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NJ Real Estate Vocab
| Term | Definition |
|---|---|
| Abandonment | The voluntary surrender or relinquishment of possession of real property without the vesting of this interest in any other person. |
| Abstract of Title | The condensed history of a title to a particular parcel of real estate. |
| Abstract of Title with Layer's Opinion | An abstract of title that a lawyer has examined and has certified to be, in his or her opinion, an accurate statement of fact. |
| Acceleration Clause | The clause in a note or mortgage that can be enforced to make the entire debt due immediately if the mortgagor defaults. |
| Accretion | The increase or addition of land by the deposit of sand or soil washed up naturally from a river lake, or sea. |
| Accrued Items | On a closing statement, items of expense that have been incurred but are not yet payable, such as interest on a mortgage loan. |
| Accrued Interest | Interest that has been earned but not due and payable. |
| Accrue | to grow; to be added to |
| Acknowledgement | A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is the person's act and deed. |
| Acquisition | An act or process by which a person procures property. |
| Acre | A measure of land equaling 43,560 square feet. |
| Action for Specific Performance | A court action to compel a defaulting principal to comply with provisions of a contract. |
| Actual Notice | Express information or fact; that of which is known; actual knowledge. |
| Adjacent | Lying near to but not necessarily in actual contact with. |
| Adjoining | Contiguous; attaching, in actual contact with. |
| Adjustable-Rate Mortgage | A mortgage loan in which the interest may increase or decrease at specific intervals, following an economic indicator. |
| Adjusted Bias | Original cost plus improvement, minus depreciation. |
| Administrator | A person appointed by court to administer the estate of a deceased person who left no will; I.e.; who does intestate. |
| Ad Valorem | According to valuation. |
| Ad Valorem Tax | A tax levied according to value; generally used to refer to real estate tax. Also called general tax. |
| Adverse Possession | A means of acquiring title where an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of property under a claim of right for the required statutory period. |
| Affidavit | A statement or declaration reduced to writing, and sworn to or affirmed before some officer who is authorized to administer an oath or affirmation. |
| Affirm | To confirm, to ratify, to verify. |
| Agency | The relationship between principal and agent which arises out of a contract either expressed or implied, written or oral, wherein an agent is employed by a person to do certain acts on the persons behalf in dealing with a third party. |
| Agent | One who undertakes to transact some business or to manage some affair for another by authority of the latter. |
| Agreement of Sale | A written agreement between seller and purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms and conditions set forth therein. |
| Air Rights | Rights in real property to use the space above the surface of the land. |
| Alienation | A transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another. |
| Alienation Clause | Allows the lender to require the balance of a loan to be paid in full if the collateral is sold (also known as a "due on sale" clause) |
| ALIENS | An acronym to remember six items that the lender must obtain before issuing a Loan Estimate (LE): address the subject property, loan amount, income, estimate of property value, name of borrower(s), Social Security number(s). |
| Amenity | Something extra that contributes to owner satisfaction: clean, air, view, ect. |
| Americans with Disabilities Act (ADA) | Mandates certain adaptations of real estate to accommodate various disabilities. |
| Amortization Schedule | Written Listing of each payment, broken down into interest, principal, and remaining debt. |
| Amortized Loan | A loan which the principal as well as the interest is payable in monthly or the other periodic installments over the term of the loan, resulting in a zero balance due at the end of the term. |
| Amortization | A gradual paying off of a debt by periodic installments. |
| Annual Percentage Rate | Rate of interest charged on a loan, calculated to take into account upfront loan fees and points. Usually higher that the contract interest rate. |
| Antitrust Laws | Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition. |
| Apportionment | Adjustment of the income, expenses or carrying charges of real estate usually computed to the date of closing of title so that the seller pays all expenses to that date. The buyer assumes all expenses commencing the date the deed is conveyed to the buyer. |
| Appraisal | An estimate of a property's value by an appraiser who is usually presumed to be expert in his work. |
| Appraiser | Independent person trained to estimate value. |
| Appraisal by Income Capitalization Approach | An estimate of value by capitalization of productivity and income. |
| Appraisal by Sale Comparison Approach | Comparability with the sale prices of other similar properties. |
| Appraisal by Cost Approach | Adding together all parts of a property separately appraised to form a whole: e.g., value of the land considered as vacant added to the cost of reproduction of the building, less depreciation. |
| Appreciation | An increase in the worth or value of a property. |
| Appurtenance | Something which is outside the property itself but belongs to the land and adds to its greater enjoyment such as a right-of-way or a barn or dwelling. |
| Arm's-length Transaction | A transaction between relative strangers, each trying to do the best for himself or herself. |
| Arrears | The opposite of "in advance," payment after the service has be rendered. |
| Asbestos | A mineral once used in insulation and other materials that has been liked to respiratory diseases. |
| Assessed Valuation | A valuation placed upon property by a public officer or a board, as a basis for taxation. |
| Assessment | A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a Street or sewer. |
| Assessor | An official who has the responsibility of determining assessed values. |
| Assignee | The person to whom an agreement or contract is assigned. |
| Assignment | The method or manner by which a right or contract is transferred from one person to another. |
| Assignor | A party who assigns or transfers an agreement or contract to another. |
| Assumable | Of a mortgage, able to be transformed to another owner of the property. |
