19960694-1000-REAL-ESTATE-GLOSSARY-
TERMS (1) (ALL GLOSSARY TERMS) ACTUAL
STUDY GUIDE | LATEST 2026/2027 UPDATE
| 1000+ TERMS & COMPLETE DEFINITIONS
360-degree evaluation
An evaluation system that has employees not only rated by supervisors, but also by peers,
direct reports, and sometimes clients and customers.
401(k)
Employer-sponsored investment program to set aside tax-deferred money for retirement.
401(k) plan
A type of qualified retirement plan authorized by Section 401(k) of the Internal Revenue
Code.
A number
This can be an alien number, file number, green card number, or case number (especially in
immigration court). Refers to the file number assigned in sequence by the USCIS to an alien
who has applied for adjustment or has been apprehended by the USCIS. This is the
permanent file number of the alien and will eventually appear on the work permit, green
card, and naturalization certificate. This number must appear on all correspondence and
applications filed with the USCIS. A.L.R.
See American Law Reports.
AARP (formerly American Association of Retired Peo
An organization that advocates on behalf of persons age 50 and older.
abandoned application
An application that is removed from the PTO docket of pending applications either
,(a) through formal abandonment by the applicant, attorney or agent of record,
(b) through failure of applicant to take appropriate action at some state in the prosecution
of the application, or
(c) for failure to pay the issue fee, or
(d) in the case of a provisional application, automatically after twelve months after the filing
date of the provisional application.
abandoned property
Personal property of the tenant left behind after the tenant vacates the dwelling.
abatement (tax)
Lowering of real property tax because the owner filed an appeal.
above par
Situation when a mortgage is sold for more than its face value.
abstract of title
Legal history of ownership of real property used when doing a title search.
abusive discharge
The termination of an at-will employee for engaging in protected activity or for refusing
to commit an illegal act, sometimes called wrongful discharge. acceleration clause
Part of the mortgage contract that allows the lender to legally demand that the entire
mortgage be paid in full because the borrower has failed to make a mortgage payment(s).
accommodation party
Person who guarantees a loan for another by signing a promissory note, bill, or other
negotiable instrument.
account
A record of a business transaction.
account balance
The difference between the debit and the credit sides of an account.
accounting
System of gathering financial information and keeping a record of business transactions to
prepare statements concerning assets, liabilities and operating results.
accounting method
System for a business to keep financial information and report it to the proper taxing body.
accounts payable
Amount owed to creditors for goods and services.
accounts receivable
Amount due from customers for merchandise or services.
accredited investor
Sophisticated individuals with high net worth or high income, large trusts or investment
companies, or persons involved in the business.
accrual accounting
Method of recording expenses incurred and income due in the periods to which they relate
rather than actual flow of cash.
accrual method
Method of keeping accounts that shows expenses incurred and income earned for a given
period of time, even if these expenses or income have not actually been paid or received in
that period.
,accrued interest
Interest earned for a specific period of time.
acknowledgement of paternity/parentage
A written form signed by the named father of a child born outside of marriage that he is the
true father of the child.
acknowledgment
A statement, written or oral, made before a person authorized by law to administer oaths
(such as a notary public).
acre
A unit of measure for land, 43,560 square feet. The land hat a home sits on is usually
expressed in terms of acre (half acre, quarter-acre, number of acres).
action
A lawsuit, including a divorce. activities
of daily living (ADL)
Benchmarks used to measure a person’s ability to care for oneself, such as dressing, bathing,
grooming, and cooking.
actual cash value
The price a willing buyer would pay to a willing seller for an item of property. The term
applies to the loss valuation portions of property policies.
actual damages
Money lost by the plaintiff due to the wrongful acts of the defendant. This differs from other
types of damages such as punitive or liquidated.
actuary
An employee of an insurer who performs mathematical and statistical analyses for the
purposes of setting rates and for reserves other than loss reserves, such as reserves for
incurred but not reported losses
actus reus
A concept in criminal law that involves the criminal act itself.
ad hoc committee
Special committee appointed to carry out a specific nonrecurring task and disbanded when
that task is completed.
addendum
A document attached to another document to add some new terms.
additional insured
Person or entity added to an insurance policy as an insured such as a mortgagee, lessor,
or subcontractor. additional living expense
A homeowners policy property coverage. In the event of a covered loss to the dwelling, the
insured generally is covered for the costs of temporary alternate quarters/lodging, among
other things, while repairs or reconstruction is ongoing.
additional principal payments
Payments that are higher than the required amount. The extra money reduces the principal
balance.
