This site is 100% ad supported. Please add an exception to adblock for this site.

VA Real Estate Exam

Start Studying!

Terms

undefined, object
copy deck
Abandonment    
Permanent cessation of use.
Abstract of Title  
  • Condensed history of a title to real estate
  • Recorded in county clerk's record's
  • Summary of original grant and all subsequent encumbrances on property.
Abutting
  • Joining, reaching, or touching of adjoining land.
  • Abutting parcels have a common boundary
Accelerated depreciation
  • Method of calculating depreciation for tax purposes.
  • Depreciates faster than straight line method.
Acceleration Clause  
In the event of default, all principal and interest may be declared due and payable at once.
Accession  
Title to improvements of real property as a result of accretion of alluvial deposits along banks of streams or as a result of the annexation of fixtures.
Accretion
Increase to land by deposis of sand or soil washed up naturally from a river, etc.
Accrued Depreciation
  • Actual depreciation occurred at a given date.
  • Difference between cost of replacement and present appraised value.
Acknowledgment  
  • Declaration made to notary public/public official.
  • Acknowledges an instrument was executed by him as a free and voluntary act.
Actual Eviction 
  • Result of legal action by lessor.
  • Defaulted tenant is ousted by court.
Actual Notice
  • Express information or fact
  • That which is known
  • Actual knowledge
Ad Valorem Tax
  • Tax levied according to value.
  • generally used to levy real estate tax.
  • aka. General Tax
Administrator
Party appointed by the court to settle the estate of a deceased person without a will.
Adverse possession
  • Actual, visible, notorious, exclusive, and continuous possession of another's land under a claim to title.
  • Possession for a statutory period may be means of acquiring title.
Affidavit
Written statement signed and sworn to before a person authorized to administer an oath.
Agent
  • Represents or has the power to act for the principal.
  • Authorization may be expressed, implied, or apparent.
  • A fiduciary relationship is created under agency law when principal executes a listing agreement authorizing a licensed rea
Air lot
  • designated airspace over a piece of land
  • May be transferred like surface lots.
Air Rights
  • Right to use open space above one's property.
  • Used for skywalks and utility cables.
Alienation
  • Act of transferring property to another.
  • May be voluntary (sale) or involuntary (eminent domain).
Alienation Clause (due-on-sale clause)
  • Mortgage instrument not allowing the borrower to sell without lender approval an assumption or contract-for-deed.
  • If attempt is made, mortgage balance becomes due on sale of property.
Alluvion
Actual Soil increase resulting from accretion.
Amenities
  • Neighborhood facilities and services that enhance property's value.
  • e.g. swimming pools, garages or decks outside property.
Americans with Disabilities Act (ADA)
Federal Law designed to eliminate discrimination against individuals with disabilities.
Amortization
  • Liquidation of financial burden through installments.
  • Includes principal and interest.
Amortized Loan
Principal and interest are payable in Monthly installments over the term of the loan.
Appraisal
Estimate of the quantity, quality or value of something.
Appraised Value
An estimate of the property's present worth.
Appurtenant
  • Belonging to; incident to; annexed to.
  • eg. garage is appurtenant to a house.
Arbitration
Means of settling a controversy b/n two parties through an impartial medium who's decision will be final.
Assessment
Imposition of a tax, charge or levy.
Assignment
written transfer of rights.
Attorney's opinion of title
Written statement by an attorney after examining title, stating his opinion as to whether a seller may convey good title.
Attorney-in-fact
Holder of a power of attorney.
Avulsion
Sudden tearing away of land as an act of nature.
Balloon payment
Final payment of a mortgage that is considerably larger than the required periodic payments b/c the amount was not fully amortized.
Bargain and sale deed
Deed carrying no warranties against liens but does not convey imply grantor has the right to convey title.
Base Fee
A determinable fee state that may be inherited.
Base line
Imaginary East-West line used in rectangular survey system.
Benchmark
Permanent reference mark used for measuring elevation.
Beneficiary
  • One on whose behalf income from a trust is drawn.
  • lender who lends money and takes back a not and deed of trust from the borrower.
Bequest
Provision in a will providing for the distribution of personal property.
Bill of Sale
Written statement given to pass title to personal property.
Binder
Agreement that may accompany earnest money deposit for the purchase of real property as evidence of the purchaser's good faith and intent to complete the transaction.
Blanket Mortgage
  • Mortgage that covers more than one parcel of real estate.
  • Allows for partial release from mortgage lien on repayment of definite portion of debt.
Blockbusting
Illegal practice of convincing homeowners to sell b/c minorities are moving into the neighborhood.
Blue-sky laws
State and federal laws regulating the registration and sale of investment securities.
Branch office
Secondary place of business.
Breach of Contract
failure to perform according to contract.
Bridge Loan
Homeowner borrows on equity to use as a down payment on a new home. When current home sells, loan is paid back.
Broker
One who buys or sells for another for a commission.
Broker/salesperson
  • Passed broker's exam
  • only licensed to work on behalf of a licensed broker.
  • aka associate broker.
Brokerage
Business of buying or selling for another.
Brownfields
  • deserted, defunct toxic industrial sites in need of renewal.
Budget Loan
Morgage payment + taxes+insurance+assessment+PMI
Buffer Zone
Strip of land separating one land use from another.
Building Line
  • fixed distance from front and sides beyond which no structure can project.
  • Create uniformity
Bundle of legal rights
Theory that land ownership involves possession, control, and enjoyment of property.
Business Plan
3-5 year blueprint for an organization.
Buydown
Payment made to help buyer qualify for a loan.
Canvassing
  • Door to door search for prospective clients
  • can be done by phone
Capacity of Parties  
  • Legal ability (mental stability) to enter into a valid contract.
Capitalization Rate  
Rate of return a property will produce on the owner's investment.
Capitalization    
  • Converting into present value, a series of future periodic installments of net income.
  • Income/rate=value
casualty Insurance    
Protects a property owner from loss or injury sustained from theft, etc.
Caveat Emptor  
"Let the buyer beware"
Chain of Title
succession of conveyances from some starting point. This is how present owner derives his or her title.
Chattels  
Personal property.
Claim of right
Used as a factor in determining adverse possession claims. Adversely occupying another's real estate for a period of time may create a claim of right.
Start Studying!

Deck Info

68

swansonjm03

permalink