Aceable Agent Principles 1 study notes for final exam Questions with Correct Answers

Aceable Agent Principles 1 study notes for final exam Questions with Correct Answers approved forms - answerauthorized by TREC and CAN be used. Promulgated Forms - answerauthorized by TREC and MUST be used Cloud - answerEncumbrance on title to a property which affects transferability Immobility - answerLand cannot be moved Misrepresentation - answerstating an untrue fact unintentionally Real property - answerland and anything attached to it Situs - answersignificance of a property's location Fixture - answerpersonal property that is now attached to land Littoral rights - answerlank front and ocean front rights Riptorian rights - answerRiver and streams rights Subsurface rights - answerthe rights to the natural resources below the earth's surface trade fixture - answerpersonal property that is owned and needed for tenants business ad valorem tax - answertax calculation according to assessed value of piece fo real estate Amortization - answerprocess of paying off debt/mortgage in regular installments based on payment schedule arrears - answerpayment for an item or service after it is received clue reports - answercomprehensive loss under writing exchange ( database used by insurance that holds information on claims for past 5 years) Homestead Tax Exemption - answerreduces the amount of ad valorem taxes assessed on a homestead PITI - answerPrincipal, Interest, Taxes, Insurance PUD - answerplanned unit development: subdivision that contains dwellings, non- residential real estate prorate - answerdividing of expenses like taxes, interest and rent. Proration: - answeract of dividing or allowing expenses between buyers and sellers agency by ratification: - answerunauthorized action taken on behalf of a principle express agency - answercreated by a clear, specific agreement implied agency: - answercreated by actions, conduct and words of either or both parties without being expressed. special agency: - answeragents are limited in scope and authorized to perform acts permitted by their principl