ADIT (Alien Documentation, Identification and Tele
, The process where an adjustment applicant places his or her signature and fingerprint on
the I-89 card, which will be sent to a service center to be made into a green card. It is
usually done at the USCIS interview. adjudicate
This occurs when a USCIS officer makes a decision as to whether to grant or deny an
application.
adjustable rate mortgage (ARM)
Type of mortgage that has a variable interest rate based on a certain percentage or financial
interest.
adjusted basis
Original cost of a property, plus the value of improvements to the property, minus any
depreciation taken.
adjustment of status (AOS)
Process where one becomes a permanent resident in the U.S. Since one has a previous
status in the U.S., they are said to be changing their status to permanent residence.
adjustment period
The time between possible changes to the rate of interest for an adjustable rate mortgage.
administrative appeal
An appeal filed at the local USCIS to the Administrative Appeals Unit in Washington within
thirty days of a petition's denial.
administrative closure
A case that is not denied but is no longer pending.
administrative law
Rules and regulations enacted by local, state or federal administrative agencies.
administrator
A personal representative who is not named in the decedent’s will. In earlier times, a female
administrator was called an administratrix. See also executor and personal representative.
admission
This occurs when an alien presents himself or herself for inspection to an immigration officer
at a border or airport and whose entry was approved on a particular basis.
admitted insurer
An insurer admitted to transact business within a particular state. If an insurer is not
admitted in a particular state, yet does business within that state, it does so as a
nonadmitted, or excess and surplus lines insurer.
Policies issued by nonadmitted insurers in a particular state are not protected by that state’s
insurance guaranty fund in the event of insurer insolvency.
adoptee
Person being adopted.
adoption
A process whereby a child becomes part of another’s family through legal means.
adoption assistance agreement
A contract between adoptive parents and state agency that placed the child, describing
the monthly payments the state will make to the parents to help with the expense of
raising a child.
adult
In most states, a person eighteen years of age or older.
TERMS (1) (ALL GLOSSARY TERMS) ACTUAL
STUDY GUIDE | LATEST 2026/2027 UPDATE
| 1000+ TERMS & COMPLETE DEFINITIONS
360-degree evaluation
An evaluation system that has employees not only rated by supervisors, but also by peers,
direct reports, and sometimes clients and customers.
401(k)
Employer-sponsored investment program to set aside tax-deferred money for retirement.
401(k) plan
A type of qualified retirement plan authorized by Section 401(k) of the Internal Revenue
Code.
A number
This can be an alien number, file number, green card number, or case number (especially in
immigration court). Refers to the file number assigned in sequence by the USCIS to an alien
who has applied for adjustment or has been apprehended by the USCIS. This is the
permanent file number of the alien and will eventually appear on the work permit, green
card, and naturalization certificate. This number must appear on all correspondence and
applications filed with the USCIS. A.L.R.
See American Law Reports.
AARP (formerly American Association of Retired Peo
An organization that advocates on behalf of persons age 50 and older.
abandoned application
An application that is removed from the PTO docket of pending applications either
,(a) through formal abandonment by the applicant, attorney or agent of record,
(b) through failure of applicant to take appropriate action at some state in the prosecution
of the application, or
(c) for failure to pay the issue fee, or
(d) in the case of a provisional application, automatically after twelve months after the filing
date of the provisional application.
abandoned property
Personal property of the tenant left behind after the tenant vacates the dwelling.
abatement (tax)
Lowering of real property tax because the owner filed an appeal.
above par
Situation when a mortgage is sold for more than its face value.
abstract of title
Legal history of ownership of real property used when doing a title search.
abusive discharge
The termination of an at-will employee for engaging in protected activity or for refusing
to commit an illegal act, sometimes called wrongful discharge. acceleration clause
Part of the mortgage contract that allows the lender to legally demand that the entire
mortgage be paid in full because the borrower has failed to make a mortgage payment(s).
accommodation party
Person who guarantees a loan for another by signing a promissory note, bill, or other
negotiable instrument.
account
A record of a business transaction.
