California Real Estate

Question 1

Abondonment

Answer 1

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

Question 2

Abstract of title

Answer 2

a certified summary of the history of a title to a particular parcel of real estate that includes the original grant and all subsequent transfers, encumbrances and releases.

Question 3

Abutting

Answer 3

sharing a common boundary, adjoining

Question 4

Acceleration Clause

Answer 4

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

Question 5

Accretion

Answer 5

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

Question 6

Accrued depreciation

Answer 6

the amount of depreciation that has accumulated since initial construction

Question 7

Acknowledgement

Answer 7

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

Question 8

Actual Eviction

Answer 8

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

Question 9

Addendum

Answer 9

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

Question 10

Adjacent

Answer 10

Lying near to but necessarily in actual contract with

Question 11

Adjustable Rate Mortgage (Arm)

Answer 11

A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. Ex a 7 year ARM would have the same rate for 7 years then adjust to the current index (rate)

Question 12

Adjusted Base

Answer 12

the original cost of a property, plus acquisition cost, plus the value of added improvements to the property, minus accrued depreciation

Question 13

Administrator

Answer 13

a person appointed by a court to settle an estate of a person who has died with out a will

Question 14

Ad Valorem Tax

Answer 14

tax in proportion to the value of the property

Question 15

Adverse Possession

Answer 15

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