Washington State Real Estate Exam| Questions with 100% Correct Answers | Verified

Abandonment - The voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim one's possession or interest. May pertain to an easement or a property. Abrogation - Tenants cannot sign away their rights in advance of signing the lease. Abstract of Title - A condensed version of the history of title to a particular parcel of real estate as recorded in the county clerk's records; consists of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property. Abutting - The joining, reaching, or touching of adjoining land. Abutting parcels of land have a common boundary. Accelerated Depreciation - A method of calculating for tax purposes the depreciation of income property at a faster rat than would be achieved using the straight-line method. Note** any depreciation taken in excess of that which would be claimed using the straight-line rate is subject to recapture as ordinary income to the extent of gain resulting from the sale. Acceleration Clause - A provision in a written mortgage, note, bond, or conditional sales contract that, in the event of a default, the whole amount of principal and interest may be declared to be due an payable at once. Accretion - An increase or addition to land by the deposit of sand or soil washed up naturally from a river lake or sea. Accrued Depreciation - The actual depreciation that has occurred to a property at any given date; the difference between the cost of replacement new (as of the date of appraisal) and the present appraised value. Acknowledgment - A declaration made by a person to a notary public, or other public official authorized to take acknowledgments that an instrument was executed by that person as a free and voluntary act.