Letter A Vocab Flashcards
This term is used to describe the written history of the title conveyances regarding a specific subject property.
Abstract of Title
This term is used to describe that the official owner of record whose property is contiguous to the subject property. This term describes any property which touches the subject property at any point, ignoring all rights-of-way, easements, alleys, and the like. What is it called when property touches at any point?
Abutting
Ex. These are sections of property parcels that butt up against each other.
This is a term that describes the acquisition of a tenant’s property which can be a SFR, manufactured home, or mobile home either by a landlord due to failure of removing the subject property at end of lease.
Accession
This term is used to describe an agreement to discharge a claim in which the parties agree to give and accept different financial performances from the mortgage company which is usually less than what is required or owed at different time frames. This is considered a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for a total amount of $35,000. The contract calls for an initial $17,500 prior to starting construction, the contract then calls for a disbursement amount of $10,000 during various stages of construction, and then the contract calls for a final payment of $7,500 at completion.
Accord and Satisfaction
This term is used to describe an Increase in land by sediment in the water. This new land becomes property of land owner. In real estate, the increase of the actual land on a stream, lake or sea shoreline caused by the action of the water which deposits soil upon the shoreline. This is considered Mother Nature’s little gift to a landowner.
Accretion
How many square feet measures one acre?
43,560 Sq. Ft.
Five Active Management Areas (AMAs) Regions are determined to be highly dependent on ___________.
Groundwater
This is a term that describes the compensation for any losses proven to had occurred during a contract. These damages refer to the financial amount that is to be paid to a victim that suffered loss that can be calculated. These type of damages are often known as __________ damages, _______ damages or, legally, as _______ damages.
Actual Damages
Real Damages
Compensatory Damages
During an ________ Eviction if the tenant breaches contract, the landlord can sue for financial damages.
Actual
This is a term that describes that the notice had been delivered in such a way as to give legally sufficient assurance that actual knowledge of the matter has been conveyed directly to the recipient. This is used to determine if the client did their own required due diligence or was legally not given sufficient notice.
Actual Notice
This is a Latin term that describes that a property is being taxed according to its value is also known as __________.
AD Valorem
These types of mortgages have the same interest rate for a few years as requested by the client’s and it adjusted as frequently as client requested per their contract. These are rates that will change, typically every year. Both the principal and interest balances are fully paid at the end of the 360 month loan term. What type of mortgage is this?
Fully - Amortized Adjustable Rate Mortgage (ARMs)
Cost Basis + Capital Improvements – Depreciation =
$50,000 + $25,000 - $10,000 = $65,000 - PROFIT
What Is This Calculation Used To Calculate?
Adjusted Basis
This is a term used to describe a type of involuntary alienation or giving up of ownership to a property whereby an unauthorized person who does not hold legal title to a property can in fact obtain legal title and rights.
Adverse Possession
This term is used to describe the conversion of personal property to real property by a person who owns a mobile home that is not permanently affixed to real property they need to file an _____ of affixture with the county recorder of the county in which the real property is located.
Affidavit / Certification of Affixture
This term describes a legal employment relationship in real estate where one party allows someone else the powers to act for them or on their behalf in some manner or capacity. This is called _______.
Agency
This employee acts on behalf of the principal and should not have a conflict of interest in carrying out the wishes or the act on behalf of the principal. Also known as the Broker in the employment agreement.
Agent
These property ownership rights describe the space between all common walls in a home OR / CAN ALSO BE used to describe the ownership of rights that extend above the property. What is this type property ownership rights?
Air Rights
