Federal and State Exam Terms for Idaho Real Estate UPDATED Exam Questions and CORRECT Answers
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Course
Idaho Real Estate
Institution
Idaho Real Estate
Federal and State Exam Terms for Idaho
Real Estate UPDATED Exam Questions
and CORRECT Answers
Abstract of Title - Correct 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
encumbr...
Federal and State Exam Terms for Idaho
Real Estate UPDATED Exam Questions
and CORRECT Answers
Abstract of Title - Correct 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 - certification by the abstractor that the history is
complete and accurate. 213
Acceleration Clause - Correct Answer- Clause in a mortgage or deed of trust that can be
enforced to make the entire debt due immediately if the borrower defaults on payment or
covenant.
Accession - Correct Answer- Acquiring title to additions or improvements to real property as
a result of annexation of fixtures or the accretion of alluvial deposits along the banks and
streams.
Accretion - Correct Answer- The increase or addition of land by deposit of sand/soil washed
up naturally from a body of water.
Accrued Items - Correct Answer- On closing statement, items of expense that are incurred but
not yet payable such as interest or taxes on real property.
Acre - Correct Answer- 43,560 sq feet.
Actual Eviction - Correct Answer- The legal process that results in the tenants' being
physically removed from the lease premises.
Actual Notice (eviction) - Correct Answer- Express information or fact, that which is known,
direct notice.
Ad valorem tax - Correct Answer- Tax levied according to value, generally used to refer to
real estate tax. Also called General Tax.
,Addendum - Correct Answer- Adds to an existing contract without altering the content of the
original. Muse be agreed and signed off by all parties.
Adjustable-Rate Mortgage (ARM) - Correct Answer- A loan characterized by fluctuating
interest rates, usually one tied to a bank or savings loan association cost-of-funds index.
Administrator/Administratix - Correct Answer- A court selected person who assists with the
settlement of an estate of a person who died without leaving a will (intestate).
Adverse Possesion - Correct Answer- The actual, open, notorious, hostile, and continuous
possession of another's land under a claim of title. Possession for a statutory period may be a
means of acquiring title.
Agency - Correct Answer- Relationship between a principal and an agent wherein the agent is
authorized to represent the principal in certain transactions.
Agency by ratification - Correct Answer- An agency relationship created after the fact.
Air Lots - Correct Answer- Designated airspace over a piece of land. An air lot, like surface
property, may be transferable.
Air Rights - Correct Answer- The right to use the open space above a property, usually
allowing for the surface to be used for another purpose.
Alienation - Correct Answer- The act of transferring property to another. May be voluntary,
such as by gift or sale, or involuntary as through eminent domain or adverse possession.
Alienation Clause - Correct Answer- Clause in a mortgage or deed of trust that states that the
balance of the secured debt becomes immediately due and payable at the lender's option if the
property is sold by the borrower. In effect, the clause prevents the borrower from assigning
the debt without the lender's approval.
, Allodial System - Correct Answer- System of land ownership in which the land is held free
and clear of any rent or services due to the government; commonly contrasted to the feudal
system. Landis held under the allodial system in the United States.
Ammendment - Correct Answer- A change to an existing content of a contract. Must be
signed and agreed on by all involved parties.
American Land Title Association (ALTA) Policy - Correct Answer- A title insurance policy
that protects the interest in a collateral property of a mortgage lender who originates a new
real estate loan.
Americans with Disabilities Act (ADA) - Correct Answer- Act addresses rights of individuals
with disabilities in employment and public accommodations.
Amortized Loan - Correct Answer- A loan in which the principal as well as the interest is
payable in monthly or other periodic installments over the term of the loan.
Annexation - Correct Answer- Process of converting personal property into real property.
Annual Percentage Rate (APR) - Correct Answer- The relationship of the total finance
charges associated with a loan. This must be disclosed to borrowers by lenders under the
Truth in Lending Act.
Antitrust Laws - Correct Answer- Laws designed to preserve the free enterprise of the open
marketplace by making illegal certain private conspiracies and combinations formed to
minimize competition. Most violations in real estate business involve either price fixing, or
allocation of customer markets.
Appraisal - Correct Answer- An estimate of quantity, quality, or value of something. Process
through which conclusions of property value are obtained. Also refers to the report that sets
forth the process of estimation and conclusion of value.
Appreciation - Correct Answer- An increase in worth or value of a property due to economic
or related causes, which may prove to be either temporary or permanent. Opposite of
depreciation.
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