Arpent to Assessor

 

Arpent

An old land measurement used in France before the widespread adoption of the metric system, an arpent is equal to approximately 0.846 acres.

Arrears

Payment arrangement that charges and collects payment at the end of the specified period. Unlike most rental leases, mortgage interest payments are normally paid in arrears. The July 1 payment, for example, would be for interest incurred during the month of June.

Art Deco

You’ll find Art Deco features on many buildings built during the movement’s hey day in the 1920s and 1930s, as well as with a few 1960s buildings when Art Deco experienced a minor revival.

The term comes from a 1925 Paris festival on industrial and decorative arts, title Arts Decoratifs. This design style is known for its bold lines and colors, as well as geometric and curvilinear forms. In addition to buildings such as the Chrysler Building in New York City, art deco also influenced car manufacturers and industrial designers.

Art Nouveau

An artistic, decorative and architectural style that flourished from the late 1800s through the early 1900s. It is marked by curvilinear forms and undulating motifs, drawn from natural elements such as flames, waves and sandbars.

Artesian Spring

Named after a region of France, an Artesian spring is a confined aquifer with impermeable rocks or clay creating pressure on groundwater so that it naturally flows or spurts above the surface.  Because of the high water pressure, the released water flows upward when coming out of the spring.  The high pressure is normally created because the aquifer is filled at a higher elevation, such as a hilltop or on a mountain. With no way out for the water to flow, gravity creates pressure in the aquifer until a spring bursts forth in the lower elevation, such as in a valley.

Articles of Association

This legal instrument is used to create the homeowners’ association for a condominium. With condominiums, the homeowners association (sometimes called the condo board) is the official owner of the common areas and structures.

Articles of Incorporation

This legal instrument is used to create a corporation or a cooperative. When qualifying an applicant who is self-employed, mortgage lenders sometimes require documentation such as a certified article of incorporation to verify self-employment.

As Is

As the name indicates, this transaction term refers to an acceptance of the current condition of the subject property, without any guarantees. With real estate transactions, the seller may stipulate an “as is” listing, which means that the seller doesn’t want to have to make any changes, repairs or upgrades. However, just because the seller doesn’t want to make any improvements doesn’t mean that the buyer can’t inspect the property and negotiate special discounts or compensation from the seller.

Buyers should conduct an extra thorough property inspection whenever a property is being sold “as is.” There may be hidden damage, such as termite infestation, mold growth or structural issues that may require an expensive renovation or clean-up after the purchase. Foreclosure properties are normally purchased as is — though usually at a discount off the current market prices.

Asbestos

The fibrous crystals naturally found in soil and rocks have been highly regarded ever since the ancient Greeks discovered their ability to withstand heat. It was called the “miracle material,” becoming the choice material for insulation, sound absorption and tensile strength.

Today, however, asbestos carries a negative reputation for its cancer-causing properties. When asbestos crumble into flakes, those flakes can be inhaled and possibly cause lung cancer, mesothelioma or asbestosis. Many commercial buildings and some homes insulated before 1980 may have asbestos, which is why it pays to conduct a full property inspection — especially with older homes and buildings. Many states require sellers to disclose asbestos content to buyers prior to the purchase.

Asbestos-Containing Material (ACM)

When asbestos makes up at least one percent (1%) by volume of a material, that material is considered an asbestos-containing material.

Asking Price

Typically called the “list price,” the asking price is the initial dollar amount or property value established by the seller.

Assemblage

The increased value produced by the act of assembly.

Assembly

The process of creating a larger parcel of land or real estate by acquiring the adjacent or nearby parcels of land or real estate. Larger developments, especially in urban areas, often require the purchase of various parcels from different owners.

Assessed Value

The value of a property as determined by a taxing authority, usually the state, county or municipal government. The assessed value of the property is based on a percentage of its fair market value; the assessed value also uses separate appraisal calculations for the building and the land. Some states also apply an equalizer rate to adjust assessed value so as to correct inequalities in statewide assessments. Note that a mortgage lender’s appraisal value is separate from and does not affect the tax assessor’s value.

Assessment

In the real estate market, this label actually has two different meanings, depending on the context. With real estate taxes, the assessment refers to the assessed value of the subject property.

With condominiums and homeowner associations, assessments are often used to refer to association dues. Each unit owner in the homeowner or condominium association is responsible for an equal or prorated share of the assessment.

Assessment (Condominium) Letter

A periodic statement indicating the current balance of association dues owed by a unit owner. With refinances of condominium properties, the lender will often request this letter from the association, property manager or borrower to determine the applicant’s status with the condominium association.

Assessment Ratio

The assessed value divided by the equalized value of the taxable parcels in a community, region or state.

Assessment Roll

The list of real estate parcels that are eligible for tax assessment. This list is compiled by the local tax assessor and excludes tax-exempt properties (such as parcels owned by the government or legally-recognized not-for-profit organizations).

Assessor

Authorized representative of the local taxing authority who determines the property’s taxable assessment value and subsequent tax assessment. The assessor’s office is the body responsible for determining the taxable value of property, especially real estate.