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Real Estate U - Glossary Exam Questions and Complete Solutions Graded A+
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Real Estate U - Glossary Exam Questions and Complete Solutions Graded A+
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Real Estate U -Glossary Exam
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
,Abstract of Title - - Answer: A summary or digest of all transfers, conveyances, legal proceedings, and
any other facts relied on as evidence of title, showing continuity of ownership, together with any other
elements of record which may impair title.
Acceleration Clause - - Answer: A condition in a real estate finance instrument giving the lender the
power to declare all sums owing the lender immediately due and payable upon the happening of an
event, such as sale of the property, or a delinquency in the repayment of the note.
Acceptance - - Answer: The act of agreeing or consenting to the terms of an offer thereby establishing
the "meeting of the minds" that is an essential element of a contract.
Accession - - Answer: An addition to property through the efforts of man or by natural forces.
Accretion - - Answer: Accession by natural forces, e.g., alluvium.
Acknowledgment - - Answer: A formal declaration made before an authorized person, e.g., a notary
public, by a person who has executed an instrument stating that the execution was his or her free act.
Actual Eviction - - Answer: The removal of a tenant by the landlord because the tenant breached a
condition of a lease or another rental contract.
Actual Notice - - Answer: Express or implied knowledge of a fact.
Addendum - - Answer: Additional pages of material that are added to and become part of a contract.
Adverse Possession - - Answer: A method of acquiring title to real property through possession of the
property for a statutory period under certain conditions by a person other than the owner of record.
Agency - - Answer: The relationship between principal and the principal's agent, which arises out of a
contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to
do certain acts dealing with a third party.
,Agent - - Answer: One who acts for and with authority from another called the principal. Agreement of
Sale - A written agreement or contract between seller and purchaser in which they reach a "meeting of
minds" on the terms and conditions of the sale. The parties concur; are in harmonious opinion.
Air Rights - - Answer: The rights in real property to the reasonable use of the air space above the surface
of the land.
Alluvium - - Answer: The gradual increase of the earth on a shore of an ocean or bank of a stream
resulting from the action of the water.
Amortization - - Answer: The liquidation of a financial obligation on an installment basis.
Amortized Loan - - Answer: A loan to be repaid, interest and principal, by a series of regular payments
that are equal or nearly equal, without any special balloon payment prior to maturity.
Appraiser - - Answer: One qualified by education, training and experience who is hired to estimate the
value of real and personal property based on experience, judgment, facts, and use of formal appraisal
process.
Appreciation - - Answer: Monetary gain resulting from the increase in the market value of an
investment, excluding additions of capital. For example, a house which is sold five years after it was
purchased for 20% more than the purchase price.
Asbestos - - Answer: A naturally occurring mineral fiber sometimes found in older homes. It is
hazardous to health when a possibility exists of exposure to inhalable fibers. Homeowners should be
alert for friable asbestos and always seek professional advice in dealing with it.
Asbestosis - - Answer: A chronic lung disease caused by inhaling asbestos fibers.
Assessed Value - - Answer: A valuation placed upon a piece of property by a public authority as a basis
for levying taxes on the property.
, Assessing Unit - - Answer: A city, county, town or village with the authority to value real property for
purposes of taxation.
Assessments - - Answer: A charge against real estate made by a unit of government to cover a
proportionate cost of an improvement such as a street or sewer.
Assignment - - Answer: The transfer to another of any property in possession or in action, or of any
estate or right therein. A transfer by a person of that person's rights under a contract.
Assignment of Rents - - Answer: A provision in a mortgage or deed of trust under which the lender may,
upon default by the trustor, take possession of the property, collect income from the property and apply
it to the loan balance and the costs incurred by the lender.
Assumption of Mortgage - - Answer: The taking of a title to property by a grantee wherein the grantee
assumes liability for payment of an existing note secured by a mortgage or deed of trust against a
property, becoming a co-guarantor for the payment of a mortgage or deed of trust note.
Avulsion - - Answer: A sudden and perceptible loss of land by the action of water as by a sudden change
in the course of a river.
Bargain and Sale Deed - - Answer: Any deed that recites a consideration and purports to convey the real
estate; a bargain and sale deed with a covenant against the grantor's act is one in which the grantor
warrants that grantor has done nothing to harm or cloud the title.
Base and Meridian - - Answer: Imaginary lines used by surveyors to find and describe the location of
private or public lands. In government surveys, a base line runs due east and west, meridians run due
north and south, and are used to establish township boundaries.
Beneficiary - - Answer: The lender on the security of a note and deed of trust.
Bilateral Contract - - Answer: A contract in which each party promises to do something.
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