Vocabulary

Question 0

Acceleration clause

Answer 0

In a mortgage or deed of trust – can make the debt due immediately (if the borrower defaults on a payment or other covenant)

Question 1

Abstract of title

Answer 1

Condensed history of a title

Includes grants, conveyances, encumbrances

Certified by abstractor

Question 2

Accession

Answer 2

Acquiring title to additions/improvements as a result of the annexation of fixtures

(or)

the accretion of alluvial deposits along the banks of streams

Question 3

Accretion

Answer 3

The increase/addition of land by the deposit of sand or soil washed up from river lake or sea

Question 4

Accrued depreciation

Answer 4

Loss in value

Due to property deterioration, external depreciation, functional obsolescence

Question 5

Accrued items

Answer 5

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

Question 6

Acknowledgment

Answer 6

Formal declaration, made before a notary public, by signing a document

Question 7

Acre

Answer 7

43, 560 sq ft
4,840 sq yards
4,047 sq meters 
160 sq rods 
.4047 hectares

Question 8

Actual eviction

Answer 8

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

Question 9

Actual notice

Answer 9

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

Question 10

Ad valorem tax

Answer 10

A tax levied according to value, generally used to refer to real estate tax (aka general tax)

Question 11

Addendum

Answer 11

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

Question 12

Adjustable Rate Mortgage

Answer 12

(ARM)

Loan characterized by a fluctuating interest rate

Question 13

Administrator/Administratrix

Answer 13

Court selected person who assists with a settlement of an estate of a person who died without a will

Question 14

Adverse possession

Answer 14

Open notorious hostile continuous possession of another’s land under a claim of title
Possession for a statutory period may be a mean of acquiring title

Question 15

Affidavit of title

Answer 15

A written statement, made under oath by a seller or grantor of real property and acknowledged by a notary public, in which the grantor

1) identifies himself/herself and indicates marital status
2) certifies that since the examination of title, no defects