Terms Pt. 2

Question 1

Administrative Law

Answer 1

(6) The laws that are passed by elected legislatures.

Question 2

Administrator

Answer 2

(4) A person appointed by a probate court to oversee distribution of property and to satisfy all debts out of the assets of the estate of a person who died without leaving a valid will or did not name an executor.

Question 3

Administrator’s Deed

Answer 3

(4) A deed executed by an administrator to convey title to real property owned by a person who died intestate or did not name an executor.

Question 4

Adverse Possession

Answer 4

(4) A method of acquiring title to real property by the unauthorized occupation of another person’s land. The adverse claimant’s possession must be actual, hostile, open, notorious, exclusive, and continuous for a period of time required by state law.

Question 5

Affiliation Agreement

Answer 5

(8) The contract a licensee signs when joining a broker or brokerage firm.

Question 6

After Acquired Title, Doctrine of

Answer 6

(4) A principle of law which enables a prior grantee to automatically acquire title to real estate after a grantor has attempted to convey title but, in fact, did not have good title.

Question 7

Age-life

Answer 7

(12) A method of estimating accrued depreciation; also, called straight-line depreciation.

Question 8

Agency

Answer 8

(6) Every relationship in which a real estate broker acts for or represents another by that person’s express authority in a real estate transaction.

Question 9

Agency Coupled with an Interest

Answer 9

(6) An agency in which the agent has a legal interest in the property of the principal. Cannot be revoked by the principal.

Question 10

Agent

Answer 10

(6)A person authorized to act of behalf of another.

Question 11

Air Lot

Answer 11

(1) A designated air space over a parcel of land. In condos each individual unit occupies a separate air lot.

Question 12

Air Rights

Answer 12

(1) The right to use and enjoy the air space above a parcel of land. Such rights may be released or sold separately from the land.

Question 13

Alienation Clause

Answer 13

(14) Mortgage loan provision which allows the lender to demand the entire loan balance due of the property is sold. or the lender can allow the loan to be assumed by a credit worthy buyer and with an interest rate increase. Also known as due-on-sale clause.

Question 14

Allodial System

Answer 14

(2) A system of land ownership which recognizes the right of individuals to own land independently of political superiors, but allows the gov’t. to retain the rights of eminent domain, police power, taxation, and escheat.

Question 15

Alluvion

Answer 15

(4) A form of accretion where soil is gradually accumulated on land bounded by a river, lake, or other body of water as a result of action of the water.

Question 16

Alluvium

Answer 16

(4) Soil accumulated by the process of alluvion.

Question 17

ALTA

Answer 17

(4) American Land Title Association. An organization of title insurance companies, title attorneys, and others interested in land titles whose purpose is to promote professional standards and ethics throughout its industry.

Question 18

Amenities

Answer 18

(12) Intangible benefits to be derived from property ownership, such as a pleasant view, conditions that are pleasant and agreeable for enjoyable living, and a beneficial influence arising from a property’s location.

Question 19

Annual Percentage Rate

Answer 19

(14) The total annual cost of credit, including interest, loan discount, and all other finance charges for obtaining the loan, expressed ans a percent.

Question 20

Anticipation, Principle of

Answer 20

(12) Holds that value is based upon the future benefits to be derived from property ownership.

Question 21

Appraisal

Answer 21

(12) An estimate or opinion of value, made by a qualified person.

Question 22

Appraisal Process

Answer 22

(12) Systematic procedures used by an appraiser to gather and analyzed data in order to arrive at a final conclusion of value.

Question 23

Appraiser

Answer 23

(12) A person qualified by experience, education, and licensing to make estimates of value.

Question 24

Appreciation

Answer 24

(12) Increase in value.

Question 25

Appropriation

Answer 25

(5) The formal legislative enactment of how a taxing authority intends to acquire funds through taxation, along with a detailed account of how the money is intended to be used.

Question 26

Appurtenance

Answer 26

(1) Anything that may be used with the land for its benefit and goes to the new owner when ownership of the land is transferred. Mineral rights, air rights, water rights, easements, improvements, and natural attachments are appurtenant to the land.