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Federal and State Exam Terms for Idaho Real Estate Questions and Answers Solved
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Federal and State Exam Terms for Idaho Real Estate
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Federal and State Exam Terms for IdahoReal Estate
Abstract of Title - answer 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 - certification by the abstractor that the history
is complete and accurate. 213
Acceleration Clause - answer Clause in a mortgage or deed of trust that can be
enforced to make the entire debt due immediately if the borrower defaults on payment
or covenant.
Accession - answer Acquiring title to additions or improvements to real property as a
result of annexation of fixtures or the accretion of alluvial deposits along the banks and
streams.
Accretion - answer The increase or addition of land by deposit of sand/soil washed up
naturally from a body of water.
Accrued Items - answerOn closing statement, items of expense that are incurred but not
yet payable such as interest or taxes on real property.
Acre - answer43,560 sq feet.
Actual Eviction - answerThe legal process that results in the tenants' being physically
removed from the lease premises.
Actual Notice (eviction) - answerExpress information or fact, that which is known, direct
notice.
Ad valorem tax - answerTax levied according to value, generally used to refer to real
estate tax. Also called General Tax.
Addendum - answerAdds to an existing contract without altering the content of the
original. Muse be agreed and signed off by all parties.
Adjustable-Rate Mortgage (ARM) - answerA loan characterized by fluctuating interest
rates, usually one tied to a bank or savings loan association cost-of-funds index.
Administrator/Administratix - answerA court selected person who assists with the
settlement of an estate of a person who died without leaving a will (intestate).
, Adverse Possesion - answerThe actual, open, notorious, hostile, and continuous
possession of another's land under a claim of title. Possession for a statutory period
may be a means of acquiring title.
Agency - answerRelationship between a principal and an agent wherein the agent is
authorized to represent the principal in certain transactions.
Agency by ratification - answerAn agency relationship created after the fact.
Air Lots - answerDesignated airspace over a piece of land. An air lot, like surface
property, may be transferable.
Air Rights - answerThe right to use the open space above a property, usually allowing
for the surface to be used for another purpose.
Alienation - answerThe act of transferring property to another. May be voluntary, such
as by gift or sale, or involuntary as through eminent domain or adverse possession.
Alienation Clause - answerClause in a mortgage or deed of trust that states that the
balance of the secured debt becomes immediately due and payable at the lender's
option if the property is sold by the borrower. In effect, the clause prevents the borrower
from assigning the debt without the lender's approval.
Allodial System - answerSystem of land ownership in which the land is held free and
clear of any rent or services due to the government; commonly contrasted to the feudal
system. Landis held under the allodial system in the United States.
Ammendment - answerA change to an existing content of a contract. Must be signed
and agreed on by all involved parties.
American Land Title Association (ALTA) Policy - answerA title insurance policy that
protects the interest in a collateral property of a mortgage lender who originates a new
real estate loan.
Americans with Disabilities Act (ADA) - answerAct addresses rights of individuals with
disabilities in employment and public accommodations.
Amortized Loan - answerA loan in which the principal as well as the interest is payable
in monthly or other periodic installments over the term of the loan.
Annexation - answerProcess of converting personal property into real property.
Annual Percentage Rate (APR) - answerThe relationship of the total finance charges
associated with a loan. This must be disclosed to borrowers by lenders under the Truth
in Lending Act.
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