Bill's CT Real Estate Vocab UPDATED
ACTUAL Questions and CORRECT
Answers
Licensee - CORRECT ANSWER - A person who has the skill and knowledge to be
licensed in real estate.
Broker - CORRECT ANSWER - One who acts as an intermediary on behalf of others for a
fee or commission
Market - CORRECT ANSWER - A place where goods can be bought or sold and a price
established
Salesperson - CORRECT ANSWER - A person who performs real estate activities while
employed with or associated with a licensed real estate broker
Supply and Demand - CORRECT ANSWER - The appraisal principal that follows the
interrelationships of the supply and demand of real estate
Hypothecation - CORRECT ANSWER - To pledge property as a security for an obligation
without giving up possession
4 Ways to Create a Lien - CORRECT ANSWER - Voluntary-created with property owner
approval; Involuntary-without owner approval; Statutory-created by statute/law; Equitable-
created by the court based on common law
Habendum Clause - CORRECT ANSWER - To have and to hold clause. Defines the estate
being granted in the deed.
Encumbrance - CORRECT ANSWER - A claim, or lien that attaches to real estate.
, Encroachment - CORRECT ANSWER - To intrude upon another person's land such as
extending over his property line.
Defeasance Clause - CORRECT ANSWER - Used in leases and mortgages that cancels a
specific right such as releasing a note that has been paid.
Alienation - CORRECT ANSWER - The coveying or transfer of title and possession of
property to another.
Subordination agreement - CORRECT ANSWER - Written agreement between lienholders
to change the priority of mortgage, judgment and other liens.
Types of Listing - CORRECT ANSWER - 1) Open listing; 2) Exclusive right to sell; 3)
Exclusive agency
Blockbusting - CORRECT ANSWER - Encouraging people to rent or sell because of the
entry of protected class moving into the neighborhood.
Title theory - CORRECT ANSWER - The mortgagor gives the mortgage legal title and
retains equitable title, upon full payment legal title is returned
NAR - CORRECT ANSWER - National Association of Realtors
Alienation Clause - CORRECT ANSWER - Lender can stop an assumption by enforcing
the clause and calling the note due on sale.
Adverse Possession - CORRECT ANSWER - A means of acquiring title. The statutory
time in CT is 15 years. One must possess the property openly, without owner's permission, the
use must be hostile and uninterrupted for the statutory time by law
ACTUAL Questions and CORRECT
Answers
Licensee - CORRECT ANSWER - A person who has the skill and knowledge to be
licensed in real estate.
Broker - CORRECT ANSWER - One who acts as an intermediary on behalf of others for a
fee or commission
Market - CORRECT ANSWER - A place where goods can be bought or sold and a price
established
Salesperson - CORRECT ANSWER - A person who performs real estate activities while
employed with or associated with a licensed real estate broker
Supply and Demand - CORRECT ANSWER - The appraisal principal that follows the
interrelationships of the supply and demand of real estate
Hypothecation - CORRECT ANSWER - To pledge property as a security for an obligation
without giving up possession
4 Ways to Create a Lien - CORRECT ANSWER - Voluntary-created with property owner
approval; Involuntary-without owner approval; Statutory-created by statute/law; Equitable-
created by the court based on common law
Habendum Clause - CORRECT ANSWER - To have and to hold clause. Defines the estate
being granted in the deed.
Encumbrance - CORRECT ANSWER - A claim, or lien that attaches to real estate.
, Encroachment - CORRECT ANSWER - To intrude upon another person's land such as
extending over his property line.
Defeasance Clause - CORRECT ANSWER - Used in leases and mortgages that cancels a
specific right such as releasing a note that has been paid.
Alienation - CORRECT ANSWER - The coveying or transfer of title and possession of
property to another.
Subordination agreement - CORRECT ANSWER - Written agreement between lienholders
to change the priority of mortgage, judgment and other liens.
Types of Listing - CORRECT ANSWER - 1) Open listing; 2) Exclusive right to sell; 3)
Exclusive agency
Blockbusting - CORRECT ANSWER - Encouraging people to rent or sell because of the
entry of protected class moving into the neighborhood.
Title theory - CORRECT ANSWER - The mortgagor gives the mortgage legal title and
retains equitable title, upon full payment legal title is returned
NAR - CORRECT ANSWER - National Association of Realtors
Alienation Clause - CORRECT ANSWER - Lender can stop an assumption by enforcing
the clause and calling the note due on sale.
Adverse Possession - CORRECT ANSWER - A means of acquiring title. The statutory
time in CT is 15 years. One must possess the property openly, without owner's permission, the
use must be hostile and uninterrupted for the statutory time by law
