Aceable Agent Real Estate Study Terms Exam 2023/2024
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Course
Aceable Agent Real Estate Study
Institution
Aceable Agent Real Estate Study
Aceable Agent Real Estate Study Terms Exam 2023/2024
Abstract of Title - ANSWER-The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the ...
Aceable Agent Real Estate Study Terms
Exam 2023/2024
Abstract of Title - ANSWER-The condensed history of a title to a particular parcel of real estate,
consisting of a summary of the original grant and all subsequent conveyances and encumbrances
affecting the property and a certification by the abstractor that the history is complete and accurate.
abutting - ANSWER-sharing a common boundary; adjoining
acceleration clause - ANSWER-The clause in a mortgage or deed of trust that can be enforced to make
the entire debt due immediately if the borrower defaults on an installment payment or other covenant.
accession - ANSWER-the right to all that one's own property produces, including that which is added,
either naturally or by human action, to the property already owned
Accessory Use - ANSWER-The use or occupancy incidental or subordinate to the principal use or
occupancy of a property.
accounting - ANSWER-an agent's duty to account for all funds and/or property a client has entrusted to
them during their agency relationship; one of the fiduciary duties an agent owes the principal that
extends beyond termination of the agency relationship
accretion - ANSWER-the process that results in the gradual increase in land area through deposits of soil
by natural forces
acknowledgement - ANSWER-a formal declaration that the person signing a document is doing so by
choice; takes place in the presence of a notary or other authorized public officer
acre - ANSWER-43, 560 sf
actual cash value - ANSWER-replacement cost minus depreciation. Used to determine the
reimbursement amount in a property loss claim for many insurance policies
,ad valorem tax - ANSWER-a tax levied on the assessed value of real and personal property
Adjustable Rate Mortgage - ANSWER-a mortgage with an interest rate that can be adjusted based on
fluctuations in the cost of money
adjusted basis - ANSWER-the basis plus the cost of any improvements, minus the amount of depreciation
Adverse Possession - ANSWER-involuntary transfer of title from an owner who does not use or inspect
their land for a number of years to another person who has some claim to the land and takes possession
after tax cash flow - ANSWER-a property's annual income that remains after paying its operating
expenses, debt service, and taxes
alluvion - ANSWER-the soil that gets deposited in the process of accretion
amortization - ANSWER-the process of paying off a debt/mortgage in regular installments based on a
fixed payment schedule
appraisal - ANSWER-evaluation or estimation of worth. Impartial opinion.
Appropriation - ANSWER-the act of setting aside an amount of money to be used for a specific purpose
appurtenance - ANSWER-rights that run with real property ownership; most often transferred with the
property, but possible to sell separately
article 12-A - ANSWER-The section of the New York Real Property Law pertaining to real estate
salespersons and brokers.
asbestos - ANSWER-a naturally occurring mineral fiber identified as a Class A carcinogen by the EPA
, assignment - ANSWER-the complete transference of obligations in a contract from one party to another
avulsion - ANSWER-the sudden loss of land by an act of nature
balloon framing - ANSWER-a type of framing in which closely spaced long vertical studs extend from the
foundation up to the roof
balloon mortgage - ANSWER-a type of loan that is paid off in small, periodic payments, but at the end of
which the remaining balance is due as a lump sum
bargain and sale deed - ANSWER-a deed without any warranty against encumbrances; only implies that
the grantor holds the right to convey title
basis - ANSWER-the buyer's initial cost of real estate
beam - ANSWER-a long horizontal piece of squared wood or metal that spans an opening or part of a
building
before tax cash flow - ANSWER-a property's annual income that remains after paying its operating costs
and debt service
blanket mortgage - ANSWER-a loan for which more than one collateral property acts as security
Blind Ad - ANSWER-An advertisement that fails to reveal that the advertiser is an agent and not a
principal
block and lot - ANSWER-a type of legal description that identifies a piece of platted property by referring
to the lot and block numbers in the subdivision
blockbusting - ANSWER-A process by which real estate agents convince white property owners to sell
their houses at low prices because of fear that persons of color will soon move into the neighborhood
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