Real Estate Vocabulary – Lecture Notes Page 1

Vocabulary flashcards for key real-estate terms beginning with the letter A from the provided lecture notes.

Abandonment

A unilateral termination of a tenancy by forfeiture, initiated and delivered by the landlord based on required notices.

Absorption Rate

The estimated time needed to sell or lease property within a specific area at its fair market value.

Abstract of Title

A summary of all recorded transfers, conveyances, legal proceedings, and other facts showing continuity of ownership and any elements that may impair title.

Acceleration

A lender’s demand for immediate payment of the entire unpaid balance on a loan or credit extension.

Accession

The physical addition to property, whether by human efforts (improvements) or natural forces.

Accretion

Accession to land by natural forces, such as the gradual deposit of alluvium.

Acknowledgment

A formal declaration before an authorized officer (e.g., a notary) that the signer of an instrument executed it voluntarily and is the person represented.

Acre

A measure of land equal to 160 square rods, 4,840 square yards, 43,560 square feet, or roughly 208.71 feet square.

Addendum

An attachment to a contract or lease used to incorporate additional provisions not contained in the main document.

Adjustable-Rate Mortgage (ARM)

A loan with an interest rate that varies over time, typically starting with a teaser rate and later adjusting based on a specific index.

Adjusted Basis

A property’s cost basis after adding capital improvements and subtracting depreciation or destruction of improvements.

Adobe (Soil)

A heavy, fine-grained, clay-rich soil that readily cracks and is composed mainly of fine minerals.