Real Estate Dictionary

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Real Estate Dictionary 1031 Exchange The Internal Revenue Code Section that allows a taxpayer to sell an investment property and purchase another investment property in its place without paying capital gains on the proceeds from the sale. Also called Like-Kind Exchange or Tax-Deferred Exchange. Abandonment Non-payment of taxes. Absolute Auction An auction where the property is sold to the highest qualified bidder; there is no minimum bid or reserve or right of confirmation. Also called Without Reserve. Abstract of Title A brief, chronological summary of the recorded documents affecting title to a particular parcel of real property.

Adverse Possession The open, notorious, hostile, adverse, exclusive, and continuous possession of another person's property for a statutory number of years, after which time the ... Antitrust An area of federal law concerned with maintaining competition in private markets by prohibiting unlawful restraint on trade.

  Market, Notorious