Exam (elaborations)
ASREB Flash cards Questions and Answers 2024
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Exam of 21 pages for the course ASREB at ASREB (ASREB Flash cards)
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ASREB Flash cardsBlind ad - answer A real estate ad that does not indicate that a brokerage firm is
involved
Beneficiary deed - answer A deed that is used to transfer real property to one's errors
without going through their probate process
Beneficiary - answer The lender under a deed of trust security
Basis point - answer1/100 of one percent
Basis - answer The actual price paid for the property
Bargain and sale deed - answer A conveying deed that has three covenants but no
waanties. frequently used in an operation of law transaction.
Bare naked title - answerTitle held by a trustee in a deed of trust document. The trustee
does not have any of the bundle of rights provided in ownership
Band of investment - answerAnd appraisal method use for income property that
establishes a capitalization rate by using mortgage interest rates available, rate of return
required, and the debt and Equity and said property
Axial Theory - answerTheory of the land-use development along major highways
Avulsion - answerThe loss of land due to sudden and violent acts of nature
Automatic stay - answerIn bankruptcy an automatic injunction that halts actions by
creditors
Attachment - answerThe taking of property in custody, pending the outcome of a legal
action
Assignments of rents - answerThe right of a lender to collect rents from the borrowers
tenants in case of loan default
Assignment of lease - answerThe transferor of all parts of the tenants rights to another
party
Assessment - answerA tax charge to the owner of real property for benefits received.
Tax is usually based on pro rata share
,CC&r's - answerCovenants, conditions and restrictions
Arms length transaction - answerA business transaction in which all parties have equal
bargaining opportunity
Blanket mortgage - answerA security that covers more than one parcel of land
Bilateral contract - answerA contract binding two or more parties
Bequest - answerLeaving personal property to an air through a will
Benchmark - answerA Mark made on a permanent object that has a known location and
elevation.
Bankruptcy - answerA financial situation when a person's liabilities exceed his ability to
pay. Assets
Balloon payment - answerA lump sum paid to liquidate a debt or paid any time during a
loan period
Authorization to sell - answerAnother term for listing agreement
Attorney in fact - answerOne who has written authorization to act for a Nother under a
power of attorney
Asset - answerAll valuable items held by a person which may be used to liquidate a
debt
Assemblage - answerThe process of combining two or more smaller parcels of land into
one large tract
Arrears - answer(Paid) after its usage, such as Arizona property taxes and interest on
real estate loans
Arbitration - answerThe settling of a dispute between two parties by a neutral party
Bill of sale - answerA document used to transfer personal property
Bearing wall - answerA wall in a building that supports a ceiling load
Baseline (principal) - answerIn the government rectangular survey system, the
reference line that runs east and west and crosses the principal meridian
Assignee - answerOne to who interest in property is transferred
, Assignment - answerThe transferring of interest from one party to another in a purchase
contract or lease.
Assignor - answerOne who transfers a specified interest in property.
Assumption of mortgage - answerThe grantee takes title to real property and assuming
liability for an existing obligation. The origin oh mortgagor still remains liable.
Assured water supply - answerSubdivisions in Arizona located in an active management
area needed to provide a 100 year water supply
Assessed value - answerThe value placed on real or personal property for tax purposes
Asbestos - answerA fire resistant mineral used in building and household products that
has been found to cause lung cancer
A.L.T.A - answerAmerican land title Association. A national Association of title
companies
APR - answerAnnual percentage rate. The calculations of all financial charges
pertaining to a loan, expressed in an annual rate
Abandonment of homestead - answerA document recorded to terminate homestead
exception
Abatement - answerTo reduce in amount, such as the removal of the encapsulation of
asbestos
Ability to repay rule - answerA residential lender is to verify that the borrower has a
responsible ability to repay the loan
Abstract of title - answerA summary of a document that appear on public Record
affecting a partial of real property
Abutting land - answerParcels of land having common boundaries
Acceleration - answerThe lenders right to call the entire loan all due and payable if
certain conditions are violated
Acceptance - answerAnd agreement binding one of the terms of an offer
Accretion - answerThe gradual buildup of land by wind or water
Accrued depreciation - answerFor tax purposes, the cumulative amount of depreciation
up to a certain time
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