Glossary of real estate terms ad valorem a latin phrase meaning according to value that is usually used in reference to real estate taxation appraisal an estimate or opinion of value of a specific property as of a specific date resulting from an analysis of the facts about that property by a qualified impartial third party. Real estate terms that begin with a abandonment the voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim ones possession or interest may pertain to an easement of a property abstract of title. Real estate terms and definitions acceleration clause also known as an acceleration covenant this is a contract provision requiring the borrower to repay all of their outstanding loan to a lender if certain requirements outlined by the lender arent met. 25 real estate agent a real estate agent is a professional with a real estate license who works under a broker and assists both buyers and sellers in the home buying process 26 real estate broker a real estate broker is a real estate agent who has passed a state brokers exam and met a minimum number of transactions
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