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Real Estate Vocabulary -Guide to Passing the PSI Real Estate Exam- With Complete Solutions.
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Real Estate Vocabulary #Guide to Passingthe PSI Real Estate Exam- With Complete
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acceleration nnclause nn- nnANSWER: nn✔ nnA nnprovision nnin nna nnwritten nnmortgage, nnnote, nnbond, nnor
nnconditional nnsales nncontract nnthat nnin nnthe nneven nnof nndefault, nnthe nnwhole nnamount nnof nnthe nnprincipal
nnand nnthe nninterest nnmay nnbe nndeclared nndue nnand nnpayable nnat nnonce.
accession nn- nnANSWER: nn✔ nnTitle nnto nnimprovements nnor nnadditions nnto nnreal nnproperty nnis nnacquired nnas nna
nnresult nnof nnthe nnaccretion nnof nnalluvial nndeposits nnalong nnthe nnbanks nnof nnstreams nnor nnas nna nnresult nnof nnthe
nnannexation nnof nnfixtures.
accretion nn- nnANSWER: nn✔ nnIncrease nnor nnaddition nnto nnland nnby nnthe nndeposit nnof nnsand nnor nnsoil nnwashed
nnup nnnaturally nnfrom nna nnriver, nnlake, nnor nnsea.
accrued nndepreciation nn- nnANSWER: nn✔ nnThe nnactual nndepreciation nnthat nnhas nnoccurred nnto nna nnproperty
nnat nnany nngiven nndate, nnthe nndifference nnbetween nnthe nncost nnof nnreplacement nnnew nn(as nnof nnthe nndate nnof
nnthe nnappraisal) nnand nnthe nnpresent nnappraised nnvalue.
acknowledgement nn- nnANSWER: nn✔ nnA nndeclaration nnmade nnby nna nnperson nnto nna nnnotary nnpublic nnor nnother
nnpubic nnofficial nnauthorized nnto nntake nnacknowledgments nnthat nnan nninstrument nnwas nnexecuted nnby nnhis
nnor nnher nnas nna nnfree nnand nnvoluntary nnact.
actual nneviction nn- nnANSWER: nn✔ nnThe nnresult nnof nnlegal nnaction nnoriginated nnby nna nnlessor, nnby nnwhich nna
nndefaulted nntenant nnis nnphysically nnousted nnfrom nnthe nnrented nnproperty nnpursuant nnto nna nncourt nnorder.
actual nnnotice nn- nnANSWER: nn✔ nnExpress nninformation nnor nnfact; nnthat nnwhich nnis nnknown; nnactual
nnknowledge.
ad nnvalorem nntax nn- nnANSWER: nn✔ nnA nntax nnlevied nnaccording nnto nnvalue; nngenerally nnused nnto nnrefer nnto
nnreal nnestate nntax.
,adjustable-rate nnmortgage nn(ARM) nn- nnANSWER: nn✔ nnA nnmortgage nnin nnwhich nnthe nninterest nnchanges
nnperiodically, nnaccording nnto nncorresponding nnfluctuations nnin nnan nnindex. nnAll nnare nntied nnto nnindexes.
adjustment nndate nn- nnANSWER: nn✔ nnThe nndate nnthe nninterest nnrate nnchanges nnon nnan nnadjustable-rate
nnmortgage.
administrator nn- nnANSWER: nn✔ nnThe nnparty nnappointed nnby nnthe nncounty nncourt nnto nnsettle nnthe nnestate nnof
nna nndeceased nnperson nnwho nndied nnwithout nnleaving nna nnwill.
adverse nnpossession nn- nnANSWER: nn✔ nnThe nnactual, nnvisible, nnhostile, nnnotorious, nnexclusive, nnand
nncontinuous nnpossession nnof nnanother's nnland nnunder nna nnclaim nnto nntitle.
affidavit nn- nnANSWER: nn✔ nnA nnwritten nnstatement nnsigned nnand nnsworn nnto nnbefore nna nnperson nnauthorized
nnto nnadminister nnan nnoath
agent nn- nnANSWER: nn✔ nnOne nnwho nnrepresents nnor nnhas nnthe nnpower nnto nnact nnfor nnanother nn(principal).
