Real Estate Salesperson Exam - VA State and National Questions and Answers 100% Correct.
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Course
Real Estate VA
Institution
Real Estate VA
Abstract of Title - ANSWER-A condensed history of property
An acre contains (sq. ft.) - ANSWER-43,560 sq. ft.
An administrator is - ANSWER-appointed by the courts to dispose of property when someone dies intestate
Adverse Possession - ANSWER-A means of acquiring title to property
Aliena...
Real Estate Salesperson Exam - VA State
and National Questions and Answers
100% Correct.
Abstract of Title - ANSWER-A condensed history of property
An acre contains (sq. ft.) - ANSWER-43,560 sq. ft.
An administrator is - ANSWER-appointed by the courts to dispose of property when
someone dies intestate
Adverse Possession - ANSWER-A means of acquiring title to property
Alienation Clause - ANSWER-Allows lender to require balance of loan to be paid in full
when you allow someone to assume your loan
An appurtenance is - ANSWER-something which benefits the property
An assessment is - ANSWER-A charge against real property for improvements such as
paving streets
Avulsion - ANSWER-Sudden movement of land due to natural causes
A binder is - ANSWER-Evidence of good faith on the part of the purchaser
A blanket mortgage is - ANSWER-A mortgage secured by several parcels of land
allowing separate releases
Caveat Emptor means - ANSWER-Let the buyer beware
Chain of title - ANSWER-title passing to the legal heirs
Chattels - ANSWER-personal property such as area rugs
Cloud on title means - ANSWER-An outstanding claim on the property, an
encumberance on the property, present owner's title is impaired.
Functional Obsolescence is - ANSWER-Loss of value due to design and construction
, Commission is - ANSWER-An agreement between principal and broker, due when the
broker has performed according to the principal, sum due the broker for services as a
real estate agent
Condemnation - ANSWER-taking private property for public use
Consideration - ANSWER-anything of value paid such as money or services
Constructive Notice - ANSWER-Actually moving into a property
A conveyance is - ANSWER-a transfer of title from one person to another
Covenants are - ANSWER-agreements in deeds which restrict uses of property or
promises to do or not to do something
Damages are - ANSWER-the indemnity recovered by a person through the act or
default of another
Decree - ANSWER-a judicial decision
Dedication is - ANSWER-an owner giving land for public use
A deed - ANSWER-an instrument to convey title, must be in writing and signed by
grantor, must be delivered
Deed restrictions are - ANSWER-Limitations on use of the property
Defeasance Clause - ANSWER-the right of the mortgagee to redeem the property from
foreclosure
A deficiency judgment - ANSWER-courts declaring a person incompetent
Designated agent - ANSWER-Can work for buyer, seller, and is appointed by broker for
a specific principal
Depreciation can be - ANSWER-A loss of value, loss of value due to physical
deterioration, loss due to functional or economic obsolescence
Domicile is - ANSWER-A person's permanent residence
Earnest money is - ANSWER-money given as a down payment to show good faith
A easement is the - ANSWER-right to use someone's property
External Obsolescence is - ANSWER-Loss of value due to design of building being
outdated or over-improvement
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