Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate Exam Prep > Vocab > Flashcards

Vocab Flashcards

1
Q

Abstract

A

A recorded history of a property (abstracts of all recorded documents)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Acceleration Clause

A

A clause in a note giving the lender the right to demand the entire balance owed upon the happening of some event.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Acceptance

A

The agreement of the offeree that forms the binding contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Access right

A

The right of an owner for ingress and egress

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Accession

A

Acquiring property because it has become joined with other property (such as fixtures)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Accretion

A

Addition to land from buildup of soil or action of water

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Accured depreciation

A

Depreciation that has occurred. It is the difference between present replacement cost and present market value.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Acknowledgement

A

A declaration made before a notary by an individual that he or she has in fact executed (signed) a document.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Acquisition

A

Act of procuring property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Actual notice

A

Personal knowledge of an interest or instrument

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Adjustable rate mortgage

A

A mortgage whose rate is tied to an index

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Adjusted cost basis

A

Cost plus improvements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Adjusted gross Income

A

Gross income adjusted for a vacancy factor and collection losses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Adjusted market value

A

Adjustments to comparable property sales to estimate sale price of a subject property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Administrator

A

A MAN appointed by a probate court to administer the estate of the deceased.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Administratix

A

A WOMAN appointed by probate court to administer the estate of the deceased

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Ad valorem

A

According to value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Advance fee

A

A fee charged by a business-opportunity broker for advertising

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Adverse possession

A

Holding property adversely to the owners right. Title can be obtained by adverse possession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Affidavit

A

A written statement sworn under oath

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Affirmation

A

A solemn statement before a court by a person whose religion prohibits him or her from taking an oath

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Affirmative easement

A

An easement that allows the holder of the dominant tenement to use the land of the service to tenement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Agency

A

A relationship between a principal and agent whereby the agent is empowered to act for the principal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Agency by estoppel

A

Agency formed when principal’s actions or words reasonably result in a third person relying on the existence of an agency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Agency by ratification

A

Agency formed when principal accepts benefits of unauthorized acts by another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Agency coupled with an interest

A

Agent has an interest in the subject property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Agent

A

One who represents another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Agreement of sale

A

A written contract setting forth the conditions of sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Air rights

A

The right if a landowner to reasonable use of the air space above the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Alienation

A

Transfer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Alienation clause

A

A type of acceleration clause requiring the existing loan to be paid if property is transferred. AKA due on sale clause

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Alluvium

A

Soil deposited by action of water (accretion)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

ALTA

A

American Land Title Association

An extended coverage policy of title insurance to protect the lender

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Amortization

A

Payment of a debt on an equal installment basis in which the last payment liquidates the obligation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Appraisal

A

An opinion of value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Appreciation

A

A rise in value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Appropriation of water

A

Diverting water to ones own use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Appurtenance

A

Something that belongs with another thing and goes with it (such as a house with the land) (runs with the land)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Appurtenant easement

A

An easement right that transfers with the dominant tenement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

APR

A

Annual percentage rate

Expressed as simple interest considering loan costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

APY

A

Annual percentage yield

The annual interest paid by a bank for deposits based on compounding the interest

42
Q

Abestos

A

Mineral formerly used in construction. Causes long problems.

  1. Year to remember
43
Q

Assessed value

A

A value placed for tax purposes

44
Q

Assessment

A

The amount of tax levied

45
Q

Assignment

A

The turning over to another of a persons rights in property

46
Q

Associate broker

A

Broker employed by another broker in a salesperson capacity

47
Q

Assumption fee

A

Fee charged by a lender to allow assumption of loan

48
Q

Attachment

A

Seizure of property before a judgement under court order to make sure it will be available after judgement. An attachment lien is good for 3 years.

49
Q

Attorney in fact

A

One who operates under a power of attorney

50
Q

Avulsion

A

Tearing away of land by action of water

51
Q

Back end ratio

A

Loan qualifying ratio (gross income to loan payment and long term debt payments)

52
Q

Balance sheet

A

A document that shows net worth by listing assets on one side and liabilities on the other

53
Q

Balloon payment

A

A final installment payment greater than the preceding payments. It is needed to pay the debt in full.

