CT REAL ESTATE EXAM VOCAB
QUESTIONS WITH CORRECT
ANSWERS
appraisal - ANSWER-An estimate of the quantity, quality, or value of something. The
process through which conclusions of property value are obtained; also refers to the
report that sets forth the process of estimation and conclusion of value.
Appraisal Report - ANSWER-An opinion of a property's market value given to a
lender or client with detailed market information.
Appraiser - ANSWER-An independent person trained to provide an unbiased
estimate of value
appreciation - ANSWER-An increase in the worth or value of a property due to
economic or related causes
appurtenance - ANSWER-A right, privilege, or improvement belonging to, and
passing with, the land.
Appraiser Independence Requirements (AIR) - ANSWER-Regulations issued by
Fannie Mae that must be followed by appraisers to ensure accurate and objective
appraisals.
area - ANSWER-a level surface or piece of ground; the size of a surface; the amount
of a two dimensional object
area preference - ANSWER-People's desire for one area over another, based on a
number of factors such as history, reputation, convenience, scenic beauty, and
location.
Asbestos - ANSWER-A mineral once used in insulation and other materials that can
cause respiratory diseases.
Assemblage - ANSWER-The combining of two or more adjoining lots into one larger
tract to increase their total value.
assessed value - ANSWER-the value set on property for taxation purposes
Assessment - ANSWER-The imposition of a tax, charge, or levy, usually according
to established rates.
assessment equalization factor - ANSWER-A factor (number) 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. An equalization factor may be applied to raise or lower assessments in a
particular district or county.
, assignment - ANSWER-The transfer in writing of interest in a bond, mortgage, lease,
or other instrument.
associate licensee - ANSWER-A licensed real estate salesperson who is employed
by or associated with the broker to perform brokerage activities on behalf of or for
the broker.
Assumption of Mortgage - ANSWER-Acquiring title to property on which there is an
existing mortgage and agreeing to be personally liable for the terms and conditions
of the mortgage, including payments.
attachment - ANSWER-The act of taking a person's property into legal custody by
writ or other judicial order to hold it available for application to that person's debt to a
creditor.
Affidavit of Title - ANSWER-A written statement, made under oath by a seller or
grantor of real property and acknowledged by a notary public, in which the grantor
(1) identifies himself or herself and indicates marital status, (2) certifies that since the
examination of the title, on the date of the contract no defects have occurred in the
title, and (3) certifies that he or she is in possession of the property (if applicable).
401
Affiliated Business Arrangement ABA - ANSWER-Practice of one company offering a
package of services to consumers.
Agency - ANSWER-The relationship between a principal and an agent wherein the
agent is authorized to represent the principal in certain transactions.
Agency by Ratification - ANSWER-An agency relationship created after the fact.
Agent - ANSWER-One who acts or has the power to act for another.
Air lots - ANSWER-Designed airspace over a piece of land. an air lot, like surface
property, may be transferred
Air Rights - ANSWER-The right to use the open space above a property, usually
allowing the surface to be used for another purpose.
Alienation - ANSWER-The act of transferring property to another. Alienation may be
voluntary, such as by gift or sale, or involuntary, as through eminent domain or
adverse possession.
Alienation Clause - ANSWER-The 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, this clause prevents
the borrower from assigning the debt without the lender's approval.
QUESTIONS WITH CORRECT
ANSWERS
appraisal - ANSWER-An estimate of the quantity, quality, or value of something. The
process through which conclusions of property value are obtained; also refers to the
report that sets forth the process of estimation and conclusion of value.
Appraisal Report - ANSWER-An opinion of a property's market value given to a
lender or client with detailed market information.
Appraiser - ANSWER-An independent person trained to provide an unbiased
estimate of value
appreciation - ANSWER-An increase in the worth or value of a property due to
economic or related causes
appurtenance - ANSWER-A right, privilege, or improvement belonging to, and
passing with, the land.
Appraiser Independence Requirements (AIR) - ANSWER-Regulations issued by
Fannie Mae that must be followed by appraisers to ensure accurate and objective
appraisals.
area - ANSWER-a level surface or piece of ground; the size of a surface; the amount
of a two dimensional object
area preference - ANSWER-People's desire for one area over another, based on a
number of factors such as history, reputation, convenience, scenic beauty, and
location.
Asbestos - ANSWER-A mineral once used in insulation and other materials that can
cause respiratory diseases.
Assemblage - ANSWER-The combining of two or more adjoining lots into one larger
tract to increase their total value.
assessed value - ANSWER-the value set on property for taxation purposes
Assessment - ANSWER-The imposition of a tax, charge, or levy, usually according
to established rates.
assessment equalization factor - ANSWER-A factor (number) 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. An equalization factor may be applied to raise or lower assessments in a
particular district or county.
, assignment - ANSWER-The transfer in writing of interest in a bond, mortgage, lease,
or other instrument.
associate licensee - ANSWER-A licensed real estate salesperson who is employed
by or associated with the broker to perform brokerage activities on behalf of or for
the broker.
Assumption of Mortgage - ANSWER-Acquiring title to property on which there is an
existing mortgage and agreeing to be personally liable for the terms and conditions
of the mortgage, including payments.
attachment - ANSWER-The act of taking a person's property into legal custody by
writ or other judicial order to hold it available for application to that person's debt to a
creditor.
Affidavit of Title - ANSWER-A written statement, made under oath by a seller or
grantor of real property and acknowledged by a notary public, in which the grantor
(1) identifies himself or herself and indicates marital status, (2) certifies that since the
examination of the title, on the date of the contract no defects have occurred in the
title, and (3) certifies that he or she is in possession of the property (if applicable).
401
Affiliated Business Arrangement ABA - ANSWER-Practice of one company offering a
package of services to consumers.
Agency - ANSWER-The relationship between a principal and an agent wherein the
agent is authorized to represent the principal in certain transactions.
Agency by Ratification - ANSWER-An agency relationship created after the fact.
Agent - ANSWER-One who acts or has the power to act for another.
Air lots - ANSWER-Designed airspace over a piece of land. an air lot, like surface
property, may be transferred
Air Rights - ANSWER-The right to use the open space above a property, usually
allowing the surface to be used for another purpose.
Alienation - ANSWER-The act of transferring property to another. Alienation may be
voluntary, such as by gift or sale, or involuntary, as through eminent domain or
adverse possession.
Alienation Clause - ANSWER-The 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, this clause prevents
the borrower from assigning the debt without the lender's approval.
