Real Estate Terminology - Principles RE1

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ad valorem taxes

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A tax calculated according to the assessed value of a piece of real estate.

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agency

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A relationship where one party is authorized to act on behalf of the other.

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agency by ratification

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An unauthorized action taken on behalf of a principal which is accepted and legitimized after the fact by the principal.

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air lot

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Area above parcels of land that are defined by elevation boundaries.

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Americans with Disabilities Act (ADA)

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A federal civil rights law passed in 1990 which prohibits discrimination against and creates standards for people with disabilities.

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apartment locator

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A real estate license holder who locates dwelling units for prospective tenants.

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attorney

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A person who is licensed to give legal advice.

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bundle of rights

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The ownership of land with all of the legal rights of possession, control, enjoyment, exclusion, and disposition.

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cloud

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Any claim to or encumbrance on the title to a property that affects transferability.

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CLUE reports

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Stands for Comprehensive Loss Underwriting Exchange, a database used by insurance agencies that contains information on any claims made in the past five years by property owners on specific properties.