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Tennessee Real Estate Exam Vocabulary Questions and Answers Latest Updated
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Tennessee Real Estate Exam Vocabulary
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Tennessee Real Estate Exam VocabularyAbstract of Title - answer A summary and certification by the abstractor of the history of the title to property form the original grant through all subsequent conveyances.
Acceleration Clause - answer The clause in a mortgage or deed o trust that can be enforced making the entire debt due immediately upon default of the borrower.
Acceptance - answer The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer.
Accession - answer Obtaining title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.
Accretion - answer The increase of land by sand and/or soil washing up from a river, lake or sea.
Acknowledgement - answer A formal declaration by a person who has signed a document made before a duly authorized officer, usually a notary public.
Acre - answerA measure mento of land that contains 43,560 square feet
Actual Eviction - answer A legal process that results in tenants being physically removed from leased premises
Actual Notice - answerExpressed information or fact that is known
Ad Valorem Tax - answerA tax levied on real property according to value
Adverse Possession - answerThe actual, open, notorious, hostile and continuous possession of of another's land under a claim of title.
Affiliate Broker - answerThe affiliate broker is a real estate licensee
Age of Competency - answerThe age at which someone is legally capable
Agency - answerThe relationship between the principal and an agent where the agent has a fiduciary duty to represent the principal on certain matters
Agreement of sale - answerAn agreement between the seller (vendor) and buyer (vendee) for the purchase of real property Air lots - answerair lots are the spaces above land
Air rights - answerThe right to use the open space above a property but not the pretty itself
Alienation clause - answerThe clause in a mortgage or deed of trust that says the entire balance of a secured debt is due upon the lender's option if the vendee wishes to sell the property, which is effect prevents the vendee form selling the property without the lender's approval
American with Disabilities Act - answerAn act that addresses the rights of individuals with disabilities in employment and public accommodations
Amortization - answerThe gradual repayment of a mortgage loan by installments
Annexation - answerThe process of converting personal property into real property by permanently attaching it
Anticipation - answerAn appraisal principle that bases value of property that can rise or fall based on some future benefit or detriment to property
Annual Percentage Rate(APR) - answerThe cost of a mortgage stated as a yearly rate.
Antitrust laws - answerLaws enacted by both federal and state government that prohibit activities which restrict free trade
Appraisal - answerAn expert opinion and report of valuation using established methods
Appraiser - answerAn independent person trained to provide an unbiased estimate of value
Appreciation - answerAn increase in the value of a property due to changes in market conditions or other causes. The opposite of depreciation.
Appurtenance - answerrights, benefits, and privileges inherent with and passing with title to land
Appurtenant Easement - answerAn easement that transfer with land
Arbitrage - answerProfitable difference between interest rates in financing arrangement such as a wraparound mortgage
Assemblage - answerCombining more that one parcel into one parcel, usually increasing the value of the land Assessment - answerThe process of valuing property for taxes
Asset - answerAnything of value owned by a person
Assignment - answerThe transfer of one's rights in real property to another
Assumption - answerThe transfer of the seller's existing mortgage to the buyer
Attachment - answerThe legal seizure of real property prior to a judgment when there is a expectation the property will not be available after the judgment.
Attorney's Opinion of Title - answerAn instrument written and signed by a attorney that a
seller is transferring a good title in his/her opinion after examination of the title
Asbestos - answerAn incombustible, chemical resistant, fibrous mineral form of magnesium silicate that can cause respiratory disease and was once used in insulation and other materials
Avulsion - answerThe removal of land from one property to another due to a change of course of a stream or river
Balloon Mortgage - answerA mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at the
end of an earlier specified term
Bankruptcy - answerA proceeding in federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee
Bargain and Sale Deed - answerA deed that implies the grantor has the right to convey good title but does not warranty against encumbrances and liens
Base Line - answerThe principal east and west surveyor lines established in the government survey method
Benchmarks - answerReference points established throughout the United States to aid surveyors in deterring differences in elevation
Beneficiary - answerThe person receiving income under a deed of trust
Bilateral contract - answerBoth parties to the contract are obligated to do something
Bill of Sale - answerA written document that transfers title of personal property
Blind Ad - answerA blind ad is an ad in which a brokerage firm or listing agent includes just his or her own name, a post office box number, or a telephone number to bait
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