An appraiser is an expert hired to examine an object or piece of property to determine its value. This determination is called an appraisal, and is commonly required for the purchase, sale, or refinancing of real estate or to gain insurance on property or make a claim if insured property is lost or stolen.
To 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.
See also: appreciation.
[Last reviewed in June of 2021 by the Wex Definitions Team]
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 the value or significance of a person or thing.
[Last reviewed in June of 2021 by the Wex Definitions Team]
An annual percentage rate (APR) is the yearly rate charged for a loan or earned by an investment. In other words, it is a measure of the cost of credit, expressed as a yearly rate. APR includes interest as well as other fees associated with the transaction. It is calculated by multiplying the interest rate per payment period by the number of such payment periods in a year.
An arbitrator is a neutral third party that oversees the alternative dispute resolution method of arbitration. While arbitration as a whole is governed by the Federal Arbitration Act, the requirements to become an arbitrator are determined exclusively by state law.
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 the interest fluctuates during the life of the loan, based on the change or move
“Arm’s length” is an expression commonly used to refer to transactions in which two or more unrelated and unaffiliated parties agree to do business, acting independently and in their self-interest. In transactions “at arm’s length,” the parties involved should have equal bargaining power and symmetric information, leading the parties to agree upon fair market terms.
Arrearages broadly refer to being in arrears or owing a debt. There are two main uses of the term. One refers to payments in arrears that are meant to occur after they are owed, such as wages paid a week after time is entered or for invoices. Arrearage can also mean a person or business behind on paying bills, debts, or other obligations.
Arrears are accumulated debts that have not yet been paid upon the due date. For instance, if someone falls $5000 behind in paying for their mortgage, then they have built up $5000 in arrears.
See also: arrearages.
A party who intentionally sets fire to their property with the purpose of collecting insurance money on that property is guilty of arson with the intent to defraud an insurer. Arson with the intent to defraud an insurer is a state law offense and can either be included within the general arson statute or exist as its own charge.
