see Americans with Disabilities Act.
A device, mechanism or fitting used to mate two parts of different design,shape or size to each other. A socket adapter permits the use of a 3/8-inch drive ratchet with a � inch drive socket. The fitting hasa female 3/8-inch square on one side into which the ratchet drive fits, and a male � inch square on the other side onto which the drive socket slides.
Joining of a thing to another thing. A thing or part added, such as a porch onto a house. Alternately,a chemical added to cement during its manufacture either to help the manufacturing process or change its use characteristics. Additions are often incorrectly called additives.
Substance added to another to enhance or change its performance. Alternately,a cement like substance added to paint to change it into sand or stucco paint. Paint also comes with additives already mixed in. Chemicals added to paint to promote drying, deter insects, control viscosity, flow and gloss levels.
A legally enforceable contract which is offered on a “take it or leave it” basis, leaving no opportunity for the purchaser to negotiate and must be accepted “as is,” putting the purchaser at a distinct disadvantage.
Manmade product used to bond and fasten materials together. Although they may do the same or similar jobs, adhesives differ from glue in one fundamental way; adhesive is made from synthetic materials while glue is made from organic material, such as horses’ hooves. Many adhesives can be used on a variety of jobs but some are very specific.
Property owners with property touching a common property and who have a legal right to notification when a zoning variance or change to the common property is being formally considered.
Adjournment of Closing
Postponement of closing of title until another day or place, which can occur for various reasons such as absence of one party or incompleteness of documents. The closing is rescheduled if both parties are in agreement but, if one party tries to cancel, the contract and deal may be jeopardized.
Adjustable hook spanner wrench
Wrench with a hinged, hook-shaped section that can be fitted into the rectangular slots on the edges of a variety of nut sizes. With the hook securely held in the slot, the wrench head fits around the nut and can be used to exert torque on the nut.
Pliers that have a tongue and groove joint or slot which allows the jaws to widen and grip different sized objects. The jaw opening is adjusted by opening the pliers fully and selecting the desired groove or hinge pin position.
Adjustable Rate Mortgage (ARM)
Loans with a periodically adjustable interest rate, reflecting the changes in a specific financial index. ARMs are typically offered with 1, 3, or 5 year periods before the rate can change.
Adjusted Cost Basis
Tax purpose cost measuring method that allows cost to be increased by the cost of capital improvements or reduced due to depreciation. The cost of a home would be increased by the amount paid to install a permanent improvement such as air conditioning.
Adjusted Gross Income
Federal tax term which refers to the difference between a taxpayers gross income and adjustments to that income, which may include deductions for individual retirement accounts (IRA) and Keogh pension plans, which may be invested in real estate. Adjusted gross income is the basis for determining the limitations or eligibility of other components, such as miscellaneous expenses (2% of AGI), in calculation of taxpayer’s tax liability.
Adjusted Sales Price
1. Net sales price of a piece of property with the commissions and closing costs deducted from the actual sales price.
2. For appraisal purposes: the price of a comparable piece of property with the differences between it and the property in question, accounted for.
3. For income tax purposes: the sales price of a property reduced by the costs of improvements necessary to bring it to the condition of the comparable property.
Adjusted Tax Basis
The original cost of the property plus additional capital expenditures made to it, minus the accumulated depreciation. The realized tax purpose gain or loss is the difference between the sales price and the adjusted basis. Example: property purchased for $300,000 with $100,000 of capital improvement made to it. With an accumulated depreciation of $75,000, the adjusted cost basis for tax purposes would be $325,000 ($300,000 + $100,000 – $75,000). If sold for $400,000, the taxable gain would be $75,000.
Adjustments in Appraisal
Change in the value of one particular property based on the value of a comparable property. Adjustment in the appraisal of a comparable property will then affect the value of the original property.
Authority of an individual appointed to a governmental position to use his or her discretion in the interpretation of the intent of the law when making a decision or implementing a policy.
Administrator Cum Testamento Annexo (C.T.A.)
A will, which requires an administrator to be appointed by the court because the executor/executrix chosen by the decedent is flawed. Such flaws include: choice of an incompetent person, chosen executor declines, no one is named.
Alloy that is at least 70 percent copper and 1 percent tin, with the remainder being zinc and often trace amounts of other elements. This metal is resistant to deterioration in the presence of salt air or saltwater and is used commonly where those conditions exist. Includes admiralty bronze and admiralty brass.
Admix or Admixture
Substance added to concrete, stucco or mortar for any of a variety of purposes; some purposes being to improve the mix, air entrainment or changing the drying time. Stucco is difficult to trowel unless a small amount of lime is added to the mix. The mixture to which something has been added.
Brick made of adobe clay and straw, dried in the sun rather than by oven firing with standard bricks. Adobe bricks are still used for building in certain areas of the country. Larger than standard bricks, they require a type of clay that contains between 25% and 45% aluminum salts.
Construction method, which uses sun, baked blocks, which are made of soil mixed with straw, and used chiefly in the southwest of the United States and in Latin America and other arid parts of the world.
Housing project specifically designed to meet the needs of older, largely retired person with no small children. Adult communities with their low maintenance, high security and recreational programs can be either condominiums, cooperatives, townhouses, apartments or planned communities.
Translation from the Latin: “according to value”.
Acquisition of title to property through possession for a certain period of time, without knowledge by the owner. Adverse possession is a statute of limitations that prevents a legal owner from claiming title to the land when the owner has done nothing to evict an adverse occupant during the statutory period.