A narrow right of way, either public or private, used for access (usually to garages, loading platforms, etc.).

In appraising, the effect upon value of a property, because of an adjoining side or rear alley.

A method for appraising a site (land) by comparing other site values as a percentage of total value. Example: An area has a typical land value of 35% of the total value of a site (including improvements). Property X has a total (improved) value of $100,000. The land is worth $35,000. The term is often (and incorrectly) used synonymously with abstraction See: Abstraction.

See: Allodium.

See: Allodium.

Land owned by individuals, as opposed to the feudal system of ownership of all land by a king or ruler.

A small parcel of land, sold or given to a farm worker for cultivation as a supplementary source of income. Popular in the 1900’s before World War II.

Deposits formed by accretion.

Changes in the interior or exterior of a building, but without changing the exterior dimensions.

See: Waste.

A change, either to correct an error or to alter a part of an agreement without changing the principal idea or essence.

Those things which enhance the enjoyment (and therefore the value) of real estate but are not necessary for its intended use. Examples: a scenic view, swimming pool, etc.

A national organization formed in 1875 as a professional association for banks and other financial institutions.

See: ABA Number.

A process in bricklaying by which every 5th, 6th, or 7th layer of bricks is laid with the wide length facing the wall; the other layers have the narrow length facing the wall.

The educational arm of the American Bankers Association.

Former name for ASTM. (See which).

Payment of a debt in equal periodic installments of principal and interest. See also: Balloon Note; Straight Note; Negative Amortization.

A schedule showing each payment of a loan to be amortized (see Amortization) and breaking down the payment into the amount applied to principal and the amount applied to interest.

The time required to pay off a mortgage if no additional principal payments are made and all payments are made on schedule. A ten year loan, for example, would have an amortization term of 120 months (ten years).

To reduce a debt by regular payments of principal and interest. Modernly, the word has been qualified as fully amortized, partially amortized, and negatively amortized. See: Balloon Note; Straight Note; Negative Amortization.