Page 44 - Homeowners Manual - Nevada

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�”

39