All Vocab Chapters 1-15

Question 1

Giving up possession or ownership of a property by nonuse, usually accompanied by some affirmative act, such as removing one’s belongings from an apartment.

Answer 1

abandonment

Question 2

Document stipulating the outcome of a legal action, which can be filed in any county where the judgement debtor has property.

Answer 2

abstract of judgement

Question 3

A summary or digest of all recorded transfers, conveyances, legal proceedings, and or other facts relied on as evidence of title to show continuity of ownership and inidcate any possible impairments to title.

Answer 3

abstract of title

Question 4

A provision in a real estate financing instrument that allows the lender to declare the remaining indebtedness due and payable on the happening of certain conditions, such as the sale of the property or the borrower’s default in payment.

Answer 4

acceleration clause

Question 5

Indication by the person to whom an offer is made (the offeree) of agreement to the terms of the offer. If the offer requires writing, the acceptance must also be in writing.

Answer 5

acceptance

Question 6

The process of manufactured or natural improvement or addition to the property.

Answer 6

accession

Question 7

accounting

Answer 7

The obligation to account for all money or property belonging to the principal.

Question 8

Accession by natural forces, such as alluvion.

Answer 8

accretion

Question 9

A formal declaration made before an authorized person by a person who has executed a written instrument, stating that the exectuion of the instrument was the person’s own act.

Answer 9

acknowledgment

Question 10

For FHA-insured loans, the price to procure property, including the purchase price and all nonrecurring closing costs, including dicsount points, FHA application fee, service charge and credit report, FHA appraisal, escrow, document preperation, title insurance, termite inspection, reconveyance, and recordning fees.

Answer 10

acquisition cost

Question 11

A Measure of Land equaling 160 rods, 4,840 square yards, 43,560 sqft, or a tract about 208.71 feet square.

Answer 11

acre

Question 12

Legal proceeding brought to determine the respective rights of the paries before a controversy arrises.

Answer 12

action for declaratory relief

Question 13

A court proceeding brought to establish title to real property.

Answer 13

action to quiet title

Question 14

The number of years since completion of a building, also called the historical or chronological age.

Answer 14

actual age

Question 15

The authority an agent has because it is specified in the agency agreement, or that the agent believe she has because of an unintentional or careless act of the principal.

Answer 15

actual authority

Question 16

A deliberate misrepresentation or a representation made in reckless disregard of its truth or falsity; the supression or truth; a promise made without the intention to perform it; or any other act intended to deceive.

Answer 16

actual fraud

Question 17

Finance instrument whose interest rate will vary according to the change in an identified index or rate, such as the 11th District Cost of Funds.

Answer 17

adjustable rate mortgage (ARM)

Question 18

Promissory note that serves as evidence of debt that carries an interest rate that will vary according to the change in an indentified index or rate, such as the 11th district cost of funds.

Answer 18

adjustable rate note

Question 19

Purchase price of the property plus the cost of specified improvements, less any depreciation deductions taken on the property.

Answer 19

adjusted cost basis

Question 20

Income from all sources less deductions for taxes, depreciation, and other allowable deductions.

Answer 20

adjusted gross income

Question 21

Personal representative of the estate of the decedent, appointed by the probate court.

Answer 21

administrator

Question 22

A Latin phrase meaning “according to value” that is used to describe a tax charged in relation to the value of the proprty taxed.

Answer 22

ad valorem

Question 23

A method of acquiring title to real property by occupying the property against the interests of the true owner and fulfilling other statutory requirements.

Answer 23

adverse possession

Question 24

A deliberate statement of material fact that the speaker knows to be false and on which the speaker intends another person to rely to his detriment.

Answer 24

affirmative fraud

Question 25

If title is acquired by a grantor only after a conveyance to a grantee, the deed to the grantee becomes effective at the same time the grantor receives title.

Answer 25

after-acquired title