abstract of title
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A summary of the history of a title.
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acceleration clause
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A clause in a mortgage contract which gives the lender the right to demand payment in full on the outstanding loan for certain reasons. Examples of reasons inlcude the borrower defaulting on the loan or transferring the title to someone else without letting the lender know.
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access
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the way to get a property
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Accessibility
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Housing that is changed to meet the needs of individuals with disabilities and special needs.
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acre
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43,560 square feet of land.
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Activities of Daily Living (ADL's)
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Things that we do everyday to care for ourselves like bathing, dressing, housework… ADL's are looked at to see what kind of help a person may need.
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Actual income from assets
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Interest produced by a household's savings and checking accounts and income from capital investments.
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addendum
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Something added to a contract.
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Adjustable-Rate Mortgage
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A mortgage with an interest rate that changes from time to time, based on terms decided upon when the mortgage is issued.
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Adjusted Income
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Income used to calculate the amount of rent an individual pays with a Supportive Living Facility Voucher.
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Adjustment Interval
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The period of time between changes in the interest rate for an adjustable-rate mortgage.
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Affordable housing
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Federal housing guidelines state that housing is affordable when monthly housing costs are not more than 30% of monthly household income
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Affordable Mortgages
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A term used by many people who lend money. It refers to "First Time Home Buyers' Programs" or other mortgages that have a limit on the income of the buyer.
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Agreement of sale
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A written agreement
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AIA
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American Institute of Architects. An organization which helps design housing for homeless people.
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AL-ANON
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FREE self-help group for family members, significant others, friends and others affected by someone else's substance abuse. Participants learn from each others' experiences in dealing effectively with others' substance abuse.
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Alcohol and other drugs (A&D)
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(A&D) is the abbreviation for Alcohol and other drugs.
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Alcoholics Anonymous (AA)
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Support program for people recovering from alcoholism.
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Allowance for dependents
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$480 deduction for each dependent in a family who is a minor, or a full-time student, or handicapped or disabled.
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Allowance for handicapped assistance
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Amount of reimbursable expenses for care attendants or equipment that exceeds 3% of annual income, for persons with handicaps. The assistance or equipment must be necessary for an adult to be able to work. The amount to be paid cannot be greater than the amount the adult earns.
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Allowance for medical expenses
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Allowance for elderly persons when their total medical expenses exceed 3% of their annual income.
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Amah
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Farmers Home Administration, an agency of the U.S. Department of Agriculture that insures home loans in rural communities.
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Ambulatory
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The ability to walk freely and independently, not bedridden or hospitalized.
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Amenities
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Features of a property
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American Institute of Architects (AIA)
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Organization with long history of involvement in design of facilities, housing for homeless people.
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Americans with Disabilities Act (ADA)
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A law passes in 1980 which prohibits discrimination if a person has a disability.
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amortize
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Prorated repayment of a debt.
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Annual income
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Total income of a household for a calendar year.
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Antivirus software
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Software that scans the computer for viruses and gets rid of them.
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appraisal
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A professional estimate of a property's market value.
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APR
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Annual percentage rate
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ARM
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Adjustable rate mortgage
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as is
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A phrase used for property that will not be repaired by the seller or will the seller guarantee the quality of the property
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Assertive Community Treatment (ACT)
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Intensive mental health services delivered in a community setting, usually by a treatment team.
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assessed evaluation
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An evaluation of property by an agency of the government for taxation purposes.
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assessment (clinical)
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An evaluation of a person's mental, emotional and social capabilities by a trained professional.
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assessment (property)
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Tax or charge due against a property.
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Asset
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An individual trait that is used for the greater good of a company or organization
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Assets disposed of for less than fair market value
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The difference between the cash value of net family assets and the amount received when they are sold at a loss. This must be within a two-year period before certification or recertification.
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Assistance Payment
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The amount Housing and Urban Development (HUD) pays an owner each month for a unit occupied under Section 8, RAP or Rent Supplement programs.
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Assisted Living
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A combination of housing, supportive services and health care that assists people who need help with activities of daily living.
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assumable mortgage
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A mortgage that a buyer can take over with the purchase of a property.
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