Washington State Real Estate Exam
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1. Abandonment The voluntary and permanent cessation of use or enjoyment with no intention to
resume or reclaim one's possession or interest. May pertain to an easement or a
property.
2. Abrogation Tenants cannot sign away their rights in advance of signing the lease.
3. Abstract of Title A condensed version of the history of title to a particular parcel of real estate as
recorded in the county clerk's records; consists of a summary of the original grant
and all subsequent conveyances and encumbrances affecting the property.
4. Abutting The joining, reaching, or touching of adjoining land. Abutting parcels of land have
a common boundary.
5. Accelerated De- A method of calculating for tax purposes the depreciation of income property at
preciation a faster rat than would be achieved using the straight-line method. Note** any
depreciation taken in excess of that which would be claimed using the straight-line
rate is subject to recapture as ordinary income to the extent of gain resulting from
the sale.
6. Acceleration A provision in a written mortgage, note, bond, or conditional sales contract that, in
Clause the event of a default, the whole amount of principal and interest may be declared
to be due an payable at once.
7. Accretion An increase or addition to land by the deposit of sand or soil washed up naturally
from a river lake or sea.
8. Accrued Depreci- The actual depreciation that has occurred to a property at any given date; the
ation difference between the cost of replacement new (as of the date of appraisal) and
the present appraised value.
9. Acknowledg- A declaration made by a person to a notary public, or other public official autho-
ment rized to take acknowledgments that an instrument was executed by that person
as a free and voluntary act.
, Washington State Real Estate Exam
Study online at https://quizlet.com/_iuqmo
10. Actual Eviction The result of legal action originated by a lessor, whereby a defaulted tenant is
physically ousted from the rented property pursuant to a court order.
11. Actual Notice Express information or fact; that which is know; actual knowledge.
12. Adjustable-rate A mortgage in which the interest rate changes at predetermined intervals. The
Mortgage mortgage has caps, or a ceiling, that limits the amount it can change at the
predetermined intervals.
13. Administrator The party appointed by the county court to settle the estate of a deceased person
who died without leaving a will.
14. Ad Valorem Tax A tax levied according to value; generally used to refer to real estate tax. Also called
the general tax.
15. Adverse posses- The right of an occupant of land to acquire title against the real owner, where
sion possession has been actual, continuous, hostile, visible, and distinct for the
statutory period.
16. Affidavit A written statement signed and sworn to before a person authorized to administer
an oath.
17. Agent One who represents or has the power to act for another person (called the
principal). The authorization may be express or implied. A fiduciary relationship is
created under the law of agency when a property owner, as the principal, executes
a listing agreement or management contract authorizing a licensed real estate
broker to be the owner's agent.
18. Agreement of A written agreement whereby the purchaser agrees to buy certain real estate and
sale the seller agrees to sell, upon terms and conditions set forth in the agreement.
19. Air Lot A designated airspace over a piece of land. Air lots, like surgace property, may be
transferred.
, Washington State Real Estate Exam
Study online at https://quizlet.com/_iuqmo
20. Air Rights The right to use the open space above a property, generally allowing the surface
to be used for another purpose.
21. Alienation The act of transferring property to another. Alienation may be voluntary, such
as by gift or sale; or involuntary, such as through eminent domain or adverse
possession.
22. Alienation Clause The clause in a mortgage or deed of trst that states that the balance of the secured
debt becomes immediately due and payable at the mortgagee's option if the
property is sold by the mortgagor. In effect, this clause prevents the mortgagor
from assigning the debt without the mortgagee's approval.
23. Alluvion New deposits of soil as the result of accretion.
24. Amenitites The tangible and intangible features that increase the value or desirability of real
estate.
25. Americans with A federal law that became effective in 1992. It is designed to eliminate the
Disabilities Act discrimination against individuals with disabilities by mandating equal access
(ADA) to jobs, public accommodations, public transportation, telecommunications and
government services.
26. Amortization The liquidation of a financial burden by installment payments.
27. Amortized Loan A loan in which the principal, as well as the interest, is payable in monthly or other
periodic installments over the term of the loan.
28. Antitrust Laws The laws designed to preserve the free enterprise of the open marketplace by
making illegal certain private conspiracies and combinations formed to minimize
competition. Violations of antitrust laws in the real estate business generally
involve either price fixing (brokers conspiring to set fixed compensation rates) or
allocation of customers or markets (brokers agreeing to limit their areas of trade
or dealing to certain areas or properties).
