WRA GLOSSARY EXAM SCRIPT FULL
QUESTIONS AND CORRECT ANSWERS
DETAILED REVIEW SHEET
●● 100% office
Answer: Office where salespersons pay a regular fee to the broker but
receive 100% of the commissions they earn.
●● abandonment
Answer: Voluntarily giving up possession of property or a claim or right.
●● abatement
Answer: A legal action to stop a nuisance. Also can be a reduction of a
property tax assessment.
●● absorption rate
Answer: The rate at which new or vacant space (such as office space)
will become occupied.
●● abstract
Answer: A history of every recorded document dealing with a property.
It is examined to determine whether there is marketable title.
,●● abstractive method
Answer: A means of obtaining land value by deducting the value of
improvements from the total property value.
●● abstract of judgment
Answer: A condensation of a court judgment. When recorded, the
judgment becomes a general lien on the property of the debtor within the
county where recorded.
●● accelerated depreciation
Answer: Any method of depreciation for tax purposes that gives greater
initial depreciation than the straight-line method.
●● acceleration clause
Answer: A provision in a note making all payments due on the
happening of a certain event (such as missing a payment or selling the
property).
●● acceptance
Answer: An act or agreement that forms a contract.
●● accession
Answer: Obtaining title as a result of attaching or joining property to
other property.
, ●● accommodation party
Answer: A third person (cosigner) who signs a negotiable instrument
agreeing to be personally liable to the payee.
●● accord and satisfaction
Answer: The act of accepting a different consideration than agreed; for
example, if there is a dispute as to performance and one party accepts
less than what was bargained for originally.
●● Accredited Management Organization (AMO)
Answer: A professional designation awarded to a management company
by the Institute of Real Estate Management.
●● Accredited Resident Manager (ARM)
Answer: A professional designation for resident property managers
awarded by the Institute of Real Estate Management.
●● accretion
Answer: A gradual buildup of soil by action of water or wind.
●● accrued depreciation
Answer: Depreciation to date; measured by the difference between the
replacement cost new and the present value.
QUESTIONS AND CORRECT ANSWERS
DETAILED REVIEW SHEET
●● 100% office
Answer: Office where salespersons pay a regular fee to the broker but
receive 100% of the commissions they earn.
●● abandonment
Answer: Voluntarily giving up possession of property or a claim or right.
●● abatement
Answer: A legal action to stop a nuisance. Also can be a reduction of a
property tax assessment.
●● absorption rate
Answer: The rate at which new or vacant space (such as office space)
will become occupied.
●● abstract
Answer: A history of every recorded document dealing with a property.
It is examined to determine whether there is marketable title.
,●● abstractive method
Answer: A means of obtaining land value by deducting the value of
improvements from the total property value.
●● abstract of judgment
Answer: A condensation of a court judgment. When recorded, the
judgment becomes a general lien on the property of the debtor within the
county where recorded.
●● accelerated depreciation
Answer: Any method of depreciation for tax purposes that gives greater
initial depreciation than the straight-line method.
●● acceleration clause
Answer: A provision in a note making all payments due on the
happening of a certain event (such as missing a payment or selling the
property).
●● acceptance
Answer: An act or agreement that forms a contract.
●● accession
Answer: Obtaining title as a result of attaching or joining property to
other property.
, ●● accommodation party
Answer: A third person (cosigner) who signs a negotiable instrument
agreeing to be personally liable to the payee.
●● accord and satisfaction
Answer: The act of accepting a different consideration than agreed; for
example, if there is a dispute as to performance and one party accepts
less than what was bargained for originally.
●● Accredited Management Organization (AMO)
Answer: A professional designation awarded to a management company
by the Institute of Real Estate Management.
●● Accredited Resident Manager (ARM)
Answer: A professional designation for resident property managers
awarded by the Institute of Real Estate Management.
●● accretion
Answer: A gradual buildup of soil by action of water or wind.
●● accrued depreciation
Answer: Depreciation to date; measured by the difference between the
replacement cost new and the present value.
