Barney Fletcher Pre- Licensing Vocabulary questions
with verified answers
1 Acre = how many feet? Ans✓✓✓ 43, 560 feet
1 Mile = how many feet? Ans✓✓✓ 5, 280
1 Section = how many acres? Ans✓✓✓ 640 acres
Acceleration Clause Ans✓✓✓ States that upon default, all of the
principal installments come due immediately.
Accrued Interest (for seller) Ans✓✓✓ loan balance x interest rate = one
year's interest divided by 360 = per diem x # of days owed = amount
owed
Acknowledgement Ans✓✓✓ Formal certification of a signature
Actual Notice Ans✓✓✓ Knowledge that one has gained based on what
he has seen, heard, read, or observed
Ad Valorem Tax Ans✓✓✓ According to value; the term is used for
property taxes
,Addendum Ans✓✓✓ added to a contract before the contract is binding
Adjustable Basis Ans✓✓✓ the book of value of a property for income
tax purposes. it is the purchase price - depreciation + the cost of
subsequent improvements to the property
Adjustable Rate Mortgage Ans✓✓✓ A mortgage loan on which the
interest rate rises and falls with changes in prevailing rates.
Adverse Possession Ans✓✓✓ A means by which a person may acquire
title to property by using it openly and continuously without the
owner's permission for the period required by state statute.
Agent Ans✓✓✓ a person who acts or does business for another
Alienation Ans✓✓✓ the transfer of rights from one person to another
Allodial System Ans✓✓✓ the system of possession of land based on
individual ownership, as opposed to the Feudal System
Amendment Ans✓✓✓ done after a contract is binding and it changes
an already binding contract
, Amortized Loan Ans✓✓✓ entire loan balance repaid in equal
installments
Annual Interest Formula Ans✓✓✓ loan balance x interest rate
Appreciation Ans✓✓✓ The increase in the value of a property due to
changes in market conditions, inflation, or other causes.
Appurtenance Ans✓✓✓ a right, privelage, or improvement belonging
to add passing with the principal property
Assemblage Ans✓✓✓ the combining of adjoining separate parcels of
land into a single tract
has a greater value by adjoining than seperatly
Assessed Value Ans✓✓✓ The valuation placed upon property by a
public tax assessor as the basis for taxes
Assignment Ans✓✓✓ The act of transferring to another all or part of
one's rights arising under a contract.
Assumption of Mortgage Ans✓✓✓ when taking title to property with
an existing mortgage, assuming full personal liability for its repayment
with verified answers
1 Acre = how many feet? Ans✓✓✓ 43, 560 feet
1 Mile = how many feet? Ans✓✓✓ 5, 280
1 Section = how many acres? Ans✓✓✓ 640 acres
Acceleration Clause Ans✓✓✓ States that upon default, all of the
principal installments come due immediately.
Accrued Interest (for seller) Ans✓✓✓ loan balance x interest rate = one
year's interest divided by 360 = per diem x # of days owed = amount
owed
Acknowledgement Ans✓✓✓ Formal certification of a signature
Actual Notice Ans✓✓✓ Knowledge that one has gained based on what
he has seen, heard, read, or observed
Ad Valorem Tax Ans✓✓✓ According to value; the term is used for
property taxes
,Addendum Ans✓✓✓ added to a contract before the contract is binding
Adjustable Basis Ans✓✓✓ the book of value of a property for income
tax purposes. it is the purchase price - depreciation + the cost of
subsequent improvements to the property
Adjustable Rate Mortgage Ans✓✓✓ A mortgage loan on which the
interest rate rises and falls with changes in prevailing rates.
Adverse Possession Ans✓✓✓ A means by which a person may acquire
title to property by using it openly and continuously without the
owner's permission for the period required by state statute.
Agent Ans✓✓✓ a person who acts or does business for another
Alienation Ans✓✓✓ the transfer of rights from one person to another
Allodial System Ans✓✓✓ the system of possession of land based on
individual ownership, as opposed to the Feudal System
Amendment Ans✓✓✓ done after a contract is binding and it changes
an already binding contract
, Amortized Loan Ans✓✓✓ entire loan balance repaid in equal
installments
Annual Interest Formula Ans✓✓✓ loan balance x interest rate
Appreciation Ans✓✓✓ The increase in the value of a property due to
changes in market conditions, inflation, or other causes.
Appurtenance Ans✓✓✓ a right, privelage, or improvement belonging
to add passing with the principal property
Assemblage Ans✓✓✓ the combining of adjoining separate parcels of
land into a single tract
has a greater value by adjoining than seperatly
Assessed Value Ans✓✓✓ The valuation placed upon property by a
public tax assessor as the basis for taxes
Assignment Ans✓✓✓ The act of transferring to another all or part of
one's rights arising under a contract.
Assumption of Mortgage Ans✓✓✓ when taking title to property with
an existing mortgage, assuming full personal liability for its repayment
