A method for appraising a site (land) by estimating the depreciated value of the improvements and deducting that amount from the total value (improved value) of the property. See: Allocation.

To touch, border on, or be contiguous to.

The vertical members (walls or heavy columns) which bear the load or pressure of the cross member, such as an arch, pier, or similar structure.

One whose land is contiguous to (abuts) a public right of way.

A portion of the Economic Recovery Act of 1981 which allowed shorter depreciation of both real and personal property, did not distinguish between new and used property, and disregarded salvage value.

A general term including any method of depreciation greater than straight line depreciation (see which).

The immediate right to possession of a remainder interest upon the failure of a life estate.

Clause used in an installment note and mortgage (or deed of trust), which gives the lender the right to demand payment in full upon the happening of a certain event, such as failure to pay an installment by a certain date, change of ownership without the lender’s consent, destruction of the property (see Waste), or other event which endangers the security of the loan. See also: Alienation Clause.

Voluntary agreement to an offer. (1) Real property acceptance must be unequivocal See: Mirror Image Rule. (2) Acceptance for goods, according to the Uniform Commercial Code, need not be unequivocal. Offer, acceptance, and consideration form a contact.

A right to ingress and egress to and from one’s property. May be express or implied.

The location of a site in terms of how easily it may be reached by customers, employees, carriers, and others necessary to the intended use of the property.

A residential building of more than one unit that can be entered and used by people who are physically handicapped.

The right of an owner to an increase in his property by natural means (such as a riparian owner’s right to an abandoned river bed, rights of alluvion and reliction, etc.) or artificially, by improvements.

Structures used for the benefit of a central or main building, such as a tool shed, garage, or similar structure.

The annual number of hotel (or motel) rooms occupied in a given market area.

Person who lends his name to help secure credit for another, by signing a note or other obligation without receiving consideration.

The recording of documents with the county recorder by a title insurance company, without liability (no insurance) on the part of the company, but merely as a convenience to a customer.

One who acts to facilitate an exchange under the rules of Section 1031 of the Internal Revenue Service Code. The proper terminology is a Qualified Intermediary, but accommodator, facilitator or intermediary are the common terms used.

An agreement by which one accepts something different (usually less) from what is owed as full satisfaction. The amount owed may be in dispute or simply accepted as full satisfaction by the creditor or claimant. The agreement and acceptance is called “Accord and Satisfaction”.

The agreement (accord) and acceptance (satisfaction) by creditors of less than the full amount owing on a debt.

Money owing. The term is generally used in business rather than personal finances. Usually represents services or materials, such as wood, bricks, payment of subcontractors, etc., to a builder.