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REAL ESTATE EXAM > "A" VOCAB > Flashcards

"A" VOCAB Flashcards

1
Q

Abandonment

A

The voluntary surrender of a right, claim, or interest in a piece of property without naming a successor as owner or tenant

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2
Q

Abstract of Title

A

a certified summary of the history of a title to a particular parcel of Real Estate (RE) that includes the original grant and all subsequent transfers, encumbrances, and releases

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3
Q

Abutting

A

Sharing a common boundary

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4
Q

Acceleration Clause

A

a clause in a note, morgage, or deed of trust that permits the lender to declare the entire ammount of principal and accrued interest due and payable immediately in the event of default

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5
Q

Accretion

A

the increae or addition of land resulting from the natural deposit of sand or soil by streams, lakes or rivers

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6
Q

Accrued depreciation

A

“1) The ammount of depreciation ( Loss in Value) that has accumulated since initial construction
2) the difference between the current appraised value and the cost to replace the building new”

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7
Q

Acknowledgment

A

a formal declaration before a public official, ussualy a notary, by a person who has signed a deed, contract, or other document that the execution was a voluntary act

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8
Q

Acre

A

a measure of land equal to 43,560 square feet

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9
Q

Actual Eviction

A

the result of legal action brought by a landlord against a defaulted tenant, whereby the tenant is physically removed from rented or leased property by court order

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10
Q

Addendum

A

any provision added to a contract, or an addition to a contract that expands, modifies, or enhances the clarity of the agreement. To be legally enforceable, must be referenced within the contract

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11
Q

Adjacent

A

Lying near to but not necessarily in actual contact with

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12
Q

Adjustable Rate Mortgage

A

“A mortgage in which the interest changest periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.
Ex: a 7 year ARM is a loan where the rate remains fixed for the first 7 years, then fluctuates according to index.”

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13
Q

Adjusted Basis

A

the original cost of a property, plus acquisition costs, plus the value of added improvements to the porperty, minus accrued depriciation

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14
Q

Administrator

A

a person appointed by a court to settle the estate of a person who has died without leaving a will

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15
Q

Ad Volarem

A

tax in proportion to the value of a property

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16
Q

Adverse Possession

A

a method of acquiring title to another person’s property through court action after taking actual, open, hostile, and continuous possession for a statutory period of time

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17
Q

Affadavid

A

a written statement made under oath and signed before a licensed public official, usually a notary

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18
Q

Agency

A

the legal relationship between principal and agent that arises out of a contract wherein an agent is employed to do certain acts on behalf of the principal who has retained the agent to deal with a third party

19
Q

Agent

A

one who has been granted the authority to act on behalf of another

20
Q

Agreement of Sale

A

a written agreement between a seller and a purchaser whereby the purchaser agrees to buy a certain piece of property from the seller for a specified price

21
Q

Alienation

A

the transfer of ownership of a property to another, either voluntary or involuntary

22
Q

Alienation Clause

A

Clause in a mortgage or deed of trust that permits the lender to declare all unpaid principal and accrued interest due and payable if the borrower transfers title to the property

23
Q

Ammenties

A

features or benefits of a particular property that enhance the property’s desirability and value, such as a scenic view or a pool

24
Q

Amortization

A

the method of repaying a loan or debt by making periodic installment payments composed of both principal and interest. When all principal has been repaid, it is considered fully amortized

25
Q

Amortize

A

to repay a loan through regular payments that are comprised of principal and interest

26
Q

Annual Percentage Rate

A

the total or effective ammount of interest charged on a loan, expressed as a percentage, on a yearly basis. Created according to a gov’t formula intended to reflect the true annual cost of borrowing

27
Q

Anti Deficiency laws

A

laws used in some states to limit the claim of a lender on default on payment of a purchase money mortgage on owner–occupied residential property to the value of the collateral

28
Q

Anti Trust Laws

A

“laws designed to protect free enterprise and the open marketplace by prohibiting certain business practices that restrict competition.
These laws would prevent such practices as price–fixing or agreements by brokers to limit thier areas of trade”

29
Q

Apportionments

A

adjustment of income, expenses, or carrying charges related to RE, usually computed to the date of closing so that the seller pays all expenses to date, then the buyer pays all expenses beginning on the closing date

30
Q

Appraisal

A

an estimate or opinion of the value of an adequately described property, as of a specific date

31
Q

Appraised Value

A

an opinion of a propertys fair market value, based on an appraiser’s knowledge, experience, and analysis of the property, based on comparable sales.

32
Q

Appraiser

A

and individual qualifited by education, training, and experience to estimate the value of real property.

33
Q

Appreciation

A

an increase in the market value of a property

34
Q

Appurtenance

A

something that transfers with the title to land even if not an actual part of the property, such as an easement

35
Q

Assessed Value

A

the value of a property used to calculate RE taxes

36
Q

Assessor

A

a public official who establishes the value of a property for taxation purposes

37
Q

Assessment

A

The process of assigning value on property for taxation purposes

38
Q

asset

A

items of value owned by an individual. Assets that can be quickly converted into cash are considered ‘liquid assets’ such as bank accounts. Other assets include RE, personal property, debts owed.

39
Q

Assignment

A

the transfer of rights or interest from one person to another

40
Q

Assumption of Mortgage

A

the act of acquiring the title to a property that has an existing mortgage and greeing to be liable for the payment of any debt still existing. However, the lender must accept the transfer of liability for the original borrower to be relieved of the debt

41
Q

Attachment

A

the process whereby a court takes custody of a debtor’s property until the creditor’s debt is satisfied

42
Q

attest

A

to bear witness by providing a signature

43
Q

Avulsion

A

the removal of land from one owner to another when a stream or other body of water suddenly changes its channel

REAL ESTATE EXAM (12 decks)

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