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Questions in VocabularyAbandonment The voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim one's possession or interest. May pertain to an easement of a property. Abstract of title A condensed version of the history of a title to a particular parcel of real estate as recorded in the county clerk's records; consists of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property. Abutting The joining, reaching, or touching of adjoining land. Parcels of land have a common boundary. Accelerated Depreciation A method of calculating for tax purposes the depreciation of income property at a faster rate than would be achieved using the straight-line method. Any depreciation taken in excess of what would be claimed using the straight-line rate is subject to recapture as ordinary income to the extent of the gain resulting from the sale. Acceleration clause A provision in a written mortgage, note, bond, or conditional sales contract that in the event of default, the whole amount of the principal and the interest may be declared due and payable at once. Accession Title to improvements or additions to real property is acquired as a result of the accretion of alluvial deposits along the banks of streams or as a result of the annexation of fixtures. Accretion An increase or addition to land by the deposit of sand or soil washed up naturally from a river, lake, or sea. Accrued depreciation The actual depreciation that has occurred to a property at any given date; the difference between the cost of replacement new (as of the date of the appraisal) and the present appraised value. Acknowledgment The act of signing a document before a notary public, stating it was signed voluntarily. Actual eviction The result of legal action originated by a lessor, by which a defaulted tenant is physically ousted from the rental property pursuant to a court order. 628 total Questions 1 2 3 4 Next > [Last Page]
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