BARNEY FLETCHER REAL ESTATE EXAM
PREP
◍ Arbitrage. Answer: the spread of difference between interest rates
◍ abstract of title. Answer: a condensed history of title- a written all
recorded documents afffecting property
◍ abutting. Answer: physically adjoining
◍ acceleration clause. Answer: a mortgage clause stating that the enitrer
balance of the debt biomes due and payable immenditley upon default
◍ acceptance. Answer: agreement to terms and conditions on an offer
(binding contract) needed to execute a deed
◍ accession. Answer: the addition to land BY man or nature
◍ ACCretion. Answer: the process of the addition of soil to real estate
BY natural causes
◍ accrue. Answer: To make periodic addition
◍ acknowledgment. Answer: Formal certification of a signature
, ◍ ACTUAL notice. Answer: knowledge gained from what one has
actually seen, heard, read, or observed
◍ adjustable rate mortgage. Answer: a mortgage loan on which the
interest rate rise and fall with changes in prevailing rates
◍ adjusted basis. Answer: the BOOK VALUE of a property for income
tax purpose. includes purchase price minus depreciation plus cost of
subsequent improvements to property
◍ Adjusted sale price. Answer: Sales price of property minus-
commissions, fix up fees, closing cost
◍ administrator. Answer: a court appointed person who manages and
distributes the assets of a deceased individual
◍ ad valorem. Answer: "according to value"- used for tax purpose
assessed in proportion to property value
◍ Adverse Possession. Answer: title may be acquired by occupancy by
someone without a title
◍ affidavit. Answer: a sworn and acknowledge statement in writing
PREP
◍ Arbitrage. Answer: the spread of difference between interest rates
◍ abstract of title. Answer: a condensed history of title- a written all
recorded documents afffecting property
◍ abutting. Answer: physically adjoining
◍ acceleration clause. Answer: a mortgage clause stating that the enitrer
balance of the debt biomes due and payable immenditley upon default
◍ acceptance. Answer: agreement to terms and conditions on an offer
(binding contract) needed to execute a deed
◍ accession. Answer: the addition to land BY man or nature
◍ ACCretion. Answer: the process of the addition of soil to real estate
BY natural causes
◍ accrue. Answer: To make periodic addition
◍ acknowledgment. Answer: Formal certification of a signature
, ◍ ACTUAL notice. Answer: knowledge gained from what one has
actually seen, heard, read, or observed
◍ adjustable rate mortgage. Answer: a mortgage loan on which the
interest rate rise and fall with changes in prevailing rates
◍ adjusted basis. Answer: the BOOK VALUE of a property for income
tax purpose. includes purchase price minus depreciation plus cost of
subsequent improvements to property
◍ Adjusted sale price. Answer: Sales price of property minus-
commissions, fix up fees, closing cost
◍ administrator. Answer: a court appointed person who manages and
distributes the assets of a deceased individual
◍ ad valorem. Answer: "according to value"- used for tax purpose
assessed in proportion to property value
◍ Adverse Possession. Answer: title may be acquired by occupancy by
someone without a title
◍ affidavit. Answer: a sworn and acknowledge statement in writing
