Vocab: A

Question 1

Acceleration

Answer 1

A demand for immediate payment of all amounts remaining on a loan or extension of credit by a mortgage lender or carryback seller

Question 2

Accession

Answer 2

The physical addition to property through man made efforts or through natural forces

Question 3

Accretion

Answer 3

Accesion through natural forces. EX: Alluvium

Question 4

Acre

Answer 4

A measure of land equaling, 160 square rods, 4,840 square yards, 43,560 square feet, or a tract about 208.71 feet square

Question 5

Adjusted Basis

Answer 5

The cost basis of a property after the applications of addition for further improvements and deductions for destruction of improvement and depreciation

Question 6

Adverse Possesion

Answer 6

A method of acquiring title to real property by a person other than the owner of record through open possession of the property for a five year period or longer and payment of taxes

Question 7

Ad Valorem

Answer 7

Real estate taxes imposed on property based on its assessed value

Question 8

Agency

Answer 8

The relationship between a principal and the pricipals agent which arises out of a contract either expressed or implied, written or oral, the principal employing the agent to do specified activities dealing with third parties,

Question 9

Agency Law Dislcosure

Answer 9

Restatement of agency codes and cases which establish the conduct of real estate licensees. It is delivered to all parties in targeted sales and leasing transactions

Question 10

Alienation

Answer 10

The transfer of an interest in property or possesion of lands to another;

Question 11

Alluvium

Answer 11

The gradual increase of the earth on a shore of an ocean or bank of a stream resulting from the action of water

Question 12

Alquist-Priolo Maps

Answer 12

Maps which identify earthquake fault areas available from the State Mining and Geology Board and city or county planning departments.

Question 13

ALTA title policy (American Land Title Association)

Answer 13

A type of title insurance policy issued by title insurance companies which expands the risks insured against under the standard type of policy to include unrecorded mechanics liens; unrecorded physical easements; facts a physical survey would show; water and mineral rights; and rights of parties in possession, such as tenants and buyers under unrecorded instruments

Question 14

American with Disability Act (ADA)

Answer 14

Federal regulations prohibiting an employers from discriminating against a qualified person based on disability.

Question 15

Amortization

Answer 15

The reduction in principal - liquaidation - of a mortgage obligation on an installment basis.

Question 16

Amortization Table

Answer 16

A tabular schedule detailing the apportionment of principal and interest on each periodic payment due on an amortizing loan.

Question 17

annual percentage rate (APR)

Answer 17

The relative cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for the implementing the Federal Truth in Lending Act,

Question 18

appraisal

Answer 18

An individuals opinion of a property value on specific date, documented in an appraisal report

Question 19

Appurtenance

Answer 19

A right belonging to a property affect title to other property, all those rights, privileges, and improvements which belong to and pass with the transfer of the property but are not part of the property. For example: rights-of-way, easements, water rights, and use of improvements located on other property.

Question 20

assignment

Answer 20

A transfer to another of rights held by a person. A transfer to another of a persons rights under a contract such as a mortgage, lease, purchase agreement or option.

Question 21

Assumption

Answer 21

A promise to pay the debt of another, typically a mortgage, given by a buyer of a property

Question 22

Avulsion

Answer 22

A sudden and perceptible loss of land by the action of water such as by a rapid change in the course of a river.