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Common Joe 'n Jane Real Estate Wiki

Your down-to-earth guide to mastering real estate exam terms and concepts! We've stripped away the industry jargon and complex language, breaking down intricate ideas into bite-sized, easy-to-digest pieces for all the common "Joe 'n Jane's" out there.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Abandonment: Abandonment in real estate means when someone decides to stop using a property, like a house or piece of land, and shows they don't want it anymore. This can also apply to special rights connected to the property, such as the right to use a path... (Read more)
Abatement: "Abatement" is a word that means to reduce or lessen something. In real estate, it's often used to describe a situation where there's an ongoing problem with a property that needs to be fixed, but the owner can't afford to do it./bb/ For... (Read more)
Absorption: "Absorption" is a term used in the real estate industry to describe the rate at which available properties in a specific market are sold or leased over a period... (Read more)
Absorption Study: An "Absorption Study" is a type of analysis conducted in the real estate industry to assess the rate at which properties in a specific market are sold or leased. It examines the supply and demand dynamics within a particular area and helps... (Read more)
Abstract of Title: An "Abstract of Title" is like a summary or report that shows the history of a property, including past owners and any legal issues, like unpaid taxes or loans, tied to the property. It helps people buying or selling a property know if there are... (Read more)
Acceleration: "Acceleration" in real estate is when a lender, like a bank, has the right to demand that a borrower pay back their entire loan immediately if they break certain rules of their loan agreement. It's a way for lenders to protect themselves if... (Read more)
Accession: "Accession" is a term in real estate that means when something is added to a property, either naturally or by people, it becomes part of the property. This means the property owner now owns the added thing too, without having to do... (Read more)
Accretion: "Accretion" is a term in real estate that means when a piece of land gets bigger because of natural processes, like when soil or sand is added to the land over time. This can happen, for example, when a river or ocean deposits material on... (Read more)
Accrued Depreciation: "Accrued Depreciation" is a term in real estate that means the total amount of value a building has lost over time because it's getting older, worn out, or out-of-date. This helps people figure out how much a property is worth now compared to... (Read more)
Acre: An "Acre" is a unit of measurement used to describe the size of a piece of land. It's equal to 43,560 square feet. To help you visualize it, imagine a football field without the end zones; that's about the size of... (Read more)
Actual Notice: "Actual Notice" is a term in real estate that means someone knows about something related to a property, like its ownership or legal issues, because they were directly told about it or they saw it themselves. It's important when buying or selling... (Read more)
Ad Valorem Tax: "Ad Valorem Tax" is a term in real estate that means a type of tax based on the value of a property, like a house or a piece of land. The more valuable the property, the more you'll have to pay in taxes. It's a fancy term that means "according... (Read more)
Adjustable Rate Mortgage: "Adjustable Rate Mortgage" is a term in real estate that means a type of home loan where the interest rate can change over time. This means your monthly payments might go up or down depending on the current... (Read more)
Adjusted Basis: "Adjusted Basis" is a term in real estate that means the original cost of a property, like a house, plus any improvements made or minus any losses, like damages. This number helps you figure out how much profit or loss you'll have when you sell... (Read more)
Adverse Possession: "Adverse Possession" is a term in real estate that means someone can become the legal owner of a piece of land or property if they've been using it openly and continuously for a long time without the real... (Read more)
Agency: "Agency" is a term in real estate that means the relationship between a real estate agent (the agent) and their client (the principal). This relationship is known as a fiduciary relationship, which means the agent has a duty to represent the... (Read more)
Agent: An "Agent" is a term in real estate that refers to the person who is hired by someone (the principal) to help them with specific tasks, like buying or selling a house. The agent must always do what's best for their client and uphold their... (Read more)
Air Rights: "Air Rights" is a term in real estate that means the rights to use, control, or build on the space above a piece of land or property. Basically, it's about who gets to decide what can be built up in the air above a... (Read more)
Air Space: "Air Space" is a term in real estate that refers to the area above a piece of land or property, up to the sky. It's the space that can be used or built upon, depending on the air rights that... (Read more)
Alienation: "Alienation" is a term in real estate that means transferring ownership or control of a property from one person to another. This can happen through selling, giving away, or even losing the property due to... (Read more)
Allocation of Markets: "Allocation of Markets" is a term that refers to an agreement between businesses, like real estate companies, to divide up a market or area. This means they decide not to compete with each other in certain places and instead focus on their... (Read more)
Alluvion: "Alluvion" is a term in real estate that refers to the gradual increase of land due to natural causes, like when soil and sand are deposited by a river or the ocean, making the land area bigger... (Read more)
Amenities Benefit: "Amenities Benefit" is a term in real estate that refers to the positive features or extras that a property has, which make it more attractive and valuable. These can be things like a swimming pool, a nice park nearby, or even a... (Read more)
