· 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   Any kind of plant that must be planted every year.

· Annual mortgagor statement   A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest.

· Annual Percentage Rate (APR)   The cost of the loan expressed as a yearly rate on the balance of the loan.

· 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.

· Asbestos   A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard.

· As-is condition   The purchase or sale of a property in its existing condition.

· 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.

· 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.

· Acceleration clause   A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment.

· Accelerated depreciation   A bookkeeping method that depreciates property faster in the early years of ownership.

· 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.

· 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.

· Add-on interest   The interest a borrower pays on the principal for the duration 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.

· A-frame design   An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters.

· 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-clad windows   Wooden windows with aluminum covering the exterior.

· Aluminum siding   A metal covering that provides an alternative to paint for owners of wood homes.

· 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.