Exam (elaborations)
ROCKWELL REAL ESTATE TEST 2 QUESTIONS AND ANSWERS
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ROCKWELL REAL ESTATE TEST 2 QUESTIONS AND ANSWERS
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Name: Score:257 Multiple choice questions
Definition 1 of 257
The right to use the land of another for a particular purpose.
Profit
Avulsion
Easement
Listing agent
Definition 2 of 257
The amount of monthly income a VA borrower has left over after deducting monthly expenses
and taxes
Reliction
Discount points
Residual income
Freehold Estate
Definition 3 of 257
The document a mortgagee gives the mortgagor when the mortgage debt is paid off,
releasing the property from the lien. Also called a satisfaction piece
Satisfaction of Mortgage
Easement Appurtenant
Deed of Reconveyance
Fee Simple Determinable
,Definition 4 of 257
The local finance market, where individuals obtain loans from banks, savings, and loans, and
other types of mortgage lenders
Secondary market
Residual income
Primary market
eminent domain
Definition 5 of 257
The act of taking private property for public use under the power of eminent domain.
Rezone
condemnation
Acknowledgment
Income ratios
Definition 6 of 257
A leasehold estate without a definite termination date that may arise after a periodic tenancy
or an estate for years terminates. Also called a tenancy at will
pur autre vie
Title report
Discount points
Estate at will
,Definition 7 of 257
An agreement between two or more competent persons to do or not so certain things for
consideration
Extender clause
Contract
Land contract
Air Lot
Definition 8 of 257
Money spent on improvements to property which add to its value
Net operating income
capital expenditures
open market operations
Effective gross income
Definition 9 of 257
a lien on property in favor of someone who provided labor or materials to improve it; also
called a mechanic's lien or materialman's lien
Depreciation
Capitalization rate
Satisfaction of Mortgage
Construction Lien
, Definition 10 of 257
A qualified acceptance; technically a rejection. Of the offer, with a new offer made on slightly
different terms
Counteroffer
title search
Loan Estimate
Alienation
Definition 11 of 257
The document the trustee gives the trustor when the debt secured by a deed of trust is paid
off, releasing the property from the lien
Debt to income ratio
Deed of Reconveyance
Listing agent
Highest and best use
Definition 12 of 257
The fed's activities in buying and selling government securities
open market operations
Functional Obsolescence
Federal Reserve Bond
Capitalization Rate
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