nnThe nnauthorization nnmay nnbe nnexpress, nnimplied, nnor nnapparent. nnA nnfiduciary nnrelationship nnis nncreated
nnwhen nna nnprincipal nnexecutes nna nnlisting nnagreement nnor nnmanagement nncontract nnauthorizing nna nnreal
nnestate nnbroker nnto nnbe nnhis nnor nnher nnagent.
agreement nnof nnsale nn- nnANSWER: nn✔ nnA nnwritten nnagreement nnby nnwhich nnthe nnpurchaser nnagrees nnto nnbuy
nncertain nnreal nnestate nnand nnthe nnseller nnagrees nnto nnsell, nnon nnthe nnterms nnand nnconditions nnset nnforth nnin
nnthe nnagreement.
air nnlot nn- nnANSWER: nn✔ nnA nndesignated nnairspace nnover nna nnpiece nnof nnland, nnlike nnsuface nnproperty, nnmay
nnbe nntransferred.
air nnrights nn- nnANSWER: nn✔ nnThe nnright nnto nnuse nnthe nnopen nnspace nnabove nnone's nnproperty. nnIt nncan nnbe
nnsold nnto nnbuild nna nnsky-walk nnor nnfor nnthe nnutility nncompany nnto nnerect nnpower nnlines,
alienation nn- nnANSWER: nn✔ nnThe nnact nnof nntransferring nnproperty nnto nnanother. nnMay nnbe nnvoluntary, nnsuch
nnas nnby nnsale, nnor nninvoluntary, nnsuch nnas nnthrough nneminent nndomain.
,alienation nnclause nn- nnANSWER: nn✔ nnClause nnin nna nnmortgage nninstrument nnthat nndoes nnnot nnallow nnthe
nnborrower nnto nnsell nn(without nnlender nnapproval) nnon nnassumption nnor nncontract-for-deed.
alluvion nn- nnANSWER: nn✔ nnThe nnactual nnsoil nnincrease nnresulting nnfrom nnaccretion.
amendments nn- nnANSWER: nn✔ nnChanges nnto nnpreviously nnapproved nnand nnadopted nnwritten nnagreements.
amenities nn- nnANSWER: nn✔ nnNeighborhood nnfacilities nnand nnservices nnthat nnenhance nna nnproperty's nnvalue,
nnoutside nnof nnthe nnproperty nn(swimming nnpools, nnthree-car nngarages).
Americans nnwith nnDisabilities nnAct nn(ADA) nn- nnANSWER: nn✔ nnA nnfederal nnlaw nn(1992) nndesigned nnto
nneliminate nndiscrimination nnagainst nnindividuals nnwith nndisabilities.
amortization nn- nnANSWER: nn✔ nnThe nnliquidation nnof nna nnfinancial nnburden nnby nninstallment nnpayments,
nnwhich nninclude nnprincipal nnand nninterest. nnThe nnloan nnpayment nnconsists nnof nna nnportion nnwhich nnwill nnbe
nnapplied nnto nnpay nnthe nnaccruing nninterest nnon nna nnloan, nnwith nnthe nnremainder nnbeing nnapplied nnto nnthe
nnprincipal. nnOver nntime, nnthe nninterest nnportion nndecreases nnas nnthe nnloan nnbalance nndecreases, nnand nnthe
nnamount nnapplied nnto nnprincipal nnincreases nnso nnthat nnthe nnloan nnis nnpaid nnoff nnin nnthe nnspecified nntime.
amortized nnloan nn- nnANSWER: nn✔ nnA nnloan nnin nnwhich nnthe nnprincipal nnand nninterest nnare nnpayable nnin
nnmonthly nnor nnother nnperiodic nninstallments nnover nnthe nnterm nnof nnthe nnloan
amortization nnschedule nn- nnANSWER: nn✔ nnA nntable nnwhich nnshows nnhow nnmuch nnof nneach nnpayment nnwill
nnbe nnapplied nntoward nnprincipal nnand nnhow nnmuch nntoward nninterest nnover nnthe nnlife nnof nnthe nnloan. nnIt
nnalso nnshows nnthe nngradual nndecrease nnof nnthe nnloan nnbalance nnuntil nnit nnreaches nnzero.
