Canadian Financial, Real Estate and Mortgage Glossary

additional property — Definition

A property that is owned by the person that is not being financed.

adequacy of coverage — Definition

An assessment of how well an entity's property and assets are insured against potential losses.

adjustable rate preferred stock (ARPS) — Acronym

adjusted balance — Definition

A method used by some card issuers in which they subtract all payments made during the month, then add the finance charges.

adjusted basis — Definition

The amount you use to determine your profit or loss from a sale or exchange of property.

adjusted cost base (ACB) — Canada, Important

adjusted cost basis — Definition

The amount paid for an item, plus the amount paid for improvements, minus losses and depreciation. When the owner sells the item, the difference between the sales price and the adjusted cost basis is the profit or loss.

adjusted debit balance (ADB) — Acronym

adjusted net worth (ANW) — Acronym

adjusted operating cash flow (AOCF) — Acronym

adjusted operating profit (AOP) — Acronym

adjustment period — Definition

The time between changes in the interest rate in an adjustable-rate mortgage.

administrative service contract (ASC) — Acronym

administrative services only (ASO) — Acronym

Advanced Estate Planning and Trust Strategies (AETS) — Canada

Advanced Investment Strategies (AIS) — Canada

Advanced Retirement Management Strategies (ARMS) — Canada

adverse possession — Definition

A means of getting title to land by using it without the objection of the title holder.

adverse use — Definition

Use of someone's property without permission.

Aetna Life Insurance and Annuity Company (ALIAC) — Company

affidavit — Definition

A written statement sworn to before an authorized official such as a notary public, or commissioner for oaths.

affinity card — Definition

A credit card (usually Visa or MasterCard) that has a promotion arrangement with an affiliated organization (often a charity or non-profit group). The logo of the group appears on the card and the group usually gets a percentage of the sales made on the card.

after repair value (ARV) — Acronym

An approximation of a property's market value after needed repairs or renovations are made.

  ➥  Similar to Fair Market Value.

aged trial balance (ATB) — Acronym

A ledger style view of client transactions usually showing accounts receivable or outstanding amounts sorted by date.

agency (agcy) — Definition

A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.

agency closing — Definition

The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.

agent (agt) — Definition

A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.

AGF Trust Company — Company Est.1988, Canada-wide, Important

  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.

aggregate limit of liability — Definition

A restriction on the amount of liability an insured entity can place on an insurer in a specific time period.

aggregate stop loss (ASL) — Acronym