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California Real Estate Exam Definitions questions and answers with verified solutions already passed!!!
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  • California Real Estate
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  • California Real Estate

California Real Estate Exam Definitions questions and answers with verified solutions already passed!!!

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  • October 9, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • California Real Estate
  • California Real Estate

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California Real Estate Exam Definitions
questions and answers with verified
solutions already passed!!!
ABANDONMENT - ANSWER✔✔The failure to occupy and use property that
may result in a loss of rights.


ABATEMENT OF NUISANCE - ANSWER✔✔Extinction or termination of a
nuisance.


ABSOLUTE OWNERSHIP - ANSWER✔✔See FEE SIMPLE ESTATE. The
greatest interest that one can have in real property. An estate that is unqualified, of
indefinite duration, freely transferable and inheritable.


ABSTRACT OF JUDGMENT - ANSWER✔✔A condensation of the essential
provisions of a court judgment.


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.


ABSTRACTION - ANSWER✔✔A method of valuing land. The indicated value of
the improvement is deducted from the sale price.


ACCELERATED COST RECOVERY SYSTEM - ANSWER✔✔The system for
figuring depreciation (cost recovery) for depreciable real property acquired and
placed into service after January 1, 1981. (ACRS)

, ACCELERATED DEPRECIATION - ANSWER✔✔A method of cost write-off in
which depreciation allowances are greater in the first few years of ownership than
in subsequent years. This permits an earlier recovery of capital and a faster tax
write-off of an asset.


ACCELERATION CLAUSE - ANSWER✔✔A condition in a real estate financing
instrument giving the lender the power to declare all sums owing 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.


ACCESS RIGHT - ANSWER✔✔The right of an owner to have ingress and egress
to and from owner's property over adjoining property.


ACCESSION - ANSWER✔✔An addition to property through the efforts of man
or by natural forces.


ACCRETION - ANSWER✔✔Accession by natural forces, e.g., alluvium.


ACCRUED DEPRECIATION - ANSWER✔✔The difference between the cost of
replacement new as of the date of the appraisal and the present appraised value.


ACCRUED ITEMS OF EXPENSE - ANSWER✔✔Those incurred expenses
which are not yet payable. The seller's accrued expenses are credited to the
purchaser in a closing statement.

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