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