property & real estate law


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 updated in June of...


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...


A thing that is part of another thing even though it is detached.


Definition from Nolo’s Plain-English Law DictionaryIn real property law, this describes any right or restriction which goes with that property, such as an easement to gain access across the neighbor's parcel or a covenant (agreement) against blocking the...


See: adjustable rate mortgage

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...


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]


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

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

Assessor's Parcel Number

A number locally assigned to parcels of property for the purposes of taxation and record-keeping.