Dictionary

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Actual Eviction

The result of legal action brought by a landlord against a defaulted lessor or tenant, whereby the tenant is physically removed by court order or action.

Actual Notice

The actual knowledge that a person has a particular fact; direct knowledge.

Ad Valorem Tax

A tax levied according to the value of a property; generally used in reference to real estate.

Addendum

Any provision added to a contract, or an addition to a contract that expands modifies or enhances the clarity of the agreement. To be part of the contract and legally enforceable, an addendum must be referenced within the contract.

Additional Principal Payment

A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan.

Adjacent

Lying next to but not necessarily in contact with.

Adjoining

In actual contact with, contiguous or attached.

Adjustable Rate Mortgage (ARM)

A mortgage in which the lender changes the interest periodically, according to corresponding fluctuations in a specified index.

Learn everything you need to know about an Adjustable Rate Loan for the real estate licensing exam here.

Adjusted Basis

The original cost of a property plus the value of any capital expenditures for improvements to the property minus any depreciation which was taken.

Adjusted Sales Price

For income tax purposes, the actual sales price reduced by allowable sales expenses.