TRADING SERVICES TERMS & DEFINITIONS

Question 1

Acceleration clause

Answer 1

a term in the contract which bring the maturity date of the loan forward if the borrower defaults, so that the Outstanding balance is immediately due and payable

Question 2

Accrual basis

Answer 2

accounting procedure which recognizes revenue at the time it is earned, as opposed to when it is actually received.

Question 3

Actual Value

Answer 3

Actual value as determined by the assessor. this value, in thousands of dollars, when multiplied by the tax rate equals the amount of real property taxes payable

Question 4

adjustment date

Answer 4

date agreed to by both parties to a real property transaction for the adjustment of property taxes, rent, interest, and other items

Question 5

affidavit

Answer 5

a written statement of facts, the contents of which are sworn under oath to be true by the person making the statement. an affidavit is sometimesused in court proceedings as evidence in place of oral testimony

Question 6

agent

Answer 6

at common law an agent is any person who contracts to act for or on behalf another, who is known as the principal.

the common law principles of agency apply to all levels of licensee, including brokerages, managing brokers, associate brokers and representatives, as defined by the real estate services act when they are acting on behalf of a vendor or purchaser.

Question 7

agreement for sale

Answer 7

a contract by which the owner of land(vendor) agrees to sell land to another (purchaser) who agrees to purchase it. the purchaser interest in egistered in the land title office as a charge against the vendor’s certificate of title. the contract provides that the purchase price will be paid by instalments