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Virginia Broker Final Chris and Angela > Vocabular/Glossary > Flashcards

Vocabular/Glossary Flashcards

1
Q

The surrender or release of a right, claim, or interest in a property.

A

abandonment

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2
Q

A provision in a mortgage or deed of trust that permits the lender to declare the entire principal balance of the debt immediately due and payable if the borrower is in default.

A

acceleration clause

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3
Q

A way of approach or entrance onto a property.

A

access

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4
Q

A new agreement by contracting parties that is satisfied y full performance thereby terminating a prior contract.

A

accord and satisfaction

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5
Q

A formal statement before an authorized official (e.g. notary) by the person who executed a deed, contract , or other document that it was (is) his or her free act.

A

acknowledgement

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6
Q

The basis used by the FHA in calculating the loan amount. The purchase, plus the closing costs incurred in purchasing the property.

A

acquisition cost

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7
Q

The debt incurred in the purchase of a personal residence. Can be used similar to acquisition cost

A

acquisition debt

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8
Q

Land area of 43,560 square feet

A

acre

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9
Q

Chronological age

A

actual age

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10
Q

The removal of a tenant by the landlord because the tenant breached a condition of a lease or other rental contract.

A

actual eviction

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11
Q

The knowledge that a person has of a fact.

A

actual notice

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12
Q

Lands that share a boundary.

A

adjoining lands

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13
Q

A mortgage in which rate changes according to a predetermined index

A

adjustable rate mortgage ARM

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14
Q

The value of property used to determine the amount of gain or loss realized by the owner upon sale of the property; equals acquisition cost plus capital improvements, minus depreciation taken.

A

adjusted basis

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15
Q

Sales price minus allowable selling expenses. Also called amount realized.

A

adjusted sales price

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16
Q

In the sales comparison approach to value, additions or subtractions to sales prices of comparable properties to make comparables like the subject property.

A

adjustments

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17
Q

Person appointed by a court to administer the estate of one who has died.

A

administrator/administratrix

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18
Q

A deed executed by an administrator to convey title to estate property.

A

administrator’s deed

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19
Q

Latin meaning “according to value”, the basis for real estate property taxes.

A

ad valorem

20
Q

A method of acquiring title to real property by conforming to statutory requirement. A legal principle under which a person who does not have legal title to a piece of property — usually land (real property) — may acquire legal ownership based on continuous possession or occupation of the property without the permission (licence) of its legal owner

A

adverse possession

21
Q

The fiduciary relationship between a principal and an agent

A

agency

22
Q

An employment contract between principal and agent that sets forth all the terms and conditions of employment including specifying the authority given to the agent and the compensation of the agent.

A

agency agreement

23
Q

A person authorized by another to act on his or her behalf.

A

agent

24
Q

A contract. Mutial assent between two or more parties.

A

agreement

25
Q

Rights in the air space above the surface of land.

A

air rights

26
Q

Transfer of title to real property.

A

alienation

27
Q

A clause in a mortgage or deed of trust that entitles the lender to declare the entire principal balance of the debt due and payable immediately if the borrower sells the property during the mortgage term. Prohibits the ability of a borrower to assume the loan.

A

alienation clause

28
Q

A change or modification of a zoning ordinance by the local legislative authority.

A

amendment

29
Q

Benefits resulting from the ownership of a particular property.

A

amenities

30
Q

Fed law protecting rights of individuals with physical/mental impairments.

A

Americans with Disabilities Act (ADA)

31
Q

The gradual reduction of a mortgage loan through periodic payments of principal and interest over a specific term to satisfy a mortgage loan.

A

amortization

32
Q

A printed list of periodic payments of principal and interest over a specific term to satisfy a mortgage loan.

A

amortization schedule

33
Q

The sales price minus any allowable expenses of sale. The “net” sales price.

A

amount realized

34
Q

The actual effective rate of interest charged on a loan expressed on an annual basis; not the same as simple interest rate. Takes into account certain closing costs, discount points charge by lender

A

APR, annual percentage rate

35
Q

In valuing property, value based on the present value of anticipated future benefits of ownership

A

anticipation

36
Q

A fact situation that creates the appearance of an agent’s authority

A

apparent authority

37
Q

An estimate of property value based on factual data.

A

appraisal

38
Q

Also called income approach; an approach to the appraisal of income producing real estate that estimates the property’s value based on the amount of net income the property will produce over its life

A

appraisal by capitalization

39
Q

Increase in property value.

A

appreciation

40
Q

Methods of estimating real property value such as market data, cost and income approaches

A

approaches to value

41
Q

All rights of privileges that result from ownership of a particular property and that move with the title

A

appurtenance

42
Q

Any transaction where there is no relationship such as family, business, etc between the purchaser and the seller.

A

arm’s length transaction

43
Q

A right of use in the adjoining land of another that moves with the title to the property benefiting from the easement.

A

appurtenant easement

44
Q

Delinquent in meeting an obligation. The payment of interest for a prior period as scheduled.

A

arrears

45
Q

Price specified in a listing contract.

A

asking price

46
Q

The value to which a local tax rate is applied to calculate the amount of real property tax

A

assessed value

Virginia Broker Final Chris and Angela (2 decks)

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