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Real Estate Glossary

Acre – A measure of land, 208 feet by 208 feet or roughly 43,560 square feet

Adjustable Rate Mortgage (ARM) – A loan characterized by a fluctuation interest rate, generally linked to a bank or index.

Annual Percentage Rate (APR) – The combination of the rate on the loan along with the fees charged to obtain the loan. Must be disclosed to borrowers on the Truth-in-Lending Disclosure.

Appraised Value – An estimate of the quantity, quality or value of something. Used generally referencing the market value of your home.

Assessed Value – The portion of your homes appraised value that your taxes are based on. In Connecticut the assessed value of your home is 70% of its appraised value

Building Code – Ordinances that specify minimum standards of construction for buildings to protect public safety and health