real estate TN exam latest update with 100% correct answers 2024.

Abstract of Title A summary and certification by the abstractor of the history of the title to property form the original grant through all subsequent conveyances. Acceleration Clause The clause in a mortgage or deed o trust that can be enforced making the entire debt due immediately upon default of the borrower. Acceptance The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer. Accession Obtaining title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams. Accretion The increase of land by sand and/or soil washing up from a river, lake or sea. Acknowledgement A formal declaration by a person who has signed a document made before a duly authorized officer, usually a notary public. Acre A measure mento of land that contains 43,560 square feet Actual Eviction A legal process that results in tenants being physically removed from leased premises Actual Notice Expressed information or fact that is known Ad Valorem Tax A tax levied on real property according to value Adverse Possession The actual, open, notorious, hostile and continuous possession of of another's land under a claim of title. Affiliate Broker The affiliate broker is a real estate licensee Age of Competency The age at which someone is legally capable Agency The relationship between the principal and an agent where the agent has a fiduciary duty to represent the principal on certain matters Agreement of sale An agreement between the seller (vendor) and buyer (vendee) for the purchase of real property Air lots air lots are the spaces above land Air rights The right to use the open space above a property but not the pretty itself Alienation clause The clause in a mortgage or deed of trust that says the entire balance of a secured debt is due upon the lender's option if the vendee wishes to sell the property, which is effect prevents the vendee form selling the property without the lender's approval American with Disabilities Act An act that addresses the rights of individuals with disabilities in employment and public accommodations Amortization The gradual repayment of a mortgage loan by installments Annexation The process of converting personal property into real property by permanently attaching it Anticipation An appraisal principle that bases value of property that can rise or fall based on some future benefit or detriment to property Annual Percentage Rate(APR) The cost of a mortgage stated as a yearly rate. Antitrust laws Laws enacted by both federal and state government that prohibit activities which restrict free trade Appraisal An expert opinion and report of valuation using established methods Appraiser An independent person trained to provide an unbiased estimate of value Appreciation An increase in the value of a property due to changes in market conditions or other causes. The opposite of depreciation. Appurtenance rights, benefits, and privileges inherent with and passing with title to land Appurtenant Easement An easement that transfer with land Arbitrage Profitable difference between interest rates in financing arrangement such as a wraparound mortgage Assemblage Combining more that one parcel into one parcel, usually increasing the value of the land Assessment The process of valuing property for taxes Asset Anything of value owned by a person Assignment The transfer of one's rights in real property to another Assumption The transfer of the seller's existing mortgage to the buyer Attachment The legal seizure of real property prior to a judgment when there is a expectation the property will not be available after the judgment. Attorney's Opinion of Title An instrument written and signed by a attorney that a seller is transferring a good title in his/her opinion after examination of the title Asbestos An incombustible, chemical resistant, fibrous mineral form of magnesium silicate that can cause respiratory disease and was once used in insulation and other materials Avulsion The removal of land from one property to another due to a change of course of a stream or river Balloon Mortgage A mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at the end of an earlier specified term Bankruptcy A proceeding in federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee Bargain and Sale Deed A deed that implies the grantor has the right to convey good title but does not warranty against encumbrances and liens Base Line The principal east and west surveyor lines established in the government survey method Benchmarks Reference points established throughout the United States to aid surveyors in deterring differences in elevation Beneficiary The person receiving income under a deed of trust Bilateral contract Both parties to the contract are obligated to do something Bill of Sale A written document that transfers title of personal property Blind Ad A blind ad is an ad in which a brokerage firm or listing agent includes just his or her own name, a post office box number, or a telephone number to bait readers into believing the advertised property is offered by a private party. This type of ad is illegal. Blockbusting The illegal practice persuading homeowner to quickly sell their property on the expectation that minority groups are moving into the neighborhood, which could reduce property values. Breach of contract The failure of one or more parties to contract to fulfill contracted obligations without legal excuse Broad Form Insurance Policy An extended insurance policy to cover things such as weather related damage to