PROPERTY

appreciate

Appreciate means to increase in value (the opposite of depreciate). It may also mean: to understand or recognize the value or significance of something or someone.

appreciation

Appreciation is an increase in an asset’s value, usually due to inflation or other external economic factors (the opposite of depreciation).

In more common parlance, appreciation may also be recognition or understanding of...

An appurtenance refers to something that, while technically detachable, is so fundamental to something else that it should be regarded as a part of the whole. In the event that property transfers hands, all appurtenances usually transfer as...

appurtenant

Appurtenant refers to rights or restrictions that run with the land. The term is generally used in the context of easements or covenants, and is distinguished from rights or restrictions in gross, which only benefit or burden a particular...

ARM

ARM stands for ‘adjustable-rate mortgage’, which is a type of home loan that has a fixed interest rate for an initial period of time, then after a certain point the rate changes, which means it is no longer a fixed interest rate, but rather...

as is

“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase. The buyer should be able to view and...

ascertained

“Ascertained” means something is found out with certainty, it is used after the “ascertain” is finished. “Ascertain” means to make certain; to establish with certainty, by the finding and judgment or decree of the court.

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assess

In common parlance, to assess means to evaluate.

In legal contexts, the word assess is usually used in the context of tax law and means to ascertain a valuation of a piece of property for purposes of tax calculation (see...

assessed value

Assessed value is the value of a property, as determined (assessed) by a tax assessor or appraiser, for tax calculation purposes.

[Last updated in June of 2021 by the Wex Definitions Team]

assessor

An assessor (sometimes also termed tax assessor) is an official who is responsible for evaluating and assessing a property for tax calculation purposes.