| Assumption of Mortgage | The taking of title to a property by a grantee, wherein the grantee assumes liability for payment of an existing note or bond secured by a mortgage against a property and becomes personality liable for the payment of such mortgage debt. |
| Attorney General's Memorandum | Written statement about Fair Housing Laws to be presented to buyers and sellers. |
| Avulsion | A sudden and perceptible loss or addition to land by the action of water, or a sudden change in the bed or course of a stream. |
| Balloon Mortgage Payment | A large payment during the term of mortgage, often at the end. |
| Bargain and Sale Deed | A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. |
| Bargain and Sale Deed with Covenant | A deed in which the grantor warrants or guarantees the title against defects arising during the period of his or her tenure and ownership of the property but not against the defects existing before that time. |
| Basis | The cost of the property that the Internal Revenue Service uses to determine annual depreciation and gain and loss on the sale of the asset. |
| Benchmark | A permanent reference mark or point elevation. (see Datum). |
| Beneficiary | The person who receives or is to receive the benefits resulting from certain acts. |
| Bequeath | To give or hand down by will; to leave by will. |
| Bequest | Personal property that is given by the terms of a will. |
| Bilateral Contract | An agreement entered into by two or more legal legally competent parties that is binding on all parties. |
| Bill of Sale | A written instrument given to pass title of personal property from vendor to vendee. |
| Binder | An agreement to cover the down payment for the purchase of real estate as evidence of good faith on the part of the purchaser. |
| Biweekly Mortgage | Repayment plan in which half a monthly payments made every two weeks, the equivalent of 13 full payments a year. |
| Blanket Mortgage | A mortgage covering more than one property. A blanket mortgage is often used for subdivision financing. |
| Blockbusting | The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear that the entry of a minority groups into the neighborhood will cause a precipitous decline in property value. |
| Blue-sky Laws | Common name for laws that regulate the registration and sale of investment securities. |
| Board of Directors | Elected managing body of a corporation, specifically an apartment building. |
| Board of Managers | Elected managing body of a condominium. |
| Bona Fide | In good faith and without fraud |
| Bond | The evidence of a personal debt which is secured by a mortgage or other lien on real estate. |
| Boot | Money or property given to make up any difference in value or equity between two properties in an exchange. |
| Brokers Price Opinion (BPO) | Licensee's written estimate of market value, used by lenders and mortgage companies where they believe the expense and delay of an appraisal is not needed. |
| Branch Office | A secondary place of business apart from the principal or main office from which real estate business is conducted. |
| Breach of Contract | Violation of any terms or conditions in a contract without legal excuse; for example, failure to make a payment when it is due. |
| Broker | One who buys and sells for another for a fee. (see also Real Estate Broker, Transaction Broker) |
| Brokerage | The business of buying and selling for another for a fee. |
| Broker of Record | Synonym for supervising broker. |
| Broker-Salesperson | A qualified broker who practices real estate in the position of a salesperson in another broker's office. |
| Building Code | Regulations established by state or local government stating fully the structural requirements for building. |
| Building Line | A line fixed at a certain distance from the front and/ or sides of a lot, beyond which no building can project. |
| Bureau of Subdivided Land Sales Controls | State agency that approves and registers sales of some out of state property. |
| Building Loan Agreement | An agreement whereby the lender advances money to an owner primarily in the erection of buildings. Such funds are commonly advanced in installments as the structure is completed. |
| Building Permit | Written governmental permission for the construction, renovation, or substantial repair of a building. |
| Buy-down | Payments of extra upfront points in return for lower interest rates. |
| Buyer's Broker | A real estate broker retained by a prospective purchaser, who becomes the broker's principal or client and to whom fiduciary duties are owed. |
| Bylaws | Rules and regulations adopted by an association. |
| CAFRA | New Jersey Coastal Area Facilities Review Act, which sharply limits development in environmentally sensitive area's. |
| Cancellation Clause | A provision in a lease or other contact which confers upon one or more of all of the party's or parties' obligations thereunder upon the occurrence of the condition or contingency set forth in the said clause. |
| Cap | With an adjustable-rate mortgage, a limit, usually in percentage points, on how much the interest rate or payment might be raised in each adjustment period. (for lifetime cap see ceiling) |
| Capital Appreciation | The appreciation accruing to the benefit of the capitol improvement to real estate. |
| Capital Asset | Any asset of a permanent nature used for the production of income. |
| Capital Gain | Income that results from the sale of an asset not in the usual course of business. (may be taxed at a lower rate than ordinary income). |
| Capital Gains | Profits realized from the sales of assets like real estate. |
| Capital Improvement | Any structure erected as a permanent improvement to real estate, usually extending the useful life and value of a property. ex: the replacement of a roof. |
| Capital Loss | A loss from the sale of an asset not in the usual course of business. |
| Capitalization | The conversion of future income to be derived from an investment property into an estimate of the present value. |
| Capitalization Rate | The rate of return a property produces on the owner's investment. |
| Carbon Monoxide | A colorless, odorless gas that occurs as a by-product of fuel burning. Poisoning from this gas has been linked to dizziness, nausea, and death. |
| Cash Flow | The net spendable income from an investment after deducting expenses. |
| Caveat Emptor | "Let the buyer beware"; the buyer must examine the goods or property and buy at the buyer's own risk. |
| CC&Rs | Covenants, conditions, and restrictions of a condominium or cooperative development. |
| Cease and Desist List | Statement filed by a homeowner showing a premises address and notifying a states Secretary of State that such premises are not for sale and the homeowner does not wish to be solicited by real estate brokers. |
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