Real Estate law final Exam 100% correct!

Real Estate law final Exam 100% correctabandonment - ANSWER The relinquishment of property, title or rights without the idea of returning to them Agricultural lands - ANSWER lands that are being actively used for grazing and or crop production Annual cap - ANSWER Limits the amount of increase or decrease a rate could adjust in any on adjustment period (usually 2 percent) agency - ANSWER A relationship in which one party (the principal) authorizes another (the agent) to act on the principals behalf acceptance - ANSWER assent to the terms of an offer annual percentage rate (APR) - ANSWER as defined in the truth in lending act, the percentage that the total finance charge calcuulated on an annual basis bears to the amount of the loan or credit Balloon payment mortgage - ANSWER a mortgage in which the final payment under a contract is substantially larger than the previous installment payments Bylaws(condo) - ANSWER the rules governing the internal operation of a condominium unit development chain of title (recorded history; to original grant) - ANSWER the recorded history of events that affect the title to a specific parcel of land , usually beginning with the original patent or grant. Common elements - ANSWER the parts of the development property that are necessary or convenient for the residents of a condominium and are owned in common by all condo residents. consideration - ANSWER a promise, act or forbearance bargained for and given in exchange for a promise act or forbearance. contract. - ANSWER a promise or agreement that the law will enforce. Deed - ANSWER a legal instrument that conveys title to real property on delivery and acceptance by the grantee. building code - ANSWER protects the public health, safety, and welfare by regulating b !