| Appraisal | An estimate of the value of a building and/or property, make by a qualified professional called an appraiser. |
| Appraisal Fee | What someone charges to deliver a professional opinion about how much a property is worth. |
| ARM | See Adjustable Rate Mortgage. |
| Assumable Loans | Loans that can be transferred to a new owner if a property is sold. |
| Average Annual Return | Average Annual Return is used to compare returns over different periods on a consistent basis with the unit being years, hence per annum. Normally only returns over periods greater than one year are annualized. The average annual return is the rate that an investor would have earned in each year to achieve the total cumulative return over the period. |