Study online at https://quizlet.com/_iuqmo
1. Abandonment The voluntary and permanent cessation of use or enjoyment with no intention to
resume or reclaim one's possession or interest. May pertain to an easement or a
property.
2. Abrogation Tenants cannot sign away their rights in advance of signing the lease.
3. Abstract of Title A condensed version of the history of title to a particular parcel of real estate as
recorded in the county clerk's records; consists of a summary of the original grant
and all subsequent conveyances and encumbrances affecting the property.
4. Abutting The joining, reaching, or touching of adjoining land. Abutting parcels of land have
a common boundary.
5. Accelerated De- A method of calculating for tax purposes the depreciation of income property at
preciation a faster rat than would be achieved using the straight-line method. Note** any
depreciation taken in excess of that which would be claimed using the straight-line
rate is subject to recapture as ordinary income to the extent of gain resulting from
the sale.
6. Acceleration A provision in a written mortgage, note, bond, or conditional sales contract that, in
Clause the event of a default, the whole amount of principal and interest may be declared
to be due an payable at once.
7. Accretion An increase or addition to land by the deposit of sand or soil washed up naturally
from a river lake or sea.
8. Accrued Depreci- The actual depreciation that has occurred to a property at any given date; the
ation difference between the cost of replacement new (as of the date of appraisal) and
the present appraised value.
9. Acknowledg- A declaration made by a person to a notary public, or other public official autho-
ment rized to take acknowledgments that an instrument was executed by that person
as a free and voluntary act.
, Washington State Real Estate Exam
Study online at https://quizlet.com/_iuqmo
10. Actual Eviction The result of legal action originated by a lessor, whereby a defaulted tenant is
physically ousted from the rented property pursuant to a court order.
11. Actual Notice Express information or fact; that which is know; actual knowledge.
12. Adjustable-rate A mortgage in which the interest rate changes at predetermined intervals. The
Mortgage mortgage has caps, or a ceiling, that limits the amount it can change at the
predetermined intervals.
13. Administrator The party appointed by the county court to settle the estate of a deceased person
who died without leaving a will.
14. Ad Valorem Tax A tax levied according to value; generally used to refer to real estate tax. Also called
the general tax.
15. Adverse posses- The right of an occupant of land to acquire title against the real owner, where
sion possession has been actual, continuous, hostile, visible, and distinct for the
statutory period.
16. Affidavit A written statement signed and sworn to before a person authorized to administer
an oath.
17. Agent One who represents or has the power to act for another person (called the
principal). The authorization may be express or implied. A fiduciary relationship is
created under the law of agency when a property owner, as the principal, executes
a listing agreement or management contract authorizing a licensed real estate
broker to be the owner's agent.
18. Agreement of A written agreement whereby the purchaser agrees to buy certain real estate and
sale the seller agrees to sell, upon terms and conditions set forth in the agreement.
19. Air Lot A designated airspace over a piece of land. Air lots, like surgace property, may be
transferred.
, Washington State Real Estate Exam
Study online at https://quizlet.com/_iuqmo
20. Air Rights The right to use the open space above a property, generally allowing the surface
to be used for another purpose.
21. Alienation The act of transferring property to another. Alienation may be voluntary, such
as by gift or sale; or involuntary, such as through eminent domain or adverse
possession.
22. Alienation Clause The clause in a mortgage or deed of trst that states that the balance of the secured
debt becomes immediately due and payable at the mortgagee's option if the
property is sold by the mortgagor. In effect, this clause prevents the mortgagor
from assigning the debt without the mortgagee's approval.
23. Alluvion New deposits of soil as the result of accretion.
24. Amenitites The tangible and intangible features that increase the value or desirability of real
estate.
25. Americans with A federal law that became effective in 1992. It is designed to eliminate the
Disabilities Act discrimination against individuals with disabilities by mandating equal access
(ADA) to jobs, public accommodations, public transportation, telecommunications and
government services.
26. Amortization The liquidation of a financial burden by installment payments.
27. Amortized Loan A loan in which the principal, as well as the interest, is payable in monthly or other
periodic installments over the term of the loan.
28. Antitrust Laws The laws designed to preserve the free enterprise of the open marketplace by
making illegal certain private conspiracies and combinations formed to minimize
competition. Violations of antitrust laws in the real estate business generally
involve either price fixing (brokers conspiring to set fixed compensation rates) or
allocation of customers or markets (brokers agreeing to limit their areas of trade
or dealing to certain areas or properties).