54
Q

Bankruptcy

A

Legal procedure whereby a person can eliminate his or her unsecured debts

55
Q

Beneficiary

A

One who is benefited by a trust or the lender under a trust deed

56
Q

Bilateral contract

A

A promise made for a promise

57
Q

Bill of sale

A

A written instrument passing title to personal property

58
Q

Blanket mortgage

A

One encumbrance covering several separate properties

59
Q

Blockbusting

A

The illegal procedure of inducing panic selling based on the fear of minority groups entering the area.

60
Q

Boot

A

Additional money or unlike property given to even up trade of property

61
Q

Broker

A

A person employed as an agent for real estate dealings. Only a broker can employ a salesperson

62
Q

Budget loan

A

A loan with payments that include taxes and insurance

63
Q

Building permit

A

Construction permit issued by building inspectors office

64
Q

Bundle of rights

A

Includes all rights that are incidental to ownership (such as the right to sell or lease)

65
Q

Buy down loan

A

A loan in which the seller pays the lender so that the lender will provide the purchaser with a loan at a lower rate of interest.

66
Q

Buyers market

A

A real estate marketplace where there are more sellers than buyers

67
Q

CALFHA

A

California housing finance agency

A state housing bank supported by bond issues that offers home loans to lower and moderate income

68
Q

CLTA

A

California land title association

The organization that developed the standard form of title insurance for buyer protection

69
Q

CALVET loans

A

Loans made to California veterans administered by the California department of veterans affairs

70
Q

CAP

A

The limit an adjustable rate loan can be increased at each adjustment period and/or over the period of the loan

71
Q

Capital gain

A

Profit from the sale of a capital asset.

72
Q

Capitalization method

A

An appraisal method based on the income of a property

73
Q

Capital loss

A

Loss from the sale of a capital asset

74
Q

Capital market

A

Refers to the financial market place for bonds, notes and treasury bills

75
Q

CAR

A

California Association of REALTORS

76
Q

Caveat emptor

A

“Let the buyer beware”

77
Q

CC&R’s

A

Covenants, conditions & restrictions

78
Q

CRV

A

Certificate of reasonable value. A VA loan appraisal

79
Q

Certification of title

A

An opinion of title showing liens

80
Q

Chain of title

A

A history of the actual conveyances from the original patent to the present owner.

81
Q

Chattel

A

Personal property

82
Q

Client

A

Principal that employs an agent

83
Q

Closing statement

A

The final accounting statement for a real estate transaction

84
Q

Cloud on title

A

Anything of record that may create any possible doubt as to marketability of the title.

85
Q

CLTA

A

California land title association

The organization that developed the standard form of title insurance for buyer protection

86
Q

Collateral

A

Property given as security for a loan

87
Q

Color of title

A

An appearance of having tile but actually not having title at all

88
Q

Commingling

A

Failure to properly segregate the personal funds of a licensee from funds entrusted to the licensee as an agent

89
Q

Commission

A

An agents percentage for successfully completing a sale or lease. For tax purposes, it is treated as an expense of the sale or lease.

90
Q

Community property

A

Property acquired during marriage that is owned equally

91
Q

Company dollar

A

The brokers share of commission dollars earned (expenses would be deducted to determine the brokers net income)

92
Q

Comparative market analysis

A

An analysis by real estate agents to estimate the likely sale price by adjusting the value to the price paid for comparable properties

93
Q

Conclusion

A

The final estimate of value set forth in an appraisal

94
Q

Condemnation

A

The process of taking private property for public use. Also a declaration that the property is unfit for use.

95
Q

Condition precedent

A

The passing of title is not accomplished until the condition has been fulfilled

96
Q

Conditional sales contract

A

A sales contract for personal property in which the buyer obtained possession, but the seller retains title as security

97
Q

Condominium

A

A subdivision in which there is individual ownership of the units themselves. But joint ownership of common areas

98
Q

Confirming loan

A

A loan that meets Fannie Mae and Freddie Mac purchase criteria

99
Q

Conservation easement

A

An easement granted by a landowner that prohibits future development. The land is to remain in a natural state

100
Q

Consideration

A

Something of value give. In exchange for a promise, act, or property.

101
Q

Constructive eviction

A

An act of a landlord materially affecting a tenants quiet possession which entitles the tenant to consider the tenancy at end

Real Estate Exam Prep (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions