Real Estate Glossary


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

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A

assignment

the transfer of the rights and obligations under a contract to another party.

assume

to take on a responsibility or duty

Attorney-in-fact

A person who is allowed by another person to act in his or her place with a power of attorney.

auctioneer

in GA an auctioneer selling real estate, they must also hold a salesperson's or a broker's license.

avulsion

The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.

B

balance

The principle of balance requires the appropriate blend of the four factors of production. For maximum value to be achieved land, labor, capital, and management must be in the proper proportion to each other.

Balloon payment

Loans set each monthly payment to cover interest requires and some principal payback. The final payment at the end of the term would handle any remaining principal and be larger than any prior payment. Also called a partially amortized loan.

base line

The main imaginary line running east and west and crossing a principal meridian at a definite point, used by surveyors for reference in locating and describing land under the rectangular (government) survey system.

benchmarks

A permanent reference mark or point established for use by surveyors in measuring differences in elevation,

beneficiary

(1) The person for whom a trust operates or in whose behalf the income from a trust estate is drawn. (2) A lender in a deed of trust loan transaction.


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