Hondros Real Estate National Crammer Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Course
Hondros Real Estate National Crammer
Institution
Hondros Real Estate National Crammer
Lot-and-Block Description - A method of describing real property that identifies a parcel of land by
reference to lot and block numbers within a subdivision, as specified on a recorded subdivision plat,
must include county and state.
Abstract of title - Summary in chronological order of the esse...
Hondros Real Estate National Crammer
Lot-and-Block Description - A method of describing real property that identifies a parcel of land by
reference to lot and block numbers within a subdivision, as specified on a recorded subdivision plat,
must include county and state.
Abstract of title - Summary in chronological order of the essential provision of every recorded
document pertaining to a particular parcel of land, eg., liens ,encumbrances, chain of title, transfers. An
abstract of title does not disclose encroachments, forgeries, and the like and does not, therefore,
guarantee clear title.
Abate - Reduce, decrease. Usually refers to decrease in assessed value of ad valorem tax.
Accelerated Depreciation - A general term including any method of depreciation that is greater
than straight-line depreciation.
Acceleration Clause - A provision of a promissory note or mortgage where, upon the happening of
a certain event, e.g., default in payment, the entire amount of the unpaid loan balance becomes due.
Accretion - The addition of soil (known as alluvium) to property by the gradual operation of
natural causes (common where properties have frontage on oceans or rivers). This added land becomes
the property of the owner on whose land it is deposited.
Acknowledgment - A written declaration by a person executing an instrument, given before an
officer authorized to give an oath (usually a notary public), stating that the execution is of his own
volition, e.g., grantor of a deed.
Acre - A measure of land which is 43,560 square feet.
Actual Notice - Things you know because of your own senses: eyes, ears, etc. You have actually
seen someone living on the property. If you are buying the property, you need to find out why the
occupants are living there.
, Adjustable Rate Mortgage (ARM) - A type of financing available for real estate mortgages on
property through which the Annual Percentage Rate charged will differ from year to year according to
terms specified by the lender and authorized by the Federal Reserve banking system.
Ad Valorem Tax - Latin, "according to valuation." A tax to be paid based upon a value set by the
authorities, e.g., real property tax.
Adverse Possession - The open, notorious, hostile, and uninterrupted possession of the property
of another under a claim or color of title of 21 years after which time the adverse possessor may obtain
title to the property.
Affidavit of Title - A sworn statement that title is good.
Agency - A relationship between one person (principal) and another (agent) where the agent is
given the right to act on behalf of the principal in business dealings. Agency creates a fiduciary duty on
the part of the agent to act in good faith and loyalty toward the principal.
Agency Disclosure - The disclosure of the relationship in which one party (agent) acts for or
represents another (principal) under the authority of the latter.
Agent - One who acts, or has the power to act, for another.
Alienation - An English term referring to transfer of property from one person to another.
Alienation Clause - A clause used in a mortgage allowing the lender to call for the full payment of
the mortgage (foreclosure) because the owner transferred ownership of the property. This is a type of
acceleration clause because it accelerates the time when the entire loan amount is due. Very often
referred to as a "Due-on-Sale" clause.
Amenities - Features, both tangible and intangible, that enhance the desirability of real estate. For
example, a marble fireplace, desirable location, preferred floor plan, or anything with sentimental value
to the buyer may be considered an amenity.
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