NYS Real Estate Salesperson 2024

NYS Real Estate Salesperson 2024 Abandonment - Answer ️️ -the surrender or release of a right, a claim or an interest in real property. absorption field - Answer ️️ -a system of narrow trenches through which the discharge from a septic tank infiltrates into the surrounding soil. abstract of title - Answer ️️ -a history of a title and the current status of a title based on a title examination abutting land - Answer ️️ -parcels of land next to each other that share a common border acceleration clause - Answer ️️ -a clause in a mortgage or deed of trust that permits the lender to declare the entire principals balance of the debt immediately due and payable if the borrower is in default. accession - Answer ️️ -property owners rights to all that the land produces or to all that is added to the land either intentionally or by mistake accessory apartment - Answer ️️ -example: in law apartment in a residential home accretion - Answer ️️ -the gradual building up of land in a watercourse over time by deposits of silt sand and gravel accrued expenses - Answer ️️ -expenses the seller owes on the day of closing but for which the buyer will take responsibility (such as property taxes) acquisition costs - Answer ️️ -the basis used by the FHA to calculate the loan amount acre - Answer ️️ -a land of 43,560 square ft. action to quiet title - Answer ️️ -a lawsuit to clear a title to real property actual cash value - Answer ️️ -the insured is reimbursed for the replacement cost minus the physical deprecation of the lost or damaged property ad valorem - Answer ️️ -latin for "according to value" in new york real property tax is based on the fair market value of real property advance informed consent to dual agency - Answer ️️ -the seller or buyer agrees to dual agency before it occurs by indicating the same on the agency disclosure form. ARM - Answer ️️ -adjustable rate mortgage: a mortgage in which the interest rate changes according to changes in a predetermines insed adjustable basis - Answer ️️ -value of property used to determine the amount of gain or loss realized by an owner upon sale of the property: equals acquisition cost plus capital improvements minus depreciation taken. ALJ - Answer ️️ -administrative law judg