annual nnpercentage nnrate nn(APR) nn- nnANSWER: nn✔ nnThis nnis nnnot nnthe nnnote nnrate nnon nnyour nnloan. nnIt nnis nna
nnvalue nncreated nnaccording nnto nna nngovernment nnformula nnintended nnto nnreflect nnthe nntrue nnannual nncost
nnof nnborrowing, nnexpressed nnas nna nnpercentage. nnIt nnworks nnsort nnof nnlike nnthis, nnbut nnnot nnexactly, nnso nnonly
nnuse nnthis nnas nna nnguideline: nndeduct nnthe nnclosing nncosts nnfrom nnyour nnloan nnamount, nnthen nnusing nnyour
nnactual nnloan nnpayment, nncalculate nnwhat nnthe nninterest nnrate nnwould nnbe nnon nnthis nnamount nninstead nnof
nnyour nnactual nnloan nnamount. nnBecause nnyou nnare nnusing nnthe nnsame nnpayment nnon nna nnsmaller nnamount,
nnit nnis nnalways nnhigher nnthan nnthe nnactual nnnot nnrate nnon nnyour nnloan.
, antitrust nnlaws nn- nnANSWER: nn✔ nnThe nnlaws nndesigned nnto nnpreserve nnthe nnfree nnenterprise nnof nnthe nnopen
nnmarketplace nnby nnmaking nnillegal nncertain nnprivate nnconspiracies nnand nncombinations nnformed nnto
nnminimize nncompetition. nnViolations: nnprice nnfixing nn(set nnfixed nncompensation nnrates) nnor nnallocation nnof
nncustomers nnor nnmarkets nn(brokers nnagreeing nnto nnlimit nntheir nntrades nnto nncertain nnareas nnor nnproperties.
application nn- nnANSWER: nn✔ nnThe nnform nnused nnto nnapply nnfor nna nnmortgage nnloan, nncontaining
nninformation nnabout nna nnborrower's nnincome, nnsavings, nnassets, nndebts, nnand nnmore.
appraisal nn- nnANSWER: nn✔ nnA nnwritten nnjustification nnof nnthe nnprice nnpaid nnfor nna nnproperty, nnprimarily
nnbased nnon nnan nnanalysis nnof nncomparable nnsales nnof nnsimilar nnhomes nnnearby.
appraised nnvalue nn- nnANSWER: nn✔ nnAn nnopinion nnof nna nnproperty's nnfair nnmarket nnvalue, nnbased nnon nnan
nnappraiser's nnknowledge, nnexperience, nnand nnanalysis nnof nnthe nnproperty. nnSince nnan nnappraisal nnis nnbased
nnprimarily nnon nncomparable nnsales, nnand nnthe nnmost nnrecent nnsale nnis nnthe nnone nnon nnthe nnproperty nnin
nnquestion, nnthe nnappraisal nnusually nncomes nnout nnat nnthe nnpurchase nnprice.
appraiser nn- nnANSWER: nn✔ nnAn nnindividual nnqualified nnby nneducation, nntraining, nnand nnexperience nnto
nnestimate nnthe nnvalue nnof nnreal nnproperty nnand nnpersonal nnproperty. nnAlthough nnsome nnwork nndirectly nnfor
nnmortgage nnlenders, nnmost nnare nnindependent.
appreciation nn- nnANSWER: nn✔ nnThe nnincrease nnin nnthe nnvalue nnof nna nnproperty nndue nnto nnchanges nnin
nnmarket nnconditions, nninflation, nnor nnother nncauses.
appurtenant nn- nnANSWER: nn✔ nnBelonging nnto, nnincident nnto, nnannexed nnto. nnExamples: nngarage nnto nna
nnhouse. nnPasses nnwith nnthe nnland nnwhen nnthe nnproperty nnis nntransferred.
assessed nnvalue nn- nnANSWER: nn✔ nnThe nnvaluation nnplaced nnon nnproperty nnby nna nnpublic nntax nnassessor nnfor
nnpurposes nnof nntaxation.
assessment nn- nnANSWER: nn✔ nnThe nnplacing nnof nna nnvalue nnon nnproperty nnfor nnthe nnpurpose nnof nntaxation.
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