Exam (elaborations)
Texas Principles Of Real Estate II Glossary – Complete Study Set
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Texas Principles Of Real Estate II Glossary – Complete Study Set
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Texas Principles Of Real Estate II Glossary – CompleteStudy Set
Abstract of Title Right Ans - A summary of the public records that exist
regarding the history of ownership and changes to a particular parcel of real
estate.
Acceleration Clause Right Ans - A clause in a mortgage document that
allows the lender to demand immediate repayment of the entire mortgage
balance upon default.
Accrued Item Right Ans - Prorated costs owed by the seller but ultimately
paid by the buyer after receiving title to the property.
Action to Quiet Title Right Ans - A legal proceeding to establish ownership
when there is a defect in a title created by a lien or other encumbrance.
Actual Authority Right Ans - The express or implied authority given by a
principal to an agent in an agency relationship.
Actual Damages Right Ans - Compensation given to an injured party for
proven injuries or losses resulting from another party's actions or omissions.
Actual Notice Right Ans - Communication given directly to an individual or
gained through personal knowledge or research.
Ad Valorem Taxes Right Ans - General real estate taxes calculated based on
the assessed value of individual properties.
Adjusted Basis Right Ans - The purchase price of real estate plus the cost of
improvements, less depreciation.
Affidavit of Title Right Ans - A legal guarantee regarding the condition of a
property's title, including information about the seller's identity, marital
status, and any outstanding debts or contracts.
Agency Relationship Right Ans - A relationship created when one party
designates another to represent their interests in dealings with a third party.
, Agent Right Ans - An individual authorized to make decisions on behalf of a
principal and represent their interests.
Air Rights Right Ans - The right to use, control, and occupy the space above
a particular parcel of real estate.
Americans with Disabilities Act (ADA) Right Ans - A federal act that
prohibits discrimination against individuals with disabilities and guarantees
them access to employment, public services, telecommunications, public
accommodations, and commercial facilities.
Amortization Right Ans - The repayment of a financial obligation over a
period of time in a series of periodic installments.
Amortization Rate Right Ans - The percentage of a periodic payment that is
applied to the reduction of the principal.
Amortization Term Right Ans - The period over which the principal
amount would be retired based on the periodic installments paid.
Amortized Loan Right Ans - A financial obligation repaid over a period in a
series of periodic payments.
Apparent Authority Right Ans - Authority created when a principal falsely
represents an agent to a third party, suggesting that the agent has significant
authority when they do not.
Appraisal Right Ans - The process of determining the value of a piece of
real estate.
Appraisal Report Right Ans - An appraiser's written or oral estimate of
value for a property based on specified criteria and data.
Appraised Value Right Ans - An estimate by an appraiser of the value of a
property based on a given assignment.
Appraiser Right Ans - A person who estimates the value of real property or
personal property.
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