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Colibri Real Estate Vocabulary Questions And Answers With Verified Solutions Already Passed!!!
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Colibri Real Estate Vocabulary Questions And Answers With Verified Solutions Already Passed!!!
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Colibri Real Estate VocabularyQuestions And Answers With Verified
Solutions Already Passed!!!
Abstract of Title - ANSWER✔✔A history of the ownership of a parcel of land which
lists transfers of title, rights, and liabilities.
Accession - ANSWER✔✔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 - ANSWER✔✔A prefix meaning "based on value." Most local
governments levy an ad valorem tax on property.
Adverse Possession - ANSWER✔✔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 - ANSWER✔✔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.
Allodial Rights - ANSWER✔✔The free and full ownership of rights in land by
individuals, which is the basis of real property in the United States.
Appurtenance - ANSWER✔✔Any right or privilege which belongs to and passes
with land.
Arm's Length Transaction - ANSWER✔✔Occurs between willing buyer and willing
seller with each party completely knowledgeable about the market.
Arrears - ANSWER✔✔Not on time; late in making payments or completing work.
Interest is paid in arrears.
Attestation - ANSWER✔✔The act of witnessing a person's signing of an
instrument by a notary public.
, Attorney's Opinion of Title - ANSWER✔✔A statement issued by an attorney after
analyzing an abstract as to quality of title.
Avulsion - ANSWER✔✔Occurs in cases where there is a sudden loss of land
through nature.
Balloon Payment - ANSWER✔✔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 - ANSWER✔✔An instrument conveying title which recites a
valuable consideration and commonly uses the words "bargain and sale" or words
of similar import.
Bilateral Contract - ANSWER✔✔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).
Blanket Mortgage - ANSWER✔✔A mortgage which covers more than one piece of
real estate. Often used by a developer in the financing of undeveloped lots.
Contains a partial release clause.
Blockbusting - ANSWER✔✔Any activity which attempts to drive prices down for
the purpose of causing transition from one ethnic group to another. This is a
violation of Federal Fair Housing Laws. Also called "panic selling."
Buffer Zone - ANSWER✔✔A means by which planners use space to separate two
adjoining districts which have incompatible uses.
Bundle of Rights - ANSWER✔✔The rights of an owner to possess, control, enjoy,
sell, lease, mortgage, and dispose of the property.
Caveat Emptor - ANSWER✔✔Latin for "let the buyer beware."
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