Page 42 - Homeowners Manual - Arizona
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Real Estate Dictionary









         Old Republic Title offers this dictionary as a reference tool for individuals and organizations in the real estate
         community� We hope you find our definitions useful and we welcome the opportunity to serve you�

         Why Old Republic Title?
         Old Republic Title has been a respected member of the American title insurance community for over
         100 years� Our experienced title professionals would be pleased to answer any questions regarding title
         insurance or entries in this dictionary� You also may access oldrepublictitle�com for a thorough overview of
         our capabilities�




         A                                                       Agent: A person or company that has the power to act on
                                                                  behalf of another or to transact business for another, e�g�,
         Abstract of Title: A condensed history or summary of all   a title agent under contract with Old Republic Title is an
           transactions affecting a particular tract of land�     agent solely for the purpose of issuing policies of title
                                                                  insurance and other title insurance products�
         Access: The legal right to enter and leave a tract of land
           from a public way, which can include the right to enter   Air Rights: The right to ownership of everything above the
           and leave over the land of another�                    physical surface of the land�

         Accretion: The slow buildup of land by natural forces such   ALTA: American Land Title Association, a national
           as wind or water�                                      association of title insurance companies, abstractors
                                                                  and attorneys specializing in real property law� Its
         Adjustable Rate Mortgage (ARM): A residential mortgage   headquarters are in Washington, D�C�
           that has an interest rate that is subject to change� The
           times of adjustment are agreed upon at the inception of   Annual Percentage Rate (APR): An expression of the
           the loan�                                              percentage relationship of the total finance charges to
                                                                  the total amount to be financed as required under the
         Administrator: A man appointed by a probate court to     federal Truth-in-Lending Act�
           settle the affairs of an individual dying without a will�
           The term is “administratrix” if such a person is a woman�    Appraisal: A written opinion of market value based upon a
           Also see “Personal Representative�”                    factual analysis of relevant local market information�

         Adverse Possession: A claim made against the land of    Appurtenance: Anything so annexed to land or used with it
           another by virtue of open and notorious possession of   that it will pass with the conveyance of the land�
           said land by the claimant�
                                                                 ARM: Adjustable Rate Mortgage�
         Affidavit: A sworn statement in writing�                 Also see “Variable Rate Mortgage�”





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