account balance
The difference between the debit and the credit sides of an account.
accounting
System of gathering financial information and keeping a record of business transactions to
prepare statements concerning assets, liabilities and operating results.
accounting method
System for a business to keep financial information and report it to the proper taxing body.
accounts payable
Amount owed to creditors for goods and services.
accounts receivable
Amount due from customers for merchandise or services.
accredited investor
Sophisticated individuals with high net worth or high income, large trusts or investment
companies, or persons involved in the business.
accrual accounting
Method of recording expenses incurred and income due in the periods to which they relate
rather than actual flow of cash.
accrual method
Method of keeping accounts that shows expenses incurred and income earned for a given
period of time, even if these expenses or income have not actually been paid or received in
that period.
,accrued interest
Interest earned for a specific period of time.
acknowledgement of paternity/parentage
A written form signed by the named father of a child born outside of marriage that he is the
true father of the child.
acknowledgment
A statement, written or oral, made before a person authorized by law to administer oaths
(such as a notary public).
acre
A unit of measure for land, 43,560 square feet. The land hat a home sits on is usually
expressed in terms of acre (half acre, quarter-acre, number of acres).
action
A lawsuit, including a divorce. activities
of daily living (ADL)
Benchmarks used to measure a person’s ability to care for oneself, such as dressing, bathing,
grooming, and cooking.
actual cash value
The price a willing buyer would pay to a willing seller for an item of property. The term
applies to the loss valuation portions of property policies.
actual damages
Money lost by the plaintiff due to the wrongful acts of the defendant. This differs from other
types of damages such as punitive or liquidated.
actuary
An employee of an insurer who performs mathematical and statistical analyses for the
purposes of setting rates and for reserves other than loss reserves, such as reserves for
incurred but not reported losses
actus reus
A concept in criminal law that involves the criminal act itself.
ad hoc committee
Special committee appointed to carry out a specific nonrecurring task and disbanded when
that task is completed.
addendum
A document attached to another document to add some new terms.
additional insured
Person or entity added to an insurance policy as an insured such as a mortgagee, lessor,
or subcontractor. additional living expense
A homeowners policy property coverage. In the event of a covered loss to the dwelling, the
insured generally is covered for the costs of temporary alternate quarters/lodging, among
other things, while repairs or reconstruction is ongoing.
additional principal payments
Payments that are higher than the required amount. The extra money reduces the principal
balance.
ADIT (Alien Documentation, Identification and Tele
, The process where an adjustment applicant places his or her signature and fingerprint on
the I-89 card, which will be sent to a service center to be made into a green card. It is
usually done at the USCIS interview. adjudicate
This occurs when a USCIS officer makes a decision as to whether to grant or deny an
application.
adjustable rate mortgage (ARM)
Type of mortgage that has a variable interest rate based on a certain percentage or financial
interest.
adjusted basis
Original cost of a property, plus the value of improvements to the property, minus any
depreciation taken.
adjustment of status (AOS)
Process where one becomes a permanent resident in the U.S. Since one has a previous
status in the U.S., they are said to be changing their status to permanent residence.
adjustment period
The time between possible changes to the rate of interest for an adjustable rate mortgage.
administrative appeal
An appeal filed at the local USCIS to the Administrative Appeals Unit in Washington within
thirty days of a petition's denial.
administrative closure
A case that is not denied but is no longer pending.
administrative law
Rules and regulations enacted by local, state or federal administrative agencies.
administrator
A personal representative who is not named in the decedent’s will. In earlier times, a female
administrator was called an administratrix. See also executor and personal representative.
admission
This occurs when an alien presents himself or herself for inspection to an immigration officer
at a border or airport and whose entry was approved on a particular basis.
admitted insurer
An insurer admitted to transact business within a particular state. If an insurer is not
admitted in a particular state, yet does business within that state, it does so as a
nonadmitted, or excess and surplus lines insurer.
Policies issued by nonadmitted insurers in a particular state are not protected by that state’s
insurance guaranty fund in the event of insurer insolvency.
adoptee
Person being adopted.
adoption
A process whereby a child becomes part of another’s family through legal means.
adoption assistance agreement
A contract between adoptive parents and state agency that placed the child, describing
the monthly payments the state will make to the parents to help with the expense of
raising a child.
adult
In most states, a person eighteen years of age or older.
