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National Real Estate Exam
q & a
19
Real Estate & Planning
04/22/2005

Additional Real Estate & Planning Flashcards

 


 

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Term
accrued interest
Definition
the amount of interest that is due for the period of time since interest was last paid; usual term for seller.
Term
How many sq. ft. equal 1 acre?
Definition
43,560 sq. ft.
Term
actual eviction
Definition
the result of legal action, originated by a lessor, whereby a defaulted tenant is physically ousted from the rented property pursuant to a court order.
Term
actual notice
Definition
express information of fact; that which is known; direct knowledge.
Term
addenda
Definition
additional material attached to and made part of a document, as in a supplement that is added to an agreement of sale.
Term
adjustable-rate mortgage (ARM)
Definition
a laon characterized by a fluctuating interest rate, usually one tied to a bank or savings and loan association cost-of-funds index.
Term
ad valorem tax
Definition
a tax levied according to value; generally used to refer to real estate tax; aka. general tax.
Term
adverse possession
Definition
the actual, visibl, hostile, notorious, exclusive and continuous possession of another's land under a claim of title; possession for a statutory period may be a means of acquiring title.
Term
agency
Definition
the relationship between a principal and an agent, wherein the agent is authorized to represent the principal in certain transactions.
Term
agent
Definition
one who acts or has the power to act for another; a fiduciary relationship is created under the law of agency when a principal suthorizes a licensed real estate broker to be his or her agent.
Term
agreement of sale
Definition
an offer to purchase that has been accepted by the seller and has become a binding contract.
Term
air lot
Definition
a designated airspace over a piece of land; an air lot, like surface property, may be transferred.
Term
agency coupled with an interest
Definition
an agency relationship in which the agent is given an estate or interest in the subject of the agency (the property).
Term
acknowledgement
Definition
a formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document.
Term
accrued items
Definition
on a closing statement, expense items that are incurred buy not yet payable, such as interest on a mortgage loan or taxes on real property.
Term
accretion
Definition
the increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.
Term
accession
Definition
acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposit along the banks of streams.
Term
acceleration clause
Definition
the clause in a mortgage or trust deed that can be enforced to make the entire debt due immediately if the mortgagor defaults on an installment payment of other covenant.
Term
astract of title
Definition
the condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.