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
This term describes the act of transferring “title” from one person to another. This refers to the process in real estate when the property owner voluntarily giving or selling the title of their property to another party.
Alienation
The actual particles (sand, mud, etc.) that create the new shore line are called?
Alluvion
These types of mortgages have the same interest rate for the entire repayment period and 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 Fixed-Rate Mortgages
In a contract term this is used to declare a contract invalid OR void.
Annul / Annulled
This term describes increased expected growth in future value of a property or area.
Anticipation
Ex. Tax breaks are given to big employers would be seen as a boom to the surrounding housing area as workers would also move in.
An employee given the task of the act or process of developing an opinion of value on a home or property. What is the value of the property report called?
Appraiser / Appraisal
This term is used to describe anticipated increase in value over time AND / OR a rise in an property or assets value based on outside economic factors.
Appreciation
This name change occurs when the attachment to a property officially becomes part of the property. What is it now called?
Appurtenance(s)
This term is used to describe a building that runs with OR runs alongside OR belongs to a subject property.
Appurtenant
What is the effective rate of total interest on a loan?
Annual Percentage Rate or A.P.R.
This term is used to describe the annual interest rate charged AND ALSO represents the actual amount of borrowed moneys cost over the life of the loan.
Annual Percentage Rate / APR
Mortgage interest rates get paid in _______. This means you are paying interest on money you are using after you are sign the deed to your home.
Arrears
Ex. If you move in January 6th I will have to pay from the 16th to the 1st.
This administration was established by the Legislature to provide the Real Estate Commissioner with such recommendations as it deems necessary and beneficial to the best interests of the public.
Arizona Real Estate Advisory Board
A.R.S. Stands for?
Arizona Revised Statues
This term is used to describe a material of microscopic fibers with highly fire-retardant properties that was once used in certain construction materials,
such as insulation, flooring, roofing and other common uses. It is no longer used because it is toxic to humans.
Asbestos
This term is used to describe when a land owner increases the value of smaller parcels by combining them into one larger group to increase the value or the parcels as a whole, when the land owner combines small properties into one large property is called an _______.
Assemblage
Ex. See Plottage
The _________ Identification Number is an Indexing system for tax purposes.
Assessor’s Identification Number
______ are Tangible or Intangible Items that have value in real estate purchases.
Assets
This term is used to describe the new party to the old contract OR the receiv-ee.
Assignee
This term is used to describe when it occurs in a contract occurs where the original “lessee” assigns their rights at the end of a lease to a new “lessee”. This would occur during a leasing agreement.
Assigning a Lease
This term is used to describe when one party in a contract gives up their position in the contract to another party in a property agreement and relinquishes their right’s in the contract to the new party.
Assignment
This term is used to describe the original party to the original contract who is the give-or of the property in the agreement.
Assignor
This term is used to describe when a buyer assumes the debt and terms of the sellers existing loan terms with the seller’s own mortgage company and does not apply for their own financing.
Assumption
Within the 5 AMA Guidelines any new developer must provide a _______ that there is an assured water supply to the subject property which can ONLY be supplied to the developer by The Assured Water Supply Program.
Board Certification
This term is used to describe when a loss of land occurs as a result of erosion.
Avulsion
Which Article of the AZ Constitution gives real estate licensees the power to draft or write contracts related to the sale of real estate in AZ?
Article XXVI (26)
This term is a contract clause that describes the act of transferring “title” from one person to another. This requires a mortgage lender to be immediately repaid if an owner transfers ownership rights or sells a collateral property. What contract clause is this?
Alienation Clause
