Federal and State Exam Terms for Idaho Real Estate (2023/2024) Rated A

Federal and State Exam Terms for Idaho Real Estate (2023/2024) Rated A Abstract of Title The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property - certification by the abstractor that the history is complete and accurate. 213 Acceleration Clause Clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on payment or covenant. Accession Acquiring title to additions or improvements to real property as a result of annexation of fixtures or the accretion of alluvial deposits along the banks and streams. Accretion The increase or addition of land by deposit of sand/soil washed up naturally from a body of water. Accrued Items On closing statement, items of expense that are incurred but not yet payable such as interest or taxes on real property. Acre 43,560 sq feet. Actual Eviction The legal process that results in the tenants' being physically removed from the lease premises. Actual Notice (eviction) Express information or fact, that which is known, direct notice. Ad valorem tax Tax levied according to value, generally used to refer to real estate tax. Also called General Tax. Addendum Adds to an existing contract without altering the content of the original. Muse be agreed and signed off by all parties. Adjustable-Rate Mortgage (ARM) A loan characterized by fluctuating interest rates, usually one tied to a bank or savings loan association cost-of-funds index. Administrator/Administratix A court selected person who assists with the settlement of an estate of a person who died without leaving a will (intestate). Adverse Possesion The actual, open, notorious, hostile, and continuous possession of another's land under a claim of title. Possession for a statutory period may be a means of acquiring title. Agency Relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions. Agency by ratification An agency relationship created after the fact. Air Lots Designated airspace over a piece of land. An air lot, like surface property, may be transferable. Air Rights The right to use the open space above a property, usually allowing for the surface to be used for another purpose. Alienation The act of transferring property to another. May be voluntary, such as by gift or sale, or involuntary as through eminent domain or adverse possession. Alienation Clause Clause in a mortgage or deed of trust that states that the balance of the secured debt becomes immediately due and payable at the lender's option if the property is sold by the borrower. In effect, the clause prevents the borrower from assigning the debt without the lender's approval. Allodial