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2024 COLIBRI REAL ESTATE VOCABULARY EXAM WITH CORRECT ANSWERS
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2024 COLIBRI REAL ESTATE VOCABULARY EXAM WITH CORRECT ANSWERS
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2024 COLIBRI REAL ESTATEVOCABULARY EXAM WITH
CORRECT ANSWERS
Lease Purchase Agreement - CORRECT ANSWERS-An arrangement whereby
part of the rent payment is applied to the purchase price, and when the
prearranged total amount has been paid, title is transferred.
Leasehold Estate - CORRECT ANSWERS-Estates in possession generally
referred to as leaseholds. Considered to exist for a definite period of time, or
successive periods of time, until terminated by notice; also known as non-
freehold estates.
Leverage - CORRECT ANSWERS-Using borrowed capital to finance the
purchase of real estate or other assets.
Lien Theory State - CORRECT ANSWERS-The mortgage merely creates a lien
right on the mortgagee with the mortgagor retaining the title.
Abstract of Title - CORRECT ANSWERS-A history of the ownership of a parcel
of land which lists transfers of title, rights, and liabilities.
Accession - CORRECT ANSWERS-The idea that the owner of land is entitled to
all that the soil produces or all that is added to the land either intentionally
or by mistake. Trade fixtures not removed are "assessed" by the owner of
the property.
Ad Valorem - CORRECT ANSWERS-A prefix meaning "based on value." Most
local governments levy an ad valorem tax on property.
Adverse Possession - CORRECT ANSWERS-A method of acquiring original title
to property by open, notorious and hostile possession for a statutory period
of time; also referred to as prescription. Poach.
Alienation Clause - CORRECT ANSWERS-A provision in a mortgage requiring
full payment of the debt upon the transfer of title to the property, due on
sale. Prevents loan assumptions.
Intestate - CORRECT ANSWERS-Dying without a will.
, Index Lease - CORRECT ANSWERS-The rental is tied to some commonly
agreed to price index such as the Consumer Price Index or the Wholesale
Price Index.
Judgment Lien - CORRECT ANSWERS-The charge upon the land of a debtor,
resulting from the decree of a court, entered in the judgment docket.
Lawsuit.
Junior Lien - CORRECT ANSWERS-An encumbrance, second in priority, to a
previously recorded lien or to a lien to which the encumbrance has been
subordinated.
Allodial Rights - CORRECT ANSWERS-The free and full ownership of rights in
land by individuals, which is the basis of real property in the United States.
Appurtenance - CORRECT ANSWERS-Any right or privilege which belongs to
and passes with land.
Arm's Length Transaction - CORRECT ANSWERS-Occurs between willing
buyer and willing seller with each party completely knowledgeable about the
market.
Arrears - CORRECT ANSWERS-Not on time; late in making payments or
completing work. Interest is paid in arrears.
Attestation - CORRECT ANSWERS-The act of witnessing a person's signing of
an instrument by a notary public.
Attorney's Opinion of Title - CORRECT ANSWERS-A statement issued by an
attorney after analyzing an abstract as to quality of title.
Avulsion - CORRECT ANSWERS-Occurs in cases where there is a sudden loss
of land through nature.
Balloon Payment - CORRECT ANSWERS-The remaining balance, at maturity,
on a loan that has not been completely repaid through periodic payments.
Once paid, the outstanding balance is zero. Partially amortized loan.
Bargain and Sale Deed - CORRECT ANSWERS-An instrument conveying title
which recites a valuable consideration and commonly uses the words
"bargain and sale" or words of similar import.
Bilateral Contract - CORRECT ANSWERS-A contract in which a promise is
given for the promise of another. It becomes binding when mutual promises
are communicated. (A real estate contract).
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