Think about it...

abstract of title an abbreviated history of a property, including information on any transfers, grants, wills, conveyances, liens, and encumbrances 

acceleration clause a clause in a security instrument (mortgage/deed of trust) which makes the entire loan amount due immediately upon default 

accession the right to all that one's own property produces, including that which is added, either naturally or by human action, to the property already owned 

accretion the process that results in the gradual increase in land area through deposits of soil by natural forces 

acre a measurement of land equal to 43,560 square feet 

actual eviction the legal process by which someone is expelled from a property and prevented from re-entry 

ad valorem taxes a tax calculated according to the assessed value of a piece of real estate 

adjustable-rate mortgage (ARM) a mortgage with an interest rate that can be adjusted based on fluctuations in the cost of money 

adverse possession involuntary transfer of title from an owner who does not use or inspect their land for a number of years to another person who has some claim to the land and takes possession 

affiliate broker a licensee operating under the sponsorship, authority, and guidance of (and on behalf of) their principal broker in a brokerage environment 

agent an individual with authority to act on behalf of another; a state license is required to operate as an agent in real estate 

alienation the transfer of ownership (title) to real property; may be voluntary or involuntary 

alienation clause (due on sale) a clause in the mortgage contract that triggers the right of the lender to demand payment in full of the loan upon the sale or conveyance of the property; aka, due on sale 

Americans with Disabilities Act (ADA) a federal civil rights law passed in 1990 which prohibits discrimination against and creates standards for people with disabilities 

amortization the process of paying off a debt/mortgage in regular installments based on a fixed payment schedule 

annual percentage rate (APR) how much the borrower will pay in interest over the course of a 

antitrust laws laws designed at preventing unfair or anti-competitive practices such as price fixing, collusion, monopolies, etc. 

appraisal an official valuation given to a property by a licensed appraiser 

appraiser an individual who is trained and licensed to perform appraisals, which estimate the value of real property 

appreciation the increase in value of a property 

arrears payment that occurs at the end of a period to compensate for charges accrued during that time 

asbestos a naturally occurring mineral fiber that is commonly used in insulation but if airborne or inhaled, can cause severe respiratory health issues 

assemblage the combining of multiple contiguous pieces of real property into a single tract of land, often resulting in an increase in value 

assessed value the value placed on a property by a governmental unit for use in calculating property taxes 

assessment the determination of the value of a property for tax purposes 

assignment the transference of rights and obligations in a contract from one party to another 

assumption the process of transferring the obligation of the mortgagor to another party who takes over the responsibility to pay the note 

attachments physical objects permanently attached to land (can be human-made or natural) 

avulsion the sudden loss of land by flood or when a stream or river changes course 

balloon payment a payment at the end of a loan period which includes the total outstanding balance of the loan 

bargain and sale deed a deed without any covenants or warranties against encumbrances that only implies the grantor has possession of the property and holds the right to convey title 

baseline a parallel used in reference to a meridian to identify ranges, tiers, and townships in the rectangular survey method of land description 

basis the cost of purchasing a property plus the cost of any improvements, minus the amount of depreciation 

benchmark permanent marker of known location and elevation above sea level as established by a government survey team (such as the USGS) 

beneficiary the recipient of advantage or gain from an act or instrument such as a trust, will, or insurance policy 

bilateral contract a contract wherein both parties are obligated to perform in an exchange of promises 

blind ad an ad in which a license holder attempts to promote or solicit real estate activity without disclosing the fact that they are a license holder 

block and lot system a system of legal land description that identifies a piece of platted property by referring to the section, lot, and block numbers in a subdivision; aka, recorded plat method 

blockbusting the illegal act of causing owners to sell their homes by creating fear that members of a protected class are moving into the area 

branch office any office where business is conducted other than the principal office 

bridge loan short-term loan used to transition from one loan to another; can connect borrower from construction loan to eventual mortgage loan (or current home to their new home) 

