REAL ESTATE BROKERS CERTIFICATION EXAM (2023) || Complete Questions & Answers (Rated A+)

REAL ESTATE BROKERS CERTIFICATION EXAM (2023) || Complete Questions & Answers (Rated A+) REAL ESTATE BROKERS CERTIFICATION EXAM (2023) || Complete Questions & Answers (Rated A+) ABATEMENT - ANSWER - A legal action to stop a nuisance. Also can be a reduction of a property tax assessment. ABSTRACT - ANSWER - A history of every recorded document dealing with a property. ABSTRACTIVE METHOD - ANSWER - A means of obtaining land value by deducting the value of improvements from the total property value. ABSTRACT OF JUDGMENT - ANSWER - A condensation of a court judgment. When recorded, the judgment becomes a general lien on the property of the debtor within the county where recorded. ACCELERATED DEPRICIATION - ANSWER - Any method of depreciation foe tax purposes that gives greater initial depreciation than the straight line method. ACCELERATION CLAUSE - ANSWER - A provision in a note making all payments due upon the happening of a certain event (such as missing a payment or selling the property) ACCEPTANCE - ANSWER - An act of agreement that forms a contract. ACCESSION - ANSWER - Obtaining title as a result of attaching or joining to other property. ACCOMMODATION PARTY - ANSWER - A third party (consigner) who signs a negotiable instrument agreeing to be liable personally to the payee. ACCORD AND SATISFACTION - ANSWER - Act of accepting a different consideration than agreed; for example, if there is a dispute as to performance and one party accepts less than bargained for originally. ACCOUNTS PAYABLE - ANSWER - Money that must be paid out to others. ACCOUNTS RECEIVABLE - ANSWER - Money due a business ACCRETION - ANSWER - The gradual buildup of soil by action of water or wind. ACCRUED DEPRECIATION - ANSWER - Depreciation to date; measured by the difference between the replacement cost new and present value. ACKNOWLEDGEMENT - ANSWER - A declaration customarily made before a notary; certifying that the signing of an instrument is the signers own free act. ACRE - ANSWER - A measure of land equal to $43,560 ACTION IN PERSONAM - ANSWER - A legal action against a person. When recorded, a judgment from such an action is a general lien against all of debtor's property in the county where recorded. ACTION IN REM - ANSWER - A legal action against property. When recorded, a judgment from such an action: is a specific lien against the particular property involved in the action. ACTUAL NOTICE - ANSWER - The personal knowledge of an interest or instrument. ADEMPTION - ANSWER - Disposal of property by a testator prior to death defeats the rights of a specific beneficiary under the will. (The beneficiary is not entitled to the sale proceeds or value). ADJUSTABLE-RATE MORTGAGE (ARM) - ANSWER - A mortgage bearing a rate of interest subject to change (based on a particular index such as the t-bill rate) during the term of the loan. ARM's generally have a maximum interest swing. ADJUSTED BASIS - ANSWER - Acquisition cost less depreciation plus cost of improvements. The adjusted basis is deducted from the sales price to determine gain or loss. ADJUSTED GROSS INCOME - ANSWER - Gross income adjusted for a vacancy factor and collection loss.