Appraisal Real Estate Services,

ACCELERATED DEPRECIATION
A method of calculating the depreciation of certain property (that property which is used in a trade or business, or which is held for the production of income) at a faster rate than would be achieved from using the straight line method of depreciation.

CAPITAL GAIN
The taxable profit derived from the sale of a capital asset.

DEED
A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property.

VARIANCE
Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws.

BUDGET MORTGAGE
A mortgage with payments set up to cover more than interest and principal reductions.

BROKERAGE
That aspect of the real estate business which is concerned with bringing together the parties and completing a real estate transaction. Brokerage involves exchanges, rentals, trade-ins and management of property, as well as sales.

CAP RATE (CAPITALIZATION RATE)
The percentage selected for use in the income approach to valuation of improved property. The cap rate is designed to reflect the recapture of the original investment over the economic life of the improvement, to give the investor an acceptable rate of return (yield) on the original investment, and to provide for the return on borrowed capital.

JOINT LIABILITY
Liability shared among two or more people, each of whom is liable for the full debt.

ALTERNATIVE DOCUMENTATION
A method of documenting a loan file that relies on information the borrower is likely to be able to provide instead of waiting on verification sent to third parties for confirmation of statements made in the application.

QUIET TITLE ACTION
A circuit court action intended to establish or settle the title to a particular property, especially where there is a cloud on the title.

CLOSING (OR SETTLEMENT)
The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).

SHOPPING CENTER
A modern classification of retail stores, characterized by off-street parking and clusters of stores, subject to a uniform development plan, and usually with careful analysis given to the proper merchant mix.

AIR RIGHTS
The rights to the use of the open space or vertical plane above a property. Ownership of the land includes the right to all air above the property.

EXTENSION
An agreement to continue the period of performance beyond the specified period.

KIOSK
A small structure usually constructed of wood with one or more sides open and typically used as a newsstand, photo film center or ice cream stand.

NEGOTIATION
The transaction of business aimed at reaching a meeting of minds among the parties; bargaining.

WARRANTY
A guaranty by the seller, covering the title as well as the physical condition of the property.

ARBITRATION
The non-judicial submission of a controversy to selected third parties for their determination in the manner provided by agreement or by law.

EXCLUSIVE AGENCY
A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission.

GRANDFATHER CLAUSE
Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law.

MILITARY CLAUSE
A clause inserted in some residential leases to allow the military tenant to terminate the lease in case of transfer, discharge or other circumstances making termination appropriate.

MORTGAGE
A legal document used to secure the performance of an obligation. In effect, the mortgage states that the lender can look to the property in the event the borrower defaults in payment of the note.

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