Amortization: "Amortization" is a term used in real estate and finance to describe the process of paying off a loan, like a mortgage, over a set period of time through regular payments. These payments cover both the interest and the principal, or the... (Read more)
Amortization of $1: Amortization of $1 is the process of paying off a $1 loan over a set period of time through regular payments. Just like with a larger loan, these payments would cover both the interest and the principal, or the original... (Read more)
Annual Debt Service (ADS): "Annual Debt Service" is a term in real estate that means the total amount of money you need to pay each year for your loans, like a mortgage. It includes both the interest and the principal, which is the original amount... (Read more)
Annual Percentage Rate (APR): "Annual Percentage Rate" (APR) is a term used in finance and real estate to describe the total yearly cost of borrowing money, such as with a mortgage or loan. APR not only includes the interest rate but also other fees and charges related to... (Read more)
Anticipation: "Anticipation" is a term used in real estate to describe the expectations or predictions people have about the future value of a property, based on factors like market trends, neighborhood development, and economic conditions. Anticipation... (Read more)
Antitrust Laws: "Antitrust Laws" are rules and regulations designed to promote fair competition in business and prevent monopolies or unfair practices that could harm consumers. In real estate, antitrust laws protect buyers, sellers, and agents by making sure... (Read more)
Appraisal: "Appraisal" is a term used in real estate to describe the process of estimating the value of a property. An appraiser, who is a trained and licensed professional, looks at various factors like the property's condition, size, location, and... (Read more)
Appraisal Methodology: "Appraisal Methodology" refers to the different approaches or techniques used by appraisers to estimate the value of... (Read more)
Appraisal Process: The "Appraisal Process" is a series of steps taken by a professional appraiser to estimate the value of... (Read more)
Appraisal Standards Board (ASB): The "Appraisal Standards Board" (ASB) is a group responsible for creating and maintaining the Uniform Standards of Professional Appraisal Practice (USPAP), which are the guidelines and ethical standards that professional appraisers must follow... (Read more)
Appraisal Subcommittee (ASC): The "Appraisal Subcommittee" (ASC) is a government agency that oversees the appraisal profession in the United States. It is a part of the Federal Financial Institutions Examination Council (FFIEC) and was established by the Financial... (Read more)
Appraiser: An "appraiser" is a professional who specializes in estimating the value of real estate properties. Appraisers use their knowledge of the market, research, and various appraisal methods to provide an unbiased opinion of a property's worth.... (Read more)
Appraiser Qualifications Board (AQB): The "Appraiser Qualifications Board" (AQB) is an important organization within the appraisal profession. It is part of The Appraisal Foundation, a non-profit organization authorized by Congress to set standards for appraisers in the United... (Read more)
Appreciation: "Appreciation" is a term in the real estate world that refers to the increase in a property's value over time. This can be due to various factors, such as improvements made to the property, a strong real estate market, or a growing demand... (Read more)
Appurtenance: "Appurtenance" is a term used in real estate to describe something that is attached to or connected with a property and is considered part of the property when it... (Read more)
Arm's Length Transaction: An "Arm's Length Transaction" is a term used in real estate to describe a deal between two parties who are independent and not related to each other. Both parties are acting in their own self-interest, and they negotiate terms and conditions... (Read more)
Arrears: "Arrears" is a term used in real estate and finance that means being behind in paying money that is owed, like when someone doesn't pay their rent or property taxes on time, or when payments are made at the end of a period instead of the... (Read more)
Assemblage: "Assemblage" is a term in real estate that means bringing together several smaller pieces of land to create one larger piece. When you do this, the combined value of the land might be worth more than the individual pieces separately, because it... (Read more)
Assessed Value: "Assessed Value" is a term in real estate that refers to the dollar value given to a property by a government official, called an assessor. This value is used to calculate how much someone has to pay in property taxes. The assessed value may... (Read more)
Assessment: "Assessment" is a term in real estate that means figuring out how much a property is worth for tax purposes. It's a process done by a government official, called an assessor, who looks at the property and estimates its value. This value, called... (Read more)
Asset: "Asset" is a term you'll hear a lot, not just in real estate, but in general. An asset is something you own that has value and can be sold or used to pay off debts. In real estate, an asset can be a house, land, or other types of property that... (Read more)
Assignment: "Assignment" in real estate refers to the process of transferring your rights or interests in a property or contract to someone else. It's similar to passing a baton in a relay race. When you assign your rights or interests to another person,... (Read more)
Assumption: "Assumption" in real estate is when someone takes over another person's mortgage, which means they agree to pay the remaining loan balance. This usually happens when a property is sold, and the new owner takes on the responsibility of the... (Read more)
Attached Type: "Attached Type" in real estate refers to a kind of housing where one or more walls are shared with neighboring units. These homes are connected to each other, like townhouses or condos, and are often found in complexes... (Read more)
Avulsion: "Avulsion" in real estate refers to a sudden change in land, usually caused by water. It's when a natural event, like a flood or a storm, removes soil or land from one property and deposits it... (Read more)

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