AFFILIATE BROKER NATIONAL EXAM QUESTIONS FULLY SOLVED 2024

acceleration a provision in a mortgage, lease or land contract, which gives the lender, lessor or vendor the option of declaring the entire balance due upon any default of the borrower, lessee or vendee acceptance the receipt of a deed or other thing with the intention of retaining it; agreement to terms offered, agreement by drawee of negotiable paper to pay same; consent to an offer or contract accession the right to all which one's property produces; acquiring property property attached to as an incident. The process of acquiring title to improvements made on your land without your approval before installation accretion additions to one's real estate by the gradual deposit of soil through the operation go natural causes Ad Valorem Tax property taxes assessed according to valuation adverse possession a possession inconsistent with the right of the true owner. Open and notorious possession and occupation of real property under an evident claim to the title which may, if uncontested for prescribed periods of time, result in actual title transfer to the offending parties Affiliate Broker any person engaged under contract by or on behalf of a licensed broker to participate in any activity in which the broker may legally engage agency a contract by which one person with a greater or less discretionary power, undertakes to represent another in certain business relations amortization the act of liquidating, or extinguishing an indebtedness or charge usually by periodical payments made to a sinking fund, to a creditor or to an account. The process of paying off a debt by installments agent a person authorized to act on behalf of another, call his principal appurtenance a right, privilege, or improvement belonging to and passing with a principal property. That belonging to and passing with a principal property. That which is attached to land so as to become a part thereof. assessment an official valuation of taxable property A special charge placed against a particular property for some specific purpose. assignee one to whom as assignment has been made assignment a transfer in writing or making over to another of the whole or any property, real or personal in possession, or action, of any estate or right therein assignor one who makes an assignment beneficiary a person designated as the recipient of funds or other property under a trust, insurance policy, etc bill of sale a written instrument transferring right, title and interest in personal property to another blanket mortgage a single mortgage which covers more than one piece of real estate breach the violation of an obligation, engagement or duty cloud on the title an outstanding claim or encumbrance, which, if valid, would affect or impair the owner's title; a deed of trust or judgment color of title a title which appears to be goof on the surface, but is in fact not good title. An apparent title founded upon a written instrument such as a deed, levy of execution, decree of court, or the like commingling to mix together- mingle; in real estate, to deposit client's money with one's own personal funds commission sum due a real estate broker for services in that capacity; the administrative and enforcement tribunal of the real estate license law consideration some right, interest, property, or benefit accruing to one party or some forbearance detriment, loss: or responsibility given, suffered or undertaken by the other. The price or subject matter which includes a contract