broker a licensee who holds a broker license and who engages in an activity enumerated in the license law for a commission or other valuable consideration 

brownfield real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant 

building code a set of regulations pertaining to building design, materials, safety, sanitation, and structure 

bundle of rights ownership of land with all of the legal rights of possession, control, quiet enjoyment, exclusion, transfer, and encumber 

buydown a loan for which more than one collateral property acts as security 

buyer representation agreement an agency agreement between a broker and a buyer wherein the broker represents the buyer in their effort to purchase or lease a property 

capital expenditure an expense paid in order to improve a property 

capital gain the increase in the value of an asset from the time it was purchased to the time it was sold 

capital improvement upgrades or improvements to a property that fall outside the scope of normal repair and maintenance, usually with the intention of increasing value 

capitalization rate (cap rate) a rate of return that calculates the percentage of expected annual income earned over a property's value; the present value for expected future income earned 

cash flow measures the amount of cash flowing in and out of a business 

certificate of occupancy (CO) legal document from a local authority that authorizes a building to be occupied; issued after the building has passed all required inspections 

certificate of title a document prepared by a title attorney detailing the chain of title and offering an opinion on the marketability of the seller's title 

chain of title the entire chronological record of a property’s ownership 

chattel a commonly used term for personal property in the world of real estate 

Civil Rights Act of 1866 under this Act, it is, without exception, illegal to discriminate in housing on the basis of race or color; became enforceable after Jones v. C Mayer (1968) 

Closing Disclosure a form used to itemize services and fees charged to the borrower by the lender when applying for a real estate loan; aka, closing statement 

cloud any claim to or encumbrance on the title to a property that affects transferability 

collateral property liened by a lender in order to assure payment of the loan and protect the lender's investment 

collusion an unlawful agreement between competitors to monopolize a market, disadvantage other competitors, or otherwise undertake activities in violation of fair trade laws 

color of title a title transfer that is defective in a way that is unknown to the new owner 

commingling the act of mixing personal funds with a client’s funds 

common elements portions of a shared ownership property not controlled by any one owner or tenant; examples include parking lots, lobbies, fitness centers, and elevators

community property a system of property co-ownership, most commonly applied to married couples, which describes what is joint property and what is individual property 

comparable (comp) any property which has sold and is similar enough in features, location, and proximity in time to inform the value of a subject property 

comparative market analysis (CMA) a report that compares the prices of recently sold or listed homes ("comparables") in order to estimate the market value of a similar property (the "subject property") located in the same area 

Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) a federal law that provides broad authority to respond directly to releases or threatened releases of hazardous substances that may endanger public health or the environment; aka, the Superfund 

condominium property where each owner has a separate interest in their own unit and undivided interest in the common areas 

consideration something of value exchanged by the parties as evidence of agreement to the terms of a contract 

constructive eviction the termination of a lease in circumstances in which the landlord defaults and acts, or fails to act, in such a way that the premises become unusable 

contingency a provision within a contract that makes performance conditional upon the occurrence of a stated event 

contract a legally enforceable and binding agreement between parties wherein a promise to do or not do something is given in exchange for valuable consideration 

contract for deed a sales contract in which the buyer pays the seller for the property in multiple installments for a predetermined length of time, and the seller holds the title until the property has been fully paid for; aka, installment sales contract or land contract 

contribution the amount of market value added to a property by an addition or improvement to the property; not necessarily the same as the cost of the improvement 

conventional loan any loan that is neither insured by the government nor guaranteed by the government 

conversion the illegal act of appropriating trust account funds for payment of an agency's operating expenses 

conveyance an instrument that transfers a grantor’s interest in real property 

cooperating brokerage an agency arrangement in which two brokerages collaborate to achieve a real estate transaction for a specific piece of property 

corrective maintenance the repair of equipment after it has broken 

Source- Aceable Agent Real Estate Schools