Real Estate Glossary


Terms and concepts to improve your real estate understanding.
Browse the glossary using this index

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A

appraiser

a real estate professional who competently and objectively performs valuation services that are supportable and defensible.

appraiser classification

refers to the licensing levels mandated by state appraisal boards to satisfy the requirements by FIREEA.

In Georgia there are four appraiser classification levels: registered, licensed, certified residential, and certified general.

appurtenance

anything that attaches to the land and transfers with the land even if not specified in the deed – appurtenances are said to “run with the land.” Examples of appurtenances include property improvements, easements, water rights, condominium parking, etc. These rights transfer to future owners of the land.

appurtenant easement

is the right attached to one parcel of real estate to use a portion of another parcel of real estate.

Example: the owner of Lot A has the right to use a 50’ strip across the rear of Lot B, in other words, Lot A owns an easement across Lot B. The right attached to the property and not the owner of the property. Whoever owns Lot A will have the right to cross Lot B. Also, whoever owns Lot B will have to tolerate the use of the easement by the owner of Lot A. Lot A is referred to as the “benefitted” property or dominant estate (or tenement) and Lot B is referred to as the “burdened” property or servient estate.

arms-length transaction

refers to a transaction where the parties to the agreement have opposing interests. The purchaser wants to purchase for as little money as possible and the seller wants to sell for as much money as possible.

asbestos

A mineral fiber found in rocks that are known to be used in a variety of household products such as appliances, ceilings, wall and pipe coverings, floor tiles, roofing and siding materials. The fiber has been found to cause lung and stomach cancer, therefore real estate salespeople must reveal to the buyer the known presence of asbestos on the property.

assemblage

is the process of combining two or more parcels of adjacent land into one larger tract.

assessed value

The value for purposes of imposing ad valorem tax. Assessed value may be equal to the total market value of the property as it is in the state of Florida; or it may be equal to a portion of the total market value of the property such as 40% as is the practice in Georgia. 

assessment

The imposition of a tax, charge, or levy, usually according to established rates.

assessment ratio

The ratio of assessed value to market value. For example, if the property tax applies to $40,000 when a property has a market value of $100,000 - the assessment ratio is .40 or 40% as follows:

$40,000 ÷ $100,000 = .40 or 40%

The assessment ratio will be a function of the state in which the property is located.


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