Terms Pt.3

Question 1

Arbritration

Answer 1

(8) The process of settling disputes whereby the disagreeing parties submit their differences to a neutral third party and agree to be bound by his/her judgement.

Question 2

Artificial Monuments

Answer 2

(1) Man-made objects such as streets, fences, iron pins, concrete posts, etc.

Question 3

As Is

Answer 3

(6) A term used to describe property offered for sale in its present condition with no warranty provided by the owner. It does not confer immunity from liability of fraud.

Question 4

Assemblage

Answer 4

(12) The process of combining several individually owned adjoining (contiguous) lots into one large tract owned by one person.

Question 5

Assessed Value

Answer 5

(5) An amount used for tax purposes and arrived at by multiplying a fixed percentage times the property’s fair market value. The percentage is predetermined by the taxing authority and in some cases by state law.

Question 6

Assessment Rate

Answer 6

(5) Percentage which, when multiplied times market value, determines assessed value.

Question 7

Assessment Roll

Answer 7

(5) A record of all taxable properties in a taxing jurisdiction, along with their assessed value. Also called Tax Base

Question 8

Assignee

Answer 8

(8) The person to whom a right or legal interest is transferred, one to whom an assignment is made.

Question 9

Assignment

Answer 9

(8) A legal transfer of one’s rights and obligations under a contract to a third party.
(10) Relative to a lease, an assignment is a complete transfer of the tenant’s remaining leasehold estate. The original tenant remains liable to the landlord for the unpaid rent should the new tenant default.

Question 10

Assignor

Answer 10

(8) One who transfers a right or legal interest to another.

Question 11

Associate Broker

Answer 11

(18) A person who has met all qualifications to be licensed as a broker but who elects to act on behalf of another broker in performing any act authorized by law to be performed by a broker.

Question 12

Assume and Agree to Pay

Answer 12

(14) When a purchaser assumes and agrees to pay an existing loan, he/she becomes primarily liable for repayment. Should he default, and not have sufficient assets to satisfy a deficiency judgment, the seller is still secondarily liable to the lender. If the seller is required to pay off any deficiency he may sue the purchaser for the amount paid to the lender.

Question 13

Attachment Lien

Answer 13

(2) An encumbrance created against land when the court is granted custody of the property to prevent the owner from conveying title while a suit for damages is being decided. (By attaching the property the person seeking damages is assured that the property will be available to satisfy a judgement if it is awarded by the court.

Question 14

Attestation

Answer 14

(4) The act of witnessing a person’s signing a document, such as a deed or will, and then signing the document a a witness.

Question 15

Attorney General

Answer 15

(18) Legal counsel for the state.

Question 16

Attorney-in-fact

Answer 16

(6) One who has the authority to act on behalf of another under the power of attorney.

Question 17

Automatic Renewal Clause

Answer 17

(6) A provision in a listing agreement which allows the listing to automatically renew indefinitely until the property is either sold, or the agreement is canceled by the owner.

Question 18

Avulsion

Answer 18

(4) The loss of land caused by a sudden or violent change in the course of a river, stream, or other body of water.

Question 19

Balloon Payment

Answer 19

(14) A lump sum pay off of the unpaid balance of a loan, usually at the end of the loan term.

Question 20

Bargain and Sale Deed

Answer 20

(4) A deed which contains neither expressed nor implied warranties of title, but the grantor implies ownership of the property described in the deed.

Question 21

Baseline

Answer 21

(1) Certain reference lines which run east and west.; used by surveyors. A bench mark may be a point established by a gov’t survey team or a fixed monument such as a road right-of-way.

Question 22

Beneficiary

Answer 22

(3) One for whom title is held under a trust and is entitled to receive income from the trust.
(14) The lender when a trust deed is used in lieu of a mortgage.

Question 23

Bequest

Answer 23

(4) Personal property received by will.

Question 24

Bilateral Contract

Answer 24

(8) A contract in which the parties mutually exchange promises, binding both to perform.

Question 25

Bill of Sale

Answer 25

(1) A document which conveys ownership to personal property.