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Details Title: National Real Estate Exam Description: q & a Total Flash Cards: 19 Created: 04/22/2005 05:46:13	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards 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.