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Glossary (click letters)

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ACREAGE – a 2 dimensional measure of land equaling 160 square rods, 10 square chains, 4,840 square yards, or 43,560 square feet.

ADJUSTABLE RATE MORTGAGE – a mortgage with an interest rate that changes periodically, according to an index that is selected when the mortgage is issued. The initial interest rate is lower than that of fixed–rate mortgages, but monthly payments can go up or down as the rate is adjusted.

ADJUSTMENT INTERVAL – the period of time between changes in the interest rate for an adjustable–rate mortgage. Typical adjustment intervals are 6 months and one year.

AMENITIES – in appraisal, the non–monetary benefits derived from property ownership.

AMORTIZATION PERIOD – the period or length of time over which the principal portion of a mortgage loan is scheduled to be paid down through periodic payments.

ANCHORED – refers to a piece of commercial real estate property, which will serve as the main tenant in a shopping center.

ANCHORS – a long term, credit worthy tenant. The presence of one or more "anchors" enhances the value and the ability to obtain financing for a shopping center.

APPRAISAL – an estimate of the value of a property, made by a qualified professional called an appraiser.

ASSISTED LIVING – type of senior housing that is typified by independent living and limited assistance to its renters.

ASSUMABILITY – a mortgage loan which can be transferred to another person without a change in the terms of the loan.

AVAILABLE SF – the square feet available for lease.

AVERAGE ANNUAL OCCUPANCY – percentage of currently rented units in a building, city, neighborhood or complex.

AVERAGE DAILY RATE – a hotel rate used to evaluate the average daily rate of a hotel inclusive of vacancy and seasonality.

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