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Real Estate Vocabulary (Guide to Passing the PSI Real Estate Exam) (2024 / 2025) Actual Questions and Verified Answers, 100% Guarantee Pass$12.99
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Real Estate Vocabulary (Guide to Passing the PSI Real Estate Exam).pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Real%20Estate%
Real Estate Vocabulary (Guide to Passing the
PSI Real Estate Exam)
1. acceleration clause: A provision in a written mortgage, note, bond, or conditional
sales contract that in the even of default, the whole amount of the principal and the
interest may be declared due and payable at once.
2. accession: Title to improvements or additions to real property is acquired as a
result of the accretion of alluvial deposits along the banks of streams or as a resultof
the annexation of fixtures.
3. accretion: Increase or addition to land by the deposit of sand or soil washed up
naturally from a river, lake, or sea.
4. accrued depreciation: The actual depreciation that has occurred to a propertyat
any given date, the difference between the cost of replacement new (as of the date of
the appraisal) and the present appraised value.
5. acknowledgement: A declaration made by a person to a notary public or other
pubic official authorized to take acknowledgments that an instrument was executedby
his or her as a free and voluntary act.
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6. actual eviction: The result of legal action originated by a lessor, by which a
defaulted tenant is physically ousted from the rented property pursuant to a court
order.
7. actual notice: Express information or fact; that which is known; actual knowledge.
8. ad valorem tax: A tax levied according to value; generally used to refer to real
estate tax.
9. adjustable-rate mortgage (ARM): A mortgage in which the interest changes
periodically, according to corresponding fluctuations in an index. All are tied to
indexes.
10. adjustment date: The date the interest rate changes on an adjustable-rate
mortgage.
11. administrator: The party appointed by the county court to settle the estate of a
deceased person who died without leaving a will.
12. adverse possession: The actual, visible, hostile, notorious, exclusive, and con-
tinuous possession of another's land under a claim to title.
13. affidavit: A written statement signed and sworn to before a person authorizedto
administer an oath
14. agent: One who represents or has the power to act for another (principal). The
authorization may be express, implied, or apparent. A fiduciary relationship is
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created when a principal executes a listing agreement or management contract
authorizing a real estate broker to be his or her agent.
15. agreement of sale: A written agreement by which the purchaser agrees to buy
certain real estate and the seller agrees to sell, on the terms and conditions set forthin
the agreement.
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16. air lot: A designated airspace over a piece of land, like suface property, may be
transferred.
17. air rights: The right to use the open space above one's property. It can be soldto
build a sky-walk or for the utility company to erect power lines,
18. alienation: The act of transferring property to another. May be voluntary, suchas
by sale, or involuntary, such as through eminent domain.
19. alienation clause: Clause in a mortgage instrument that does not allow the
borrower to sell (without lender approval) on assumption or contract-for-deed.
20. alluvion: The actual soil increase resulting from accretion.
21. amendments: Changes to previously approved and adopted written agree-
ments.
22. amenities: Neighborhood facilities and services that enhance a property's val-ue,
outside of the property (swimming pools, three-car garages).
23. Americans with Disabilities Act (ADA): A federal law (1992) designed to
eliminate discrimination against individuals with disabilities.
24. amortization: The liquidation of a financial burden by installment payments,
which include principal and interest. The loan payment consists of a portion which
will be applied to pay the accruing interest on a loan, with the remainder being
applied to the principal.Over time, the interest portion decreases as the loan balance
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