Free Real Estate Vocabulary Flashcards

A reduction or decrease. Commonly used to describe a decrease of assessed valuation of property for ad valorem taxes. When used regarding wills, it refers to a reduction of gifts to one or more beneficiaries when the assets left in the will are insufficient to pay all creditors and beneficiaries. There is usually a different formula used for debts than for priorities of gifts. See also: Contribution.

Soil having distinct A (upper), B (middle), and C (lower) horizons (layers of soil).

The horizontal axis of a curve; the vertical axis being the ordinate. The terms are used in connection with charts and graphs.

A lessor of real property (usually the owner) that does not occupy all or a portion of the property.

An owner of property who does not occupy said property.

The filling of space, such as the rental of units or sale of a tract. The time or rate must be estimated and considered as part of the owner’s (usually the builder) costs.

A summary; an abridgement. Before the use of photostatic copying, public records were kept by abstracts of recorded documents.

See: Supplemental Abstract.

See: Supplemental Abstract.

A summary of the essential provisions of a court judgement, which when recorded in the county recorder’s office, creates a lien upon the property of the defendant in that county, both presently owned or after acquired.

A condensed version of the history of a title to a particular parcel of real estate as recorded in the county clerk’s records; consists of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property.

A certificate contained in an abstract which shows the time period and scope of the search of public records done by the abstracter.