Real Estate PSI Exam
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Terms Definitions
ABSTRACT OF TITLE The summary of various recorded
documents relating to title. It shows
any liens, judgments, taxes, etc. An
attorney's opinion (Certificate of title) is
required to assure the buyer of the
quality of title. Buyers are
encouraged to use title insurance
regardless of the attorney's opinion.
ACCELERATION CLAUSE A mortgage clause that declares the
entire loan balance due and payable in
full immediately upon default by the
borrower.
ACCRETION The addition to real estate by gradual
accumulation of soil and land through
operation of nature which may include
accumulation of sand because of wind
or mud to property located on
water