Texas Real Estate Vocabulary 86 Questions And Answers
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Terms in this set
86
Abandonment
The voluntary surrender or relinquishment of possession of real property with the intention of terminating ones possession or interest but without the vesting of this interest in any other person, such as when a person moves and abandons leased property before the lease term has expired.
Zoning ordinance
An excise of police power by a municipality to regulate and control the character and use of property.
Abstract Of Title
The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.
Abstract Of Title With Lawyers 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 mortgage or trust deed or note that can be enforced to make the entire amount of principal and interest due immediately if the mortgagor defaults on an installment payment or other covenant also called a DUE ON SALE clause.
Accessions
Acquiring title to additions or improvement to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the bank of streams.
Accretion
The increase or addition of land by the deposit of sand or soil washed up naturally from the river, lake or sea.
Accrued Items
On a closing statement, items of expenses that are incurred but not yet payable, such as interest on a mortgage loan or taxes on real property.
Acknowledgement
A formal declaration made before a duty authorized officer, usually a notary public, by a person who has signed a document attesting that the instrument was executed by him and that it was his free and voluntary act.
Acre
43,560 Square Feet