Real Estate Express

Question 1

Abstract of Title

Answer 1

A prefix meaning “based on value.” Most local governments levy an ad valorem tax on property.

Question 2

Accession

Answer 2

The idea that the owner of land is entitled to all that the soil produces or all that is added to the land either intentionally or by mistake. Trade fixtures not removed are “assessed” by the owner of the property.

Question 3

Ad Volerum

Answer 3

A history of the ownership of a parcel of land which lists transfers of title, rights, and liabilities.

Question 4

Adverse Possession

Answer 4

The free and full ownership of rights in land by individuals, which is the basis of real property in the United States.

Question 5

Alienation Clause

Answer 5

A provision in a mortgage requiring full payment of the debt upon the transfer of title to the property, due on sale. Prevents loan assumptions.

Question 6

Allodial

Answer 6

A method of acquiring original title to property by open, notorious and hostile possession for a statutory period of time; also referred to as prescription. Poach.

Question 7

Appurtenance

Answer 7

Not on time; late in making payments or completing work. Interest is paid in arrears.

Question 8

Arm’s Length Transaction

Answer 8

Occurs between willing buyer and willing seller with each party completely knowledgeable about the market. A purchaser of property between relatives (i.e. father and son) would not be an “arm’s length transaction.”

Question 9

Arrears

Answer 9

Any right or privilege which belongs to and passes with land.

Question 10

Attestation

Answer 10

Occurs in cases where there is a sudden loss of land through nature.

Question 11

Attorney’s Opinion of Title

Answer 11

A statement issued by an attorney after analyzing an abstract as to quality of title.

Question 12

Avulsion

Answer 12

The act of witnessing a person’s signing of an instrument by a notary public.