Questions and Answers
What is an Abstract of Title?
What does an acceleration clause in a mortgage allow?
What is accrued interest?
Interest that is due and payable
What is acknowledgment in terms of document signing?
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How many square feet are in an acre?
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What is actual notice?
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What does ad valorem mean in real estate?
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What is adverse possession?
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What is an affiliated business arrangement?
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Who is an agent in real estate?
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What is an alienation clause?
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What is an amortized loan?
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What is annexation in real estate?
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What is an appraisal?
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What is appurtenance in a property context?
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What is an appurtenant easement?
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What is assemblage in real estate?
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What is assignment in contract terms?
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What is a balloon payment?
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What is a base line in surveying?
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What is a benchmark in surveying?
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Who is a beneficiary in a trust?
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What is a bilateral contract?
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What is a blanket loan?
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What is blockbusting?
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What is a breach of contract?
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What does the broker protection clause allow?
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What is capitalization rate?
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What is capping in landfills?
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What is a certificate of occupancy?
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What is a Certificate of Reasonable Value?
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What is a chain of title?
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What is chattel?
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Study Notes
Real Estate Terms and Definitions
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Abstract of Title: A comprehensive record detailing all recorded documents impacting property title; excludes unrecorded items.
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Acceleration Clause: Allows lenders to demand full payment of the loan balance in case of buyer default under mortgage or deed of trust.
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Accrued Interest: Interest that has accumulated and is currently due for payment.
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Acknowledgment: The process of notarizing a document, often required for its official recordation.
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Acre: A unit of area measurement equal to 43,560 square feet.
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Actual Notice: Direct knowledge of specific facts that one has been explicitly told.
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Ad Valorem: Refers to real estate tax assessments based on property value.
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Adverse Possession: Involves illegal possession of another's land that may lead to title acquisition. Requires possession to be open, notorious, continuous for a set duration, and hostile towards the true owner.
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Affiliated Business Arrangement: Scenario where several settlement services are provided by one or related companies, requiring disclosure of affiliations and financial benefits to consumers.
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Agent: An authorized individual who acts on behalf of another (the principal) in a fiduciary capacity.
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Alienation Clause: A provision in a mortgage allowing the lender to demand full loan repayment if the property ownership is transferred by the buyer.
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Amortized Loan: A type of loan where monthly payments are structured to completely pay off the debt by the end of the term, avoiding balloon payments.
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Annexation: The process that transforms personal property into real property.
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Appraisal: A credible estimation or opinion regarding a property's value.
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Appurtenance: Any right, privilege, obligation, or improvement that accompanies and transfers with property title.
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Appurtenant Easement: An easement linked to a specific property, allowing a property owner to utilize another person's land.
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Assemblage: Combining multiple separately owned parcels into one larger parcel to boost overall value.
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Assignment: The process of transferring an existing contract to new parties.
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Balloon Payment: A final loan installment that significantly exceeds regular payments, reflecting the loan's non-amortization.
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Base Line: A survey line in the rectangular survey system, extending east to west.
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Benchmark: A reference point employed by surveyors for measuring elevation.
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Beneficiary: The individual or entity that benefits from a trust agreement.
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Bilateral Contract: A contractual agreement obligating both parties to fulfil promises, typical in purchase agreements.
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Blanket Loan: A single loan covering multiple properties, often used for subdivision construction; includes a partial release clause for individual parcel withdrawals.
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Blockbusting: The unethical practice of persuading property owners to sell based on fears that the arrival of protected classes may decrease property values.
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Breach of Contract: An infringement of the terms outlined in a contractual agreement.
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Broker Protection Clause: Also known as "holdover," this clause allows brokers to earn a commission after a listing has expired.
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Capitalization Rate: The expected rate of return on investment properties, integral to the income approach (IRV formula) for property valuation.
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Capping: The method of covering landfill refuse with layers of soil.
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Certificate of Occupancy: Official documentation issued by local authorities, signifying completion of a building's construction and readiness for occupancy.
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Certificate of Reasonable Value (CRV): An appraisal specifically for VA loans.
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Chain of Title: The documented history of ownership transfers for a particular property, showing the progression from the original owner to the current one.
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Chattel: Another term for personal property.
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Test your knowledge of essential real estate terminology with these flashcards. Each term includes a concise definition to help you understand important concepts like 'Abstract of Title' and 'Acceleration Clause'. Perfect for real estate professionals or students.