Exam (elaborations)
ASREB - Vocabulary Questions and Answers 2024
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Exam of 74 pages for the course ASREB at ASREB (ASREB - Vocabulary)
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ASREB - VocabularyA.A.C. - answer Arizona Administrative Code (laws of my license) - originates from
Arizona State Law- Commissioner's Rules
A.R.S. - answer Arizona Revised Statutes
Abandonment of Homestead - answer The two most common ways of abandoning a
declared homestead are either 1) through the use of a declaration of abandonment, or
2) by operation of law.
Abatement - answer To reduce an amount such as the removal or the encapsulation of
asbestos.
Abstract of Judgment, Law - answer The summary of a court judgment that creates a
lien against a property when filed with the county recorder.
Abstract of Title - answer The summary of all documents that appear on public record
effecting real property.
Abutting Land - answer Parcels of land having common boundaries.
Accelerated Cost Recovery System - answer A tax calculation that provides greater
depreciation in the early years of ownership of real estate or personal property.
Accelerated Depreciation - answer A bookkeeping method that depreciates property
faster in the early years of ownership.
Acceleration - answer The lender's right to call the entire loan all due and payable if
certain conditions are violated.
Acceptance - answerAn agreement binding one to the terms of an offer.
Accretion - answerThe gradual buildup of land by wind or water.
Accrued Depreciation - answerThe accumulated physical, economic and functional
depreciation that applies to a property as of a specific date.
Accrued Items - answerOn a closing statement, items of expense that are incurred but
not yet payable, such as interest on a mortgage loan or taxes on real property.
Acknowledgment - answerSigning a legal document before a notary public or other
authorized person.
,Acre - answer43,560 sq. ft.: If it were in the shape of a square it would measure approx
208.71 ft. on each side.
Acre Foot - answerOne acre of land with water one foot deep: 325,850 gal. of water.
Actual Age - answerThe chronological age of a structure.
Actual Damages - answerThose damages that a court of law will recognize and that are
a direct result of a wrong.
Actual Delivery - answerThe Grantor physically hands the Deed to the Grantee.
Actual Eviction - answerDirect actions of a landlord to remove a tenant from the
premises thru legal process.
Actual Notice - answerFacts that are known to be true; direct knowledge.
Actual Theory - answerTheory of land use development along major highways.
Ad Valorem tax - answerA tax levied "according to value". Arizona property taxes are
based on Ad Valorem.
ADA: Americans with Disabilities Act - answerFederal law designated to eliminate
discrimination against individuals with disabilities by requiring equal access to
accomodations.
Addendum - answerAn addition or change to a contract.
Additional Principal Payment - answerExtra money included in the monthly payment to
help reduce the principal and shorten the term of the loan. This may activate a
prepayment penalty clause.
Adjacent - answer1. Lying near, close, or contiguous; adjoining; neighboring: a motel
adjacent to the highway. 2. Just before, after, or facing: a map on an adjacent page.
Adjustable-Rate Mortgage (ARM) - answerA mortgage loan with the interest rate on the
note periodically adjusted based on an index which reflects the cost to the lender of
borrowing on the credit markets.
Adjusted Basis - answerUsed to determine gains or losses when property is sold:
Original cost of the property, plus the value of any capital expenditures for
improvements to the property, minus the depreciation. (After calculating the adjusted
basis, subtract it from the sales price of the property to determine gains or losses.)
,Adjusted Cost Basis - answerThe cost of any improvements the seller makes to the
property. Deducting the cost from the original sales price provides the profit or loss of a
home when it is sold.
Adjusted Gross Income - answerThe total potential gross income minus vacancy and
credit loss; also called Effective Gross Income.
Adjusted Purchase Price - answerOriginal purchase price plus capital improvements.
Adjusted Sales Price - answerThe net sales price of a piece of property where the
commissions and other closing costs are subtracted form the actual sales price.
Administrative Fine - answerMax Fine = $1000 per offense
Administrator - answerAn individual appointed by the court to handle the estate of a
party who dies without a will.
Administrator's Deed - answerA deed conveying the property of one who died without a
will ( intestate).
ADRE - answerArizona Department of Real Estate
Adult - answerA person who is in his or her majority: usually 18 years old.
Adverse Possession - answerAcquiring title to real property due to continuous, open
and hostile use for a prescribed length of time.
Adverse Use - answerThe access and use of property without the owner's consent.
Advisory Board - answerArizona Real Estate Advisory Board regulates those engaged
in the real estate profession in Arizona: comprised of 9 members; term is six years; no
compensation.
Affidavit of Disclosure - answerAz Revised Statutes requires the recording of an
Affidavit of Disclosure for the sale of "Five or fewer parcels of land, other than
subdivided land, in an unincorporated area of a county." It must be provided at 7 days
before transfer of property and buyer must acknowledge receipt; within 5 days of
receipt, buyer has the right to rescind.
Affidavit of Title - answerA written statement, under oath by a seller or grantor of real
property and acknowledge by a notary public, in which the grantor identifies himself and
indicates marital status, certifies that the title is without defects, and certifies he is in
possession of the property.
Affidavit of Value - answerA sworn document that identifies the Grantor and Grantee
and states the value paid for real property; signed by both parties and notarized.
, Affiliated Business Disclosure - answerA disclosure that a company or individual
referring settlement services has either an affiliate relationship with or a direct or
beneficial ownership interest of more than 1% in a provider of settlement services.
Affirmation of Value - answerA declaration that a certain set of facts are truthful: In this
case, that the value is.
Agency - answerA legal relationship in which the principal appoints an agent to act in
his behalf.
Agency by Ratification - answerUnauthorized actions of an agent that are later
approved by the principal.
Agency Coupled With An Interest - answerAn agency relationship in which the agent
has an interest, usually financial, in the subject property.
Agency Law - answerThe large body of common law that governs agency; a mixture of
contract law and tort law.
Agent - answerOne who is authorized to act for a principal.
Agent by Necessity - answerAn act of law or circumstances, requiring a Limited Agent
to act beyond his authority. Principal's consent not necessary.
Aggrieved - answerTo cause grief or to injure one's legal rights.
Agreement for Sale - answerA document giving equitable title to a Buyer, Vendee, of
Real Property: Also called Contract for Deed. Parties are usually called Vendor and
Vendee.
Agreement to Sale - answerAnother name for a Purchase Contract.
Air Rights - answerRight to use the Airspace above a property
Alienation - answerThe act of transferring property to another. ______ may be
voluntary, such as by a gift or sale, or involuntary, as through eminent domain or
adverse possession.
Alienation Clause - answerA clause in a loan document calling for the entire balance
due and payable when the property is sold.
All Inclusive Deed of Trust - answerA wraparound loan arrangement whereby a Deed of
Trust is used in place of a mortgage.
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