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MN Real Estate Exam Prep > Vocabulary > Flashcards

Vocabulary Flashcards

1
Q

pg. 106

is a summary report of what
the title search reveals. It includes all recorded liens and encumbrances and lists records searched

A

Abstract of Title

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2
Q

pg. 106

A writte.n sum-mary of the history of all conv.eyances and legal pr0ceedings affecting a sp3cific parcel
of reAl estate is called

A

abstract of title

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3
Q

-Method
for cl@iming tax deductions for certain property purchased
before 1987 – in which it was possible to claim g.reater
deducti0ns in the early years of ownership – gradually
reducing the amount deducted in eAch ye@r of useful life.

A

accelerated cost recovery system (ACRS)

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4
Q

pg. 215

Th3 clause in a mortgage or d33d
of trust that c@n be enforced to make the entire debt due
immediately if the borrower defaults on an installment
payment or other 0bligation.

A

acceleration clause

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5
Q

pg. 27

Acquiring title to additions or impro\/ements
to real property as a result of the annexation of fixtures
or the accretion of alluvial deposits along the b@nks of
str3ams.

A

accession

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6
Q

Unit 16 Glossary Review

Th3 process of c0nverting a future income stre@m into an expression of present value is income _ _ _

A

capitalization

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7
Q

Unit 16 Glossary Review

The c0st of replacing an 1mprovement with another of similar qu@lity but not an exact r3plica is _ _ _

A

replacement cost

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8
Q

L0ss in $ value d.ue to causes ext3rnal t0 the pr0perty is

A

economic obsolescence

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9
Q

a meth0d of valuing a property by comparing th.e subject pr0perty to similar pr0perties th@t have recently s0ld is the

A

market data approach

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10
Q

What does BPO stand for?

A

broker’s price opinion

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11
Q

What does NOI stand for?

A

Net Operating Income

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12
Q

The increase or addition of land by the
deposit of sand or soil washed up naturally from a river,
lake, or sea.

A

accretion

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13
Q

pg. 23

Loss in a property’s
value resulting from physical deterioration, external
depreciation, and functional obsolescence.

A

accrued depreciation

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14
Q

pg. 317

On a closing statement, items
of expense that are incurred but not yet payable,
such as interest on a mortgage loan or taxes on real
property.

A

accrued items

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15
Q

pg. 87

A formal declaration made before
a duly authorized officer, usually a notary public, by a
person who has signed a document.

A

acknowledgment

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16
Q

pg. 77

A measure of land equal to 43,560 square feet,
4,840 square yards, 4,047 square meters, 160 square rods,
or 0.4047 hectares.

A

acre

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17
Q

pg. 106

A court action that establishes
ownership when ownership cannot be traced through an
unbroken chain of title.

A

action to quiet title

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18
Q

pg. 104

The legal process that results
in a tenant’s being physically removed from leased
premises.

A

actual eviction

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19
Q

pg. 104

Express information or fact; that which
is known; direct knowledge.

A

actual notice

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20
Q

pg. 290

A tax levied according to value,
generally used to refer to real estate tax. Also called the
general tax.

A

ad valorem tax

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21
Q

pg. 200

Any provision added to an existing contract
without altering the content of the original. Must be
signed by all parties.

A

addendum

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22
Q

pg. 219

What does ARM stand for?

A

adjustable-rate mortgage

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23
Q

pg. 219

A loan
characterized by a fluctuating interest rate, usually one
tied to a bank or savings and loan association cost-of
funds index.

A

adjustable-rate mortgage (ARM)

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24
Q

pg. 356

What does ALJ stand for?

A

administrative law judge

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25
Q

pg. 356

The official who
presides over a hearing involving a government agency
and someone affected by a decision of that agency. The
ALJ hears evidence, including the testimony of witnesses,
and renders a decision.

A

administrative law judge (ALJ)

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26
Q

pg. 96

A court-selected person who assists with
the settlement of an estate of a person who died without
leaving a will.

A

administrator

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27
Q

pg. 93

The actual, open, notorious,
hostile, and continuous possession of another’s land under
a claim of title. Possession for a statutory period may be a
means of acquiring title.

A

adverse possession

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28
Q

pg. 258

A written statement, made
under oath by a seller or grantor of real property and
acknowledged by a notary public, in which grantors
(1) identify themselves and indicate marital status,
(2) certify that since the examination of the title, on the
date of the contract no defects have occurred in the title,
and (3) certify that they are in possession of the property
(if applicable).

A

affidavit of title

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29
Q

pg. 264

What does ABA stand for?

A

affiliated business arrangement

30
Q

pg. 264

Practice
of one company offering a package of services to
consumers.

A

affiliated business arrangement (ABA)

31
Q

pg. 137

The relationship between a principal and an
agent wherein the agent is authorized to represent the
principal in certain transactions.

A

agency

32
Q

An agency relationship created
after the fact

A

agency by ratification

33
Q

pg. 137

One who acts or has the power to act for another.
A fiduciary relationship is created under the law of agency
when a property owner, as the principal, executes a listing
agreement or management contract authorizing a licensed
real estate broker to be his or her agent. A prospective
property buyer may authorize a real estate broker to act as
the buyer’s agent to find a suitable property.

A

agent

34
Q

pg. 76

Designated airspace over a piece of land. An air
lot, like surface property, may be transferred.

A

air lots

35
Q

pg. 21

The right to use the open space above a
property, usually allowing the surface to be used for another
purpose.

