The Wongsam Group - Richard and Vera Wongsam,CRS

Term	Definition

Abstract of judgment	The summary of a court judgment that creates a lien against a property when filed with the county recorder.

Accelerated cost recovery system	A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.

Accelerated depreciation	A bookkeeping method that depreciates property faster in the early years of ownership.

Acceleration clause	A provision that gives the lender the right to collect the balance of a loan if a borrower misses a payment.

Acceptance	The seller's written approval of a buyer's offer.

Access	Any means by which a person can enter property.

Accessibility	The degree in which a building or site allows access to handicapped people.

Accretion	The gradual addition to the shore or bank of a waterway through deposits of sand or silt.

Acknowledgment	A written declaration affirming that a person acted voluntarily.

Acre	A measurement of land equal to 43,560 square feet.

Acre foot	The volume of material needed to cover an acre of land one foot deep.

Active solar system	A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use.

Actual age	The number of years a structure has been standing.

Addendum	An addition or change to a contract.

Additional principal payment	Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.

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