WI real estate salesperson terms & definitions Exam All Questions Marking Scheme

WI real estate salesperson terms & definitions Exam All Questions Marking Scheme 0-Bedroom Dwelling - Answer -any residential dwelling in which the living area isn't separated from the sleeping area Abstract of Title - Answer -condensed history of a property's title showing in chronological sequence, matters such as conveyances, liens, & encumbrances that have been recorded against the title in office of the register of deeds or other public recording place Acceleration Clause - Answer -clause within a mortgage permitting a lender to accelerate the amount due upon DEFAULT & declare the entire balance due Acceptance - Answer -occurs when all buyers & sellers have signed an identical copy or separate but identical copies of the offer Accession - Answer -the right of a property owner to become entitled to all that a property produces & to all that's added to it, either naturally or artificially. Ex. the owner of an office building would acquire the abandoned trade fixtures of a tenant as real property by accession Active Property - Answer -property currently for sale Actual Notice - Answer -actual knowledge a person has about the existence of a particular fact when notice is expressly & actually given Ad Valorem - Answer -Latin for according to valuation. Refers to a tax based on a property's value, not the income of the property owner Addenda - Answer -additional material attached to & made part of a document Adjustable Rate Loan - Answer -a loan with a fluctuating interest rate Advance Fee - Answer -fee paid to a firm before any services are rendered Adverse Fact - Answer -something significantly & adversely affects the value of a property, significantly reduces the structural integrity of improvements to RE, presents a health risk to occupants of the property, or info that indicates that a party to a transaction isn't able to or doesn't intend to meet the obligations under a contract made concerning a transaction Age - Answer -protected class under WI fair housing laws that refers to any person at least 18 yrs of age Agency - Answer -relationship in which 1 person acts for or represents another, describes a legal & ethical relationship between RE licensee & a party to a transaction Agent - Answer -a person who is authorized to act on behave of another Amendment - Answer -used to change terms of a contract Amenities - Answer -features of a prop. that +value or desirability. Can be tangible, such as a skylight or intangible, such as an ocean view Americans with Disabilities Act (ADA) - Answer -federal law designed to eliminate discrimination against individuals with disabilities by mandating equal access to jobs, public accommodations, government services, public transportation & telecommunications Amoritization - Answer -the gradual paying of a debt through systematic payments of principal & interest over a predetermined period of time Annexation - Answer -an addition to property by the act of joining 1 thing to another Annual Percentage Rate (APR) - Answer -relationship of the total finance charge to the total amount to be financed as required under the federal Truth in Lending Act Anticipation - Answer -future physical, economic, social, or political changes that may affect present value of property Antitrust Laws - Answer -make it illegal to conspire to restrain trade or the free flow of goods & services in a market place Acre - Answer -43,560 sq. ft Appraisal - Answer -estimate or opinion of value based on supportable evidence & approved methods Appraiser - Answer -independent person trained to provide an unbiased estimate of value for a fee Approved Form - Answer -contractual or conveyance form that's prepared & approved by the RE Examining Board (REEB) Appurtenant Easement - Answer -exists between 2 adjacent property owners where one is the dominant estate & the other is the servient estate. The easement attaches to the land & transfers to future owners