A

air rights

36
Q

pg. 84, 92

The act of transferring property to another.
Alienation may be voluntary, such as by gift or sale,
or involuntary, as through eminent domain or adverse
possession.

A

alienation

37
Q

pg. 217

The clause in a mortgage or deed of
trust stating that the balance of the secured debt becomes
immediately due and payable at the lender’s option if
the property is sold by the borrower. In effect, this clause
prevents the borrower from assigning the debt without the
lender’s approval.

A

alienation clause

38
Q

A system of land ownership in which
land is held free and clear of any rent or service due to the
government; commonly contrasted to the feudal system.
Land is held under the allodial system in the United States.

A

allodial system

39
Q

pg. 199

A change to the existing content of a
contract (i.e., if words or provisions are added to or deleted
from the body of the contract). Must be initialed by all
parties.

A

amendment

40
Q

pg. 109

What does ALTA stand for?

A

American Land Title Association

41
Q

pg. 109

A title insurance policy that protects the interest in a
collateral property of a mortgage lender who originates a
new real estate loan.

A

American Land Title Association (ALTA) policy

42
Q

pg. 352, 377

What does ADA stand for?

A

Americans with Disabilities Act

43
Q

pg. 352, 377

Act addresses
rights of individuals with disabilities in employment and
public accommodations.

A

Americans with Disabilities Act (ADA)

44
Q

pg. 218

A loan in which the principal, as well
as the interest, is payable in monthly or other periodic
installments over the term of the loan.

A

amortized loan

45
Q

pg. 25

Process of converting personal property into
real property.

A

annexation

46
Q

pg. 246

What does APR stand for?

A

annual percentage rate

47
Q

pg. 246

The relationship of
the total finance charges associated with a loan. This must
be disclosed to borrowers by lenders under the Truth in
Lending Act (TILA).

A

annual percentage rate (APR)

48
Q

pg. 313

The appraisal principle holding that value
can increase or decrease based on the expectation of some
future benefit or detriment produced by the property.

A

anticipation

49
Q

pg. 124

Laws designed to preserve the free
enterprise of the open marketplace by making illegal
certain private conspiracies and combinations formed to
minimize competition. Most violations of antitrust laws in
the real estate business involve either price-fixing (real estate
professionals conspiring to set fixed compensation rates) or
allocation of customers or markets (real estate professionals
agreeing to limit their areas of trade or dealing to certain
areas or properties).

A

antitrust laws

50
Q

pg. 149

(see designated agency)

A

appointed agency

51
Q

pg. 12

(see basis)

A

adjusted basis

52
Q

pg. 302

An estimate of the quantity, quality, or value
of something. The process through which conclusions of
property value are obtained; also refers to the report that
sets forth the process of estimation and conclusion of
value.

A

appraisal

53
Q

pg. 302

An opinion of a property’s market
value given to a lender or client with detailed market
information.

A

appraisal report

54
Q

pg. 2? (302?)

An independent person trained to provide an
unbiased estimate of value.

A

appraiser

55
Q

pg. 302

What does AIR stand for?

A

Appraiser Independence Requirements

56
Q

pg. 302

Regulations issued by Fannie Mae that must be followed by
appraisers to ensure accurate and objective appraisals.

A

Appraiser Independence Requirements (AIR)

57
Q

pg. 11

An increase in the worth or value of a
property due to economic or related causes, which may
prove to be either temporary or permanent; opposite of
depreciation.

A

appreciation

58
Q

pg. 20

A right, privilege, or improvement
belonging to, and passing with, the land; “runs with the
land.”

A

appurtenance

59
Q

A level surface or piece of ground; the size of a
surface; the amount of a two-dimensional object.

A

area

60
Q

pg. 24

People’s desire for one area over
another, based on a number of factors such as history,
reputation, convenience, scenic beauty, and location.

A

area preference

61
Q

pg. 403

A mineral once used in insulation and other
materials that can cause respiratory diseases.

A

asbestos

62
Q

pg. 314

The combining of two or more adjoining
lots into one larger tract to increase their total value.

A

assemblage

63
Q

pg. 291

The value set on property for taxation
purposes.

A

assessed value

64
Q

pg. 291

The imposition of a tax, charge, or levy,
usually according to established rates.

A

assessment

65
Q

pg. 291

A factor (number) by
which the assessed value of a property is multiplied to arrive
at a value for the property that is in line with statewide
tax assessments. The ad valorem tax would be based on
this adjusted value. An equalization factor may be applied
to raise or lower assessments in a particular district or
county.

A

assessment equalization factor

66
Q

pg. 190

The transfer in writing of interest in a bond,
mortgage, lease, or other instrument.

A

assignment

67
Q

pg. 2

A licensed real estate salesperson
who is employed by or associated with the broker to
perform brokerage activities on behalf of or for the
broker.

A

associate licensee

68
Q

pg. 217

Acquiring title to property
on which there is an existing mortgage and agreeing to
be personally liable for the terms and conditions of the
mortgage, including payments.

A

assumption of mortgage

69
Q

pg. 295

The act of taking a person’s property
into legal custody by writ or other judicial order to hold
it available for application to that person’s debt to a
creditor.

A

attachment

70
Q

pg. 163

A listing agreement clause
stating that the agreement will continue automatically for
a certain period of time after its expiration date. In many
states, use of this clause is discouraged or prohibited.

A

automatic extension clause

71
Q
A

MN Real Estate Exam Prep (5 decks)

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