A designation given to a real estate broker or sales associate who is a member of a board associated with the National Association of Realtors® or with the National Association of Real Estate Boards.

An affiliate of the NATIONAL ASSOCIATION OF REALTORS, it offers programs and education to those who specialize in various aspects of land. The designation of Accredited Land Consultant (ALC) is conferred upon those who meet the required experience and education.

An affiliate of the NATIONAL ASSOCIATION OF REALTORS, it is composed of the Real Estate brokerage Managers Council and The Council of Residential Specialists which offer programs and prestigious designations.

Real estate.

A modification of a mortgage revising the schedule of payments for the remaining life of the loan.

Re-estimating the value of all property in a given area for tax assessment purposes.

A slang term for the steel reinforcement bars inside poured concrete.

A discount or reduction in price of a product or interest, not given in advance, but handed back because of prompt payment or other reason. Many states regulate gifts and educational aids given to real estate brokers by supporting companies such as title companies, calling these in effect, a price discount (rebate).

The return of monies invested in property, through reduction of the loan amount and appreciation; it is realized when the property is sold.

Taxing as ordinary income, upon the sale of property, the amount of depreciation taken above straight line depreciation.

The annual rate of recapture. See: Recapture.

Changing the terms of an existing loan. Usually done when repayment under the current terms appears unlikely. If done for this reason, the payment is lowered by extending the loan period, reducing the interest rate, reducing the principal or any combination of the above.

A written acknowledgement or admission that something has been received. Has no other legal effect, and does not in itself affirm any contractual obligation.

A court appointed person who holds property which is either in dispute or cannot competently be handled by its owner.

A mutual exchange of privileges by states, allowing attorneys, real estate brokers, and others to practice in one state while being licensed in another.

Setting forth in a deed or other writing some explanation for the transaction. For example: A deed may state that the property is being transferred in lieu of foreclosure.

The process of bringing economically unusable land to a higher dollar value by physically changing it. For example: draining a swamp, irrigating a desert, replanting a forest.

The analysis by an appraiser of the different indications of value to arrive at the final estimate, giving appropriate weight to each.

Restoring a property to good condition without changing its plan or character, as distinguished from remodeling. Also called renovation, rehabilitation.

An instrument used to transfer title from a trustee to the equitable owner of real estate, when title is held as collateral security for a debt. Most commonly used upon payment in full of a trust deed. Also called a deed of reconveyance or release.

See: Owner of Record.