REAL ESTATE TERMINOLOGY EXAM QUESTIONS AND ANSWERS

REAL ESTATE TERMINOLOGY EXAM QUESTIONS AND ANSWERS A summary of digest of the conveyance, transfer and any othe facts elide on as evidence of title, together with any other elements of record which may impair the title - Answer- ABSTRACT OF TITLE A clause in a trust deed or mortgage giving the lender the right to call all sums owing him to be immediately due andpayable upon the happening of a certain event - Answer- ACCELERATION CLAUSE The right of the owner to everything produced, incorporated or attached thereto naturally or physically to his property - Answer- ACCESSION Process by which soil is deposited to the lands adjoining rivers - Answer- ACCRETION A formal declaration before duly authorized officer by a person who has executed on instrument that such execution is his act and deed - Answer- ACKNOWLEDGMENT Refers to the purpose for which property is principally or predominantly utilized by the person in possession of the property - Answer- ACTUAL USE A claim of a person on a property owned by another (Good only for 30 days) - Answer- ADVERSE CLAIM The open notorious possession and occupancy under an evident claim or right in denial or opposition to the title of another claimant - Answer- ADVERSE POSSESSION One who represents another from whom he has derived authority. A representative of a principal - Answer- REAL ESTATE AGENT The right of the property owner to use control or occupy the air space over his property, subject to the requirements of aerial navigation and government regulations - Answer- AIR RIGHTS Soil deposited by accretion. An increase of earth on a shore or bank of a river - Answer- ALLUVIUM Form of mortgage wherein the mortgagor takes possession of the mortgage property pays the real estate taxes and receives the fruits with an obligation to apply them in payment of the principal and interest - Answer- ANTI-CHRESIS An estimate and opinion of value or a conclusion resulting from the analysis of facts - Answer- APPRAISAL Value place on property as a basis for taxation - Answer- ASSESSED VALUE A percentage of market value prescribed by law at which the assessed value is set - Answer- ASSESSMENT LEVEL The official who has the responsibility of determining assessed values - Answer- ASSESSOR The taking of title to property by a grantee wherein he assumes liability for a payment of an existing note secured by a mortgage or deed of trust note - Answer- ASSUMPTION OF MORTGAGE Seizure of property by court order, usually done to have it available in the event a judgment is obtained in pending unit - Answer- ATTACHMENT A listing contract whereby an agent is employed by a seller to produce a buyer for the property - Answer- AUTHORIZATION TO SELL