Wisconsin Real Estate Pre-Licensing Exam Vocabulary List

0 - bedroom Dwelling CORRECT ANSWER efficieny and dormintory. Not target housing according to HUD. Exempt from needing to include the Lead Base Paint disclosure. Abstract of Title CORRECT ANSWER A condensed history of a property's title showing, in chronological sequence, matters such as conveyances, liens, and encumbrances that have been recorded against the title in the office of the register of deeds or other public recording place. Acceleration Clause CORRECT ANSWER A clause in a mortgage or installment contract stating that upon default of payment due, immediate and full payment of the balance of the obligation becomes due and payable Acceptance CORRECT ANSWER acceptance occurs when all buyers and sellers have signed an identical copy or separate but identical copies of the offer Accession CORRECT ANSWER The right of a property owner to become entitled to all that a property produces and to all that is added to it, either naturally or artificially. For example, the owner of an office building would acquire the abandoned trade fixtures of a tenant as real property by accession. Acre CORRECT ANSWER A measure of land equal to 60 square rods, 4,840 square yards, or 43,560 square feet Active Property CORRECT ANSWER