KENTUCKY REAL ESTATE ANSWERS AND
QUESTIONS SET A+
✔✔"Anything - such as a mortgage - ✔✔tax, or judgment lien; an easement; a
restriction on the use of the land; or an outstanding dower right - that may diminish the
value or use and enjoyment of a property.",Encumbrance
✔✔A statement that details the impact a federally funded project will have on the
environment. - ✔✔Environmental Impact Statement (EIS)
✔✔An evaluation of property to show that due care was exercised in the determination
of environmental impairments. - ✔✔Environmental site Assessment (ESA)
✔✔"The federal law that prohibits discrimination in the extension of credit because of
race - ✔✔color, religion, national origin, sex, age, or marital status.",Equal Credit
Opportunity Act (ECOA)
✔✔The raising or lowering of assessed values for tax purposes in a particular county or
taxing district to make them equal to assessments in other counties or districts. -
✔✔Equalization
✔✔A factor by which the assessed value of a property is multiplied to arrive at a value
for the property that is in line with statewide tax assessments. The ad valorem tax would
be based on this adjusted value. - ✔✔Equalization Factor
✔✔The right of a defaulted property owner to recover the property prior to its sale by
paying the appropriate fees and charges. - ✔✔Equitable Right of Redemption
✔✔The interest held by a vendee under a contract for deed or an installment contract;
the equitable right to obtain absolute ownership to property when legal title is held in
another's name. - ✔✔Equitable Title
, ✔✔The interest or value that an owner has in property over and above any
indebtedness. - ✔✔Equity
✔✔"That portion of the loan payment directed toward the principal rather than the
interest - ✔✔plus any gain in property value due to appreciation.",Equity Buildup
✔✔"The reversion of property to the state or county - ✔✔as provided by state law, in
cases where a decedent dies intestate without heirs capable of inheriting, or when the
property is abandoned.",Escheat
✔✔"The closing of a transaction through a third party called an escrow agent - ✔✔or
escrowee, who receives certain funds and documents to be delivered upon the
performance of certain conditions outlined in the escrow instructions.",Escrow
✔✔The trust account established by a broker under the provisions of the license law for
the purpose of holding funds on behalf of the broker's principal or some other person
until the consummation or termination of a transaction. - ✔✔Escrow Account
✔✔Escrow Closing - ✔✔
✔✔Escrow Contract - ✔✔A disinterest third party is authorized to act as escrow agent
and to coordinate the closing activities on behalf of the buyer and the seller.
✔✔Escrow Instructions - ✔✔"An agreement between a buyer, a seller, and an escrow
holder setting forth rights and responsibilities of each. An escrow contract is entered into
when earnest money is deposited in a broker's escrow account."
✔✔Estate at Sufferance - ✔✔"A document that sets forth the duties of the escrow
agent, as well as the requirements and obligations of the parties, when a transaction is
closed through an escrow."
✔✔Estate at Will - ✔✔The tenancy of a lessee who lawfully comes into possession of a
landlord's real estate but who continues to occupy the premises improperly after his or
her lease rights have expired.
✔✔Estate for Years - ✔✔An estate that gives the lessee the right to possession until the
estate is terminated by either party; the term of this estate is definite.
✔✔Estate from Period to Period - ✔✔"An interest for a certain, exact period of time in
property leased for a specified consideration."
✔✔Estate in Land - ✔✔"An interest in leased property that continues from period to
period - week to week, month to month, or year to year."
QUESTIONS SET A+
✔✔"Anything - such as a mortgage - ✔✔tax, or judgment lien; an easement; a
restriction on the use of the land; or an outstanding dower right - that may diminish the
value or use and enjoyment of a property.",Encumbrance
✔✔A statement that details the impact a federally funded project will have on the
environment. - ✔✔Environmental Impact Statement (EIS)
✔✔An evaluation of property to show that due care was exercised in the determination
of environmental impairments. - ✔✔Environmental site Assessment (ESA)
✔✔"The federal law that prohibits discrimination in the extension of credit because of
race - ✔✔color, religion, national origin, sex, age, or marital status.",Equal Credit
Opportunity Act (ECOA)
✔✔The raising or lowering of assessed values for tax purposes in a particular county or
taxing district to make them equal to assessments in other counties or districts. -
✔✔Equalization
✔✔A factor by which the assessed value of a property is multiplied to arrive at a value
for the property that is in line with statewide tax assessments. The ad valorem tax would
be based on this adjusted value. - ✔✔Equalization Factor
✔✔The right of a defaulted property owner to recover the property prior to its sale by
paying the appropriate fees and charges. - ✔✔Equitable Right of Redemption
✔✔The interest held by a vendee under a contract for deed or an installment contract;
the equitable right to obtain absolute ownership to property when legal title is held in
another's name. - ✔✔Equitable Title
, ✔✔The interest or value that an owner has in property over and above any
indebtedness. - ✔✔Equity
✔✔"That portion of the loan payment directed toward the principal rather than the
interest - ✔✔plus any gain in property value due to appreciation.",Equity Buildup
✔✔"The reversion of property to the state or county - ✔✔as provided by state law, in
cases where a decedent dies intestate without heirs capable of inheriting, or when the
property is abandoned.",Escheat
✔✔"The closing of a transaction through a third party called an escrow agent - ✔✔or
escrowee, who receives certain funds and documents to be delivered upon the
performance of certain conditions outlined in the escrow instructions.",Escrow
✔✔The trust account established by a broker under the provisions of the license law for
the purpose of holding funds on behalf of the broker's principal or some other person
until the consummation or termination of a transaction. - ✔✔Escrow Account
✔✔Escrow Closing - ✔✔
✔✔Escrow Contract - ✔✔A disinterest third party is authorized to act as escrow agent
and to coordinate the closing activities on behalf of the buyer and the seller.
✔✔Escrow Instructions - ✔✔"An agreement between a buyer, a seller, and an escrow
holder setting forth rights and responsibilities of each. An escrow contract is entered into
when earnest money is deposited in a broker's escrow account."
✔✔Estate at Sufferance - ✔✔"A document that sets forth the duties of the escrow
agent, as well as the requirements and obligations of the parties, when a transaction is
closed through an escrow."
✔✔Estate at Will - ✔✔The tenancy of a lessee who lawfully comes into possession of a
landlord's real estate but who continues to occupy the premises improperly after his or
her lease rights have expired.
✔✔Estate for Years - ✔✔An estate that gives the lessee the right to possession until the
estate is terminated by either party; the term of this estate is definite.
✔✔Estate from Period to Period - ✔✔"An interest for a certain, exact period of time in
property leased for a specified consideration."
✔✔Estate in Land - ✔✔"An interest in leased property that continues from period to
period - week to week, month to month, or year to year."
