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APR See Annual Percentage Rate. VALUE The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities; the present worth to typical users and investors of future benefits arising out of ownership of a property. CERTIFIED PROPERTY MANAGER A professional property manager who has qualified for membership in and is a member of the Institute of Real Estate Management, and is designated a CPM. FEDERAL HOUSING ADMINISTRATION (FHA) The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market. ACRE A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods. JOINT LIABILITY Liability shared among two or more people, each of whom is liable for the full debt. RIGHT TO RESCISSION Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage. |
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