WRA Exam Questions And Correct Solutions | Verified

0-Bedroom Dwelling - Any residential dwelling in which the living area is not separated from the sleeping area Abstract of Title - A condensed history of a property's title showing, in chronological sequence, matters such as conveyances, liens, and encumbrances that have been recorded against the title in the office of the register of deeds or other public recording place Acceleration Clause - A clause within a mortgage permitting a lender to accelerate the amount due upon default and declare the entire balance due Acceptance - Acceptance occurs when all buyers and sellers have signed an identical copy or separate but identical copies of the offer Accession - The right of a property owner to become entitled to all that a property produces and to all that is added to it, either naturally or artificially Active Property - Property currently for sale Actual Notice - The actual knowledge a person has about the existence of a particular fact when notice is expressly and actually given Ad Valorem - Latin for according to valuation. Refers to a tax based on a property's value, not the income of the property owner Addenda - Additional material attached to and made part of a document Adjustable Rate Loan - A loan with a fluctuating interest rate Advance Fee - A fee paid to a firm before any services are rendered Adverse Fact - Something that significantly and adversely affects the value of a property, significantly reduces the structural integrity of improvements to real estate, presents a health risk to occupants of the property, or information that indicates that a party to a transaction is not able to or does not intend to meet the obligations under a contract made concerning a transaction Age - A protected class under Wisconsin fair housing laws that refers to any person at least 18 years of age Agency - A relationship in which one person acts for or represents another Agent - A person who is authorized to act on behalf of another Amendment - Used to change terms of a contract Amenities - Features of a property that add value or desirability. Can be either tangible, such as a skylight, or intangible, such as an ocean view American with Disabilities Act (ADA) - A federal law designed to eliminate discrimination against individuals with disabilities by mandating equal access to jobs, public accommodations, government services, public transportation, and telecommunications Amortization - The gradual paying of a debt through systematic payments of principal and interest over a predetermined period of time Ancestry - A person's racial and ethnic background Annexation - An addition to property by the act of joining one thing to another Annual Percentage Rate (APR) - The relationship of the total finance charge to the total amount to be financed as required under the federal Truth in Lending Act Anticipation - Future physical, economic, social, or political changes that may affect present value of property Antitrust Laws - Laws that make it illegal to conspire to restrain trade or the free flow of goods and services in a market place Appraisal - An estimate or opinion of value based on supportable evidence and approved methods Appraiser - An independent person trained to provide an unbiased estimate of value for a fee Approved Form - A contractual or conveyance form that is prepared and approved by the Real Estate Examining Board (REEB) Appurtenant Easement - Exists between two adjacent property owners where one is the dominant estate and the other is the servient estate. Attaches to the land and transfers to future owners. Arbitration - The non-judicial submission of a controversy to third parties for determination in a manner provided by agreement or by law Arsenic - An element found in soil and rock that is thought to increase the likelihood of several types of cancers Asbestos - A mineral fiber that has been used in a variety of ways within homes, but usually as an insulator around plumbing. Can be friable or non-friable and may be hazardous to health Assessed Value - The determination of a property's value for determining property taxes. Usually a percentage of the appraised value Assumable Loan - A financing instrument with terms that are transferable to another party Atrazine - A popular corn herbicide that has been used in Wisconsin for more than 25 years to control weeds in cornfields