Colibri Real Estate (Missouri) Questions and Answers Graded A+
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Course
Colibri Real Estate
Institution
Colibri Real Estate
Colibri Real Estate (Missouri) Questions and Answers Graded A+
Abandonment
Non-payment of taxes
Absolute Auction
An auction where the property is sold to the highest qualified bidder; there is no minimum bid or reserve or right of confirmation. Also called Without Reserve.
Previo...
Colibri Real Estate (Missouri) Questions
and Answers Graded A+
Abandonment - answer Non-payment of taxes
Absolute Auction - answer An auction where the property is sold to the highest qualified
bidder; there is no minimum bid or reserve or right of confirmation. Also called Without
Reserve.
Abstract of Title - answer A brief, chronological summary of the recorded documents
affecting title to a particular parcel of real property.
Acceleration Clause - answer A contract clause giving the lender the right to declare the
entire loan amount due immediately because of borrower's default, or other reasons in
the contract.
Acceptance - answerWhen a party agrees to the terms of an offer to enter into a
contract, thereby creating a binding contract.
Accession - answerThe acquisition of title to land by its addition to real estate already
owned, through human actions or natural processes.
Accounting - answerIn an agency relationship, the agent's fiduciary duty to the principal
to strictly account for all monies received.
Accretion - answerA gradual addition to dry land by the forces of nature, as when the
tide deposits water-borne sediment on shoreline property.
Accrued - answeran accumulation
Accrued Expense - answerItem on a settlement statement for which the cost has been
incurred, but the expense has not yet been paid. Such expenses are considered to be
paid in arrears.
Acknowledgement - answerRecognition of validity; a document signers declaration to an
authorized official (usually notary public) that he is signing voluntarily
Acre - answerA measure of land equal to 43,560 square feet. One square mile contains
640 acres.
,Actionable Fraud - answerFraud that meets certain criteria, so that a victim can
successfully sue. The victim must prove the defendant concealed material facts or
made false statements (intentionally or negligently) with the intent to induce the victim to
enter a transaction, and the victim was harmed by relying on misrepresentations.
Actual Eviction - answerThe legal process of forcing someone off of a property or
preventing someone from re-entering the property
Actual Fraud - answerAn intentional misrepresentation or concealment of a material
fact; when a person actively conceals material information or makes statements that he
knows are false or misleading.
Actual Notice - answerPersonal knowledge of a fact, rather than knowledge imputed or
inferred by law
Ad Valorem - answerLatin for according to value
Adequate Consideration - answerConsideration that is comparable in value to the
consideration the other party to the contract is giving.
Adjustable rate mortgage (ARM) - answerA type of loan structure that permits the lender
to periodically change or vary the interest rate charged, based on a standard index.
Administrator - answerA person appointed by the probate court to manage and
distribute the estate of a deceased person when no executor is named in the will or
there is no will.
Adverse Possession - answerThe 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.
Affidavit of title - answerA statement, sworn in front of a notary public or other
authorized official, by the seller or grantor of property that identifies the grantor,
identifies the grantor's marital status, and certifies that the grantor has no new
judgments, liens, divorces, unrecorded deeds, or other potential title defects since the
title examination was completed. It also certifies that the grantor is indeed in possession
of the property.
Affiliated business arrangement (ABA) - answerA situation where a person in a position
to refer settlement services-or an associate of that person-has either an affiliate
relationship with or a direct or beneficial ownership interest of more than 1% in a
provider of settlement services and who then refers business to that provider or in some
way influences the selection of that provider.
, Agency - answerA relationship of trust created when one person (the principal) gives
another person (the agent) the right to represent the principal in dealings with third
parties.
Agency coupled with an interest - answerA situation in which the agent has a personal
interest in the subject of the agency, as when one co-owner has been authorized by the
others to sell their property.
Aggregate rent - answerThe total rent for the full term of the lease.
Air rights - answerThe right to undisturbed use and control of the airspace over a parcel
of land (within reasonable limits for air travel) may be transferred separately from the
land.
Alienation - answerThe transfer of ownership or an interest in property from one person
to another, by any means.
Alienation Clause - answerA mortgage clause allowing the lender to demand the full
and immediate payment of the mortgage because the owner transferred or pledged to
transfer ownership of the property. Also called Due on Sale Clause.
Allodial System - answerThe system of land ownership where anyone can own land.
Alluvion - answersolid material deposited by a body of water
American Land Title Association (ALTA) - answerA national association of title
companies, abstractors, and attorneys. Members agree to promote uniformity, quality,
and professional standards in title insurance policies. Policies issued by ALTA members
follow specific guidelines.
American with Disabilities Act (ADA) - answerA wide-ranging federal civil rights law,
signed in 1990, that prohibits, under certain circumstances, discrimination based on
disability.
Amortization - answerOccurs when a loan balance decreases because of periodic
installments paid on the principal and interest.
Amperage - answerAmount of electricity going through electric wires, measured in
amps.
Amortized Loan - answerA financial debt that is paid off over a period of time by a series
of periodic payments. A loan can be fully amortized or partially amortized requiring a
balloon payment to satisfy the debt at the end of the term.
Annexation - answerAttaching personal property to land so that it becomes a fixture and
the law views it as part of the real property.
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