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Real Estate Exam > Terms A > Flashcards

Terms A Flashcards

1
Q

Parcels of land next to each other that share a common border.

A

Abutting

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2
Q

A summary of all of the recorded instruments and proceedings which affect the title of property, arranged in the order in which they were recorded.

A

Abstract of Title

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3
Q

Term given to the practice of paying off a mortgage loan faster than required by terms of the mortgage agreement.

A

Acceleration Clause

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4
Q

A mode of acquiring property that involves the addition of value to property through labor or the addition of new materials. For example, a person who owns a property on a river delta also takes ownership of any additional land that builds up along that riverbank due to natural deposits or man made deposits.

A

Accession

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5
Q

A second residential unit that may be contained within an existing single-family home, garage, or carriage house. An accessory apartment is usually required to be a complete housekeeping unit that can function independently with separate access, kitchen, bedroom, and sanitary facilities.

A

Accessory Apartment Uses

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6
Q

The use of land that is subordinate, incidental to, and customarily found in connection with the principal use allowed on a lot by zoning law. A garage is incidental to the principal use of a lot as a single-family residence and customarily found on a single-family parcel.

A

Accessory Uses

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7
Q

The addition of land through processes of nature, as by water or wind.

A

Accretion

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8
Q

A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is the person’s act and deed.

A

Acknowledgement

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9
Q

A measure of land equaling 43,560 square feet.

A

Acre

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10
Q

Describes a cause of action that can be brought in court to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property.

A

Act of Waste

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11
Q

Income for which service have been performed.

A

Active Income

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12
Q

A method of valuing insured property.

A

Actual Cash Value

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13
Q

Where one is either by force or by process of law, actually put out of possession.

A

Actual Eviction

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14
Q

Notice delivered in such a way as to give legally sufficient assurance that actual knowledge of the matter has been conveyed to the recipient.

A

Actual Notice

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15
Q

According to valuation.

A

Ad Valorem Taxes

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16
Q

The original cost of a property minus depreciation and sales of portions thereof plus allowable additions such as capital improvements and certain carrying costs and assessments. A bookkeeping rather than appraisal term.

A

Adjusted Basis

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17
Q

A mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

A

Adjustable Rate Mortgage (ARM)

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18
Q

The Department of State’s ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses.

A

Administrative Discipline

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19
Q

The seller or buyer agrees to dual agency before it occurs by indicating the same on the agency disclosure form.

A

Advance Consent to Dual Agency

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20
Q

A means of acquiring title where an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of property under a claim of right for the required statutory period.

A

Adverse Possession

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21
Q

The net profit/loss realized after taxes are deducted.

A

After Tax Cash Flow

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22
Q

A written explanation, to be signed by a prospective buyer or seller of real estate, explaining to the client the role that the broker plays in the transaction.

A

Agency Disclosure Form

23
Q

One who undertakes to transact some business or to manage some affair for another by authority of the latter.

A

Agent

24
Q

Rights in real property to use the space above the surface of the land.

A

Air Rights

25
Q

Allows lender to require the balance of a loan to be paid in full if the collateral is sold (also known as a “due on sale” clause).

A

Alienation Clause

26
Q

The increase in the area of land due to sediment deposited by a river. This changes the size of a piece of land (a process called accession) and thus it value over time.

A

Alluvion

27
Q

Describes the terms under which the cooperative gives permission to a shareholder before making any changes or improvements to the unit the shareholder occupies.

A

Alteration Agreement

28
Q

A wide-ranging civil rights law enacted by the U.S. Congress in 1990, that prohibits, under circumstances, discrimination based on disability.

A

Americans with Disabilities Act

29
Q

The process by which a loan principal decreases over the life of a loan.

A

Amortization

30
Q

A unit measure of electricity.

A

Amperage

31
Q

A key tenant in retail. Typically one of the larger stores in a shopping mall, usually a department store or a major retail chain (Macy’s, Nordstrom, etc.)

A

Anchor Stores

32
Q

Any person who engages in the business of claiming, demanding, charging, receiving, collecting, or contracting for the collection of, a fee from a customer for furnishing information concerning the location and availability of real property, including apartment housing, which may be leased, rented, shared or sublet as a private dwelling, abode, or place of residence.

A

Apartment information Vendor

33
Q

Any person who, for a fee, arranges, conducts, coordinates, handles or causes meetings between a customer and the current owner or occupant of legally occupied real property, including apartment housing, who wishes to share that housing with one or more individuals.

A

Apartment Sharing Agent

34
Q

An estimate of a property’s value by an appraiser who is usually presumed to be expert in his work.

A

Appraisal

35
Q

Monetary gain resulting from the increase in the market value of an investment, excluding additions of capital. For example, a house which is sold five years after it was purchased for 50% more than the purchase price.

A

Appreciation

36
Q

A sum of money or total of assets devoted to a special purpose.

A

Appropriation

37
Q

A city or town which has been certified by the State Board of Real Property Tax Services to have completed a revaluation or an update in conformance with its rules and regulations.

A

Approved Assessing Unit

38
Q

Something which is outside property itself but belongs to the land and adds to its greater enjoyment such as a right-of-way or a barn or a dwelling.

A

Appurtenances

39
Q

Oversees and upholds the quality and aesthetics of a neighborhood, town, or city.

A

Architectural Review Board

40
Q

Permission to modify or exceed the bulk regulations imposed by local zoning ordinances.

A

Area Variance

41
Q

The section of the New York Real Property Law pertaining to real estate salespersons and brokers.

A

Article 12-A

42
Q

An appeal brought forth because of a ruling by a government agency.

A

Article 78 Proceeding

43
Q

A legal term used to disclaim some implied warranties for an item being sold. Denotes that the seller is selling, and the buyer is buying a property in whatever condition it presently exists.

A

“As is”

44
Q

A naturally occurring mineral fiber sometimes found in older homes. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it.

A

Asbestos

45
Q

A chronic lung disease caused by inhaling asbestos fibers.

A

Asbestosis

46
Q

A valuation placed upon property by a public officer or a board, as a basis for taxation.

A

Assessed Value

47
Q

A city, county, town or village with the authority to value real property for purposes of taxation.

A

Assessing Unit

48
Q

An independent tribunal established to hear assessment appeals.

A

Assessment Review Board

49
Q

A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer.

A

Assessments

50
Q

The method or manner by which a right or contract is transferred from one person to another.

A

Assignment

51
Q

A licensed real estate broker who by choice elects to work under the name and supervision of another real estate broker.

A

Associate Real Estate Broker

52
Q

A clause found in real estate contracts that may allows buyers to walk away form an agreed upon sale for any reason.

A

Attorney Review Clause

53
Q

A sudden and perceptible loss or addition to land by the action of water, or a sudden change in the bed or course of a stream.

A

Avulsion

Real Estate Exam (17 decks)

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