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Dickson
Realty
188 Hwy 50
Zephyr Cove, NV 89448
| Direct: |
775.588.9022
530.544.9022 |
| Fax: |
775.588.6062 |
| Toll
Free: |
800.923.9022 |
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A
A-frame
design An interior style that features a steeply
peaked roofline and a ceiling that is open to the top
rafters.
Abstract of judgment/law The summary
of a court judgment that creates a lien against a property
when filed with the county recorder.
Accelerated cost recovery system A tax
calculation that provides greater depreciation in the
early years of ownership of real estate or personal property.
Accelerated depreciation A bookkeeping
method that depreciates property faster in the early years
of ownership.
Acceleration clause A provision that
gives a lender the right to collect the balance of a loan
if a borrower misses a payment.
Acceptance The seller's written approval
of a buyer's offer. 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.
Accretion The gradual addition to the
shore or bank of a waterway by deposits of sand or silt.
Acknowledgment A written declaration
affirming that a person acted voluntarily.
Acre A measurement of land equal to 43,560
square feet.
Acre foot The volume of material needed
to cover an acre of land one foot deep.
Active solar system A system that utilizes
electric pumps or fans to transfer solar energy for storage
or direct use.
Actual age The number of years a structure
has been standing.
Add-on interest The interest a borrower
pays on the principal for the duration of the loan.
Addendum An addition or change to a contract.
Additional principal payment Extra money
included in the monthly payment to help reduce the principal
and shorten the term of the loan.
Adjustable-rate mortgage (ARM) A loan
with an interest rate that is periodically adjusted to
reflect changes in a specified financial index.
Adjusted cost basis The cost of any improvements
the seller makes to the property. Deducting the cost from
the original sales price provides the profit or loss of
a home when it is sold.
Adjustment period The amount of time
between interest rate adjustments in an adjustable-rate
mortgage.
Administrator A person given authority
to manage and distribute the estate of someone who died
without leaving a will.
Administrator's deed A legal document
that an administrator of an estate uses to transfer property.
Adverse possession The acquisition of
title to property through possession without the owner's
consent for a certain period of time.
Adverse use The access and use of property
without the owner's consent.
Aeolian soil Soil that is composed of
materials deposited by the wind.
Affiant A person who makes a sworn statement.
Affirmation A substitution for an oath
granted to people based on religious reasons.
Agency The relationship of trust that
exists between sellers and buyers and their agents. The
agency is formed through a written contract.
Agency closing The process by which a
lender uses a title company or other firm as an agent
to complete a loan.
Agent A person licensed by the state
to conduct real estate transactions.
Agreed boundary A compromise boundary
to which property owners agree in order to resolve a dispute.
Agreement of sale A document the buyer
initiates and the seller approves that details the price
and terms of the transaction.
Alcove A recessed section of a room,
such as a breakfast nook.
Alienation clause A provision that requires
the borrower to pay the balance of the loan in a lump
sum after the property is sold or transferred.
Alkali Mineral salt found in soil.
Alkaline soil Soil that contains a higher
concentration of mineral salt than natural acid.
Alley A lane behind a row of buildings
or between two rows of buildings.
Allowances Budgets offered by builders
of new homes for the purchase of carpeting and fixtures.
Alternative mortgage Any home loan that
does not conform to a standard fixed-rate mortgage.
Aluminum siding A metal covering that
provides an alternative to paint for owners of wood homes.
Aluminum-clad windows Wooden windows
with aluminum covering the exterior.
Amenities Parks, swimming pools, health-club
facilities, party rooms, bike paths, community centers
and other enticements offered by builders of planned developments.
American Society of Home Inspectors The
American Society of Home Inspectors is a professional
association of independent home inspectors. Phone: (800)
743-2744.
Americans with Disabilities Act A law
passed in 1990 that outlaws discrimination against a person
with a disability in housing, public accommodations, employment,
government services, transportation and telecommunications.
Amortization The process of paying the
principal and interest on a loan through regularly scheduled
installments.
Amortization tables Mathematical tables
that lenders use to calculate a borrower's monthly payment.
Amperage The strength of an electrical
current.
Anchor bolt A large steel bolt anchored
in concrete and attached to a building to prevent the
structure from moving.
Annual Something that happens once a
year.
Annual Percentage Rate (APR) The cost
of the loan expressed as a yearly rate on the balance
of the loan.
Annual mortgagor statement A yearly statement
to borrowers that details the remaining principal and
amounts paid for taxes and interest.
Annuity The payment of a fixed sum to
an investor at regular intervals.
Anticipatory breach A communication that informs a party
that the obligations of the original contract will not
be fulfilled.
Application A document that details a
potential borrower's income, debt and other obligations
to determine credit worthiness.
Application fee The fee that a lender
charges to process a loan application. Appraisal An opinion
of the value of a property at a given point in time.
Appraisal fee The fee that an appraiser
charges to estimate the market value of the property.
Appraisal report A detailed written report
on the value of a property based on recent sales of comparable
sites in the area.
Appraised value An opinion of the current
market value of a property. Appreciation An increase in
the value of a home or other property..
Arbitration A method of resolving a dispute
in which a third party renders a decision.
Arbor An area shaded by trees, shrubs
or vines on a latticework structure.
Arch A curved structure that supports
weight over an area, such as a doorway.
Architect A licensed professional who
designs homes, buildings and other structures.
Architectural fees The fee an architect
charges for services. In general, architects charge for
their services by the hour, by the square foot, or by
a percentage of the project budget.
Arpent A French measurement of land equal
to .84625 acres. As-is condition The purchase or sale
of a property in its existing condition.
Asbestos A fire-resistant mineral used
for insulation and home products that has been found to
pose a health hazard.
Asking price A seller's initial price
for a property.
Assessed value A tax assessor's determination
of the value of a home in order to calculate a tax base.
Assessment The estimated value of a piece
of real estate or a levy placed on property in addition
to taxes.
Assessment rolls A list of taxable property
compiled by the assessor. Assets Items of value which
include cash, real estate, securities and investments.
Assignor A person who transfers rights
and interests of a property.
Assumable mortgage A mortgage that can
be transferred to another borrower.
Assumption clause A provision that allows
a buyer to take responsibility for the mortgage from a
seller.
Assumption fee A fee the lender charges
to process new records for a buyer who assumes an existing
loan.
Average price The price of a home determined
by totaling the sales prices of all houses sold in an
area and dividing that number by the number of homes.
Avigation easement An easement over private
property near an airport that limits the height of structures
and trees.
Awning windows Single-sash windows that
tilt outward and up. |
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