.

ASSESSOR:
The official who has the responsibility of determining assessed values.

ASSETS:
Everything of value, both real and personal property, owned by a business.

ASSIGN:
To transfer interest in a property, contract, right etc.

ASSIGNEE:
A person to whom a property right is transferred.  The person to whom an interest is transferred. An assignee of an Agreement of Purchase and Sale may buy the property and enforce the contract in the same fashion as the original party.

ASSIGNMENT:
A transfer or making over to another of the whole of any property, real or personal, in possession or in action, or of any estate or right therein.

ASSIGNMENT OF LEASE:
Subject to the terms of the lease, a transfer of either the lessor's or the lessee's interest in a lease.

ASSIGNOR:
One who assigns or transfers property.

ASSIGNS; ASSIGNEES:
Those to whom property shall have been transferred.

ASSOCIATE BROKER:
A qualified real estate broker who works with or for another broker.

ASSUMABLE MORTGAGE:
An existing mortgage that can be taken over by the buyer on the same terms given to the original borrower.  A mortgage that can be taken over ("assumed") by the buyer when a home is sold. If interest rates have risen, an assumable mortgage at a low rate may prove a selling point for the property.

ASSUMPTION AGREEMENT:
An undertaking or adoption of a debt or obligation primarily resting upon another person.

ASSUMPTION CLAUSE:
The paragraph in the mortgage which sets out the borrower's right to have the mortgage assumed by a purchaser.

ASSUMPTION FEE:
A lender's charge for changing over and processing new records for a new owner who is assuming an existing loan.

ASSUMPTION OF MORTGAGE:
The taking of title to property by a grantee, wherein he assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property, becoming a co-guarantor for the payment of a mortgage or deed of trust note.

AT-RISK RULE:
A limitation of the amount an investor can claim on his incomes taxes as a result of losses from real estate investments, under the Tax Reform Act of 1986.

ATTACHED HOUSING:
Duplex, triplex, row housing, or townhouses. Two or more dwellings that are attached physically but are owned and/or occupied by different people.

ATTACHMENT:
Seizure of property by court order, usually done to have it available in event a judgment is obtained in a pending suit.

ATTEST:
To affirm to be true or genuine; an official act establishing authenticity.

ATTESTATION:
A statement by a person who has witnessed another person signing a document to the effect that they did in fact witness the document. May include statements to the effect that the witness knew the person who signed personally, that the person who signed understood the contents of the document when he signed etc. Required in some states for deeds.

ATTORN:
To turn over or transfer to another person money or goods. To agree to recognize a new owner of a property and to pay him/her rent. In a lease, when the tenant agrees to attorn to the purchaser, the landlord is given the power to subordinate tenant's interest to any first mortgage or deed of trust lien subsequently placed on the leased premises.

ATTORNEY AT LAW:
A person who has met the requirements to practice law in a particular state of the United States.

ATTORNEY IN FACT:
One who is authorized to perform acts for another under a power of attorney; power of attorney may be limited to a specific act or acts, or be general.

ATTORNEY'S OPINION OF TITLE:
A statement of a lawyer's conclusions with regard to the state of the legal title of a property, issued after the lawyer has completed the appropriate investigations of title.

ATTRACTIVE NUISANCE:
"Attractive" refers to the response of children to a feature of land (whether natural or man-made) which has the potential to be harmful (an uncovered well, a swimming pool, a swift moving stream).

AUCTION:
The process of selling property to the highest bidder.

AUCTIONEER:
A professional (real estate broker or auctioneer, depending on local laws) who sells property at public auctions. Usually paid a percentage of the sale price.

AUGMENTED ESTATE:
The assets of a deceased person against which a surviving spouse may claim an interest. Can include property which the deceased person disposed of while still living if the disposal was in the form of a gift or was not for value.

AUTHORITY:
The right of an agent, conferred by his principal, to bind the principal in dealings with third parties. See actual authority, implied authority, apparent authority, ostensible authority, inherent authority.

AUTHORIZATION TO SELL:
A listing.

AVULSION:
The sudden tearing away or removal of land by action of water flowing over or through it.



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