Touching or contiguous to.

A judgement or decision by a court.

Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Rate Mortgages (ARM’s), Flexible Rate Loans, Variable Rate Loans. See also: Indexing, Rate Index.

See: Adjustable Mortgage Loans.

See: Adjustable Mortgage Loan’s (ARL’S).

See: Book Value.

Total income of property if fully rented, less an adjustment for estimated vacancies and uncollectible rent.

A mortgage released after a company has undergone reorganization.

An appraisal term used when a comparable property’s sale price is adjusted to reflect the value of the subject property. The adjustment is made based on the differences between the subject property and comparable property in time of sale, terms of sale, location, and physical characteristics.

The date for changing the interest on an Adjust-able Rate Mortgage.

The time between adjustment dates for an adjustable rate mortgage. If the rate adjusted monthly, for example, one month would be the adjustment period.

See: Proration.

A person given authority by a proper court to manage and distribute the estate of a deceased person when there is no will. See also: Administrator C.T.A..

Administrator when there is a will but no executor is named or the executor named is unable or unwilling to serve. The C.T.A. stands for Cum Testamento Annexo (with the will attached).

A conveyancing instrument used by an Administrator to transfer property from an estate. See: Administrator.

Female administrator.

A structure built of adobe blocks. Adobe blocks are made from adobe mud mixed with straw or a straw-like substance, and then baked. Considered a very good but expensive material.

A flexible set of guide lines for depreciation which sets up an “asset depreciation period”, rather than using the “useful life” of an asset.

A person old enough to vote and to make contracts. The age in most states is 18, except for contracts to purchase alcohol, for which all states classify an adult as a person over the age of 21.

A fee charged by a broker to a seller to cover all or a portion of the broker’s costs of promoting the property. The fee is generally credited against commissions but is not refunded if no commissions are received. Most frequently used in connection with large offerings which require a substantial outlay of funds for promotion.

Payments made to a contractor before performance. Not the usual method and when made by HUD or GNMA, there must special approval. See also: Progress Payments; Provisional Payments.