TREC Licensing Test Questions and answers, 100% Accurate. Rated A+

TREC Licensing Test Questions and answers, 100% Accurate. Rated A+ Abstract of Title - -The condensed history of a title to a particular parcel of real estate, consisting of a summary of the oringial grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate Accession - -Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams Accretion - -The increase or addition of land by the deposit of san or soil washed up naturally by a river, lake or sea Acknowledgement - -A formal declaration made before a duly authorized office,r usually a notary public, by a person who has signed a document attesting that the instrument was executed by him and that it was his free and voluntary act. Alienation Clause - -The clause in a mortgage or deed of trust that state that the balance of the secured debt becomes immediately due and payable at the mortgagees option if the property is sold by the mortgager. Appraised Value - -An estimate of the present worth of a property Appurtenances - -Those rights, privileges and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the property, such as rights of way, easements, water rights and property improvements Assemblage - -The combining of two or more adjoining lots into one larger tract to increase their total value Assessed Value - -The value set upon property for taxation purposes Avulsion - -The sudden tearing away of land, as by earthquake, flood, volcanic action or the sudden change in course of a stream Bargain and Sale Deed - -the deed that carries with it no warranties against liens or encumbrances but that does iply that the grantor has the right to convey the title. The grantor may add warranties to the deed at his or her discretion. Certification of Title - -A statement of opinion on the status of the title to ap arced of real estate property based on an examination of specified public records. Community Property - -A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. Contract for Deed - -The owner retains the title to the property while the purchaser takes possession of the premesis and pays on the principal. When the final payment payment is made the the seller, the title will transfer to the buyer. This is also known as a land contract or installment land contract. Cost Approach to Value - -An estimate of value based on current construction costs, less depreciation, plus land value. Contrast with the income approach to value and the sales comparison approach to value. Credit - -On a closing statement, an amount entered in a persons favor. either an amount the party has paid, or an amount f or which the party must be reimbursed. Debit - -on a closing statement, an amount charge,d that is, an amount that the debited party must pay. Deed - -A written instrument that, when executed and delivered, conveys title to or an interest in real estate. Deed in trust - -A form of deed by which real estate is conveyed to a trust, usually to establish a land trust. Deed of trust - -An instrument used to create a mortgage lien by which the mortgagor (truster) conveys his or her title to a trustee, who holds it as a security for the benefit of the lender (beneficiary); also called a trust deed. Defeasance Clause - -A provision in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan. Defeasibile Fee Estate - -An estate in which the holder has a fee simple title that may be divested upon the occurrence or non occurrence of a specified event. The two categories of defensible fee estate are fee simple determinable and fee simple subject to a condition subsequent Descent - -Acquisition of property though inheritance laws when there is no will. Determinable Fee Estate - -A fee simple estate in which the property automatically revers to the grantor upon the occurrence of a specified event or condition. Devise - -A gift or real property by will. The door is the devisor and the recipient is the devisee Easement Appurtenant - -An easement that passes with the land upon conveyance