2026: (REAL ESTATE EXAM BROKERS- Questions & Correct Answers | Study Resource)
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, 2026: (REAL ESTATE EXAM BROKERS- Questions & Correct Answers | Study Resource)
Terms in this set (832)
ABATEMENT A legal action to stop a nuisance. Also can be a reduction of a property tax
assessment.
ABSTRACT A history of every recorded document dealing with a property.
ABSTRACTIVE METHOD A means of obtaining land value by deducting the value of improvements from the
total property value.
ABSTRACT OF JUDGMENT A condensation of a court judgment. When recorded, the judgment becomes a
general lien on the property of the debtor within the county where recorded.
ACCELERATED DEPRICIATION Any method of depreciation foe tax purposes that gives greater initial depreciation
than the straight line method.
ACCELERATION CLAUSE A provision in a note making all payments due upon the happening of a certain
event (such as missing a payment or selling the property)
ACCEPTANCE An act of agreement that forms a contract.
ACCESSION Obtaining title as a result of attaching or joining to other property.
ACCOMMODATION PARTY A third party (consigner) who signs a negotiable instrument agreeing to be liable
personally to the payee.
ACCORD AND SATISFACTION Act of accepting a different consideration than agreed; for example, if there is a
dispute as to performance and one party accepts less than bargained for originally.
ACCOUNTS PAYABLE Money that must be paid out to others.
ACCOUNTS RECEIVABLE Money due a business
ACCRETION The gradual buildup of soil by action of water or wind.
ACCRUED DEPRECIATION Depreciation to date; measured by the difference between the replacement cost
new and present value.
ACKNOWLEDGEMENT A declaration customarily made before a notary; certifying that the signing of an
instrument is the signers own free act.
3/10/2026, 8:03:21 PM 3/10/2026, 8:03:28 PM 3/10/2026, 8:03:25 PM
, 2026: (REAL ESTATE EXAM BROKERS- Questions & Correct Answers | Study Resource)
ACRE A measure of land equal to $43,560
ACTION IN PERSONAM A legal action against a person. When recorded, a judgment from such an action is
a general lien against all of debtor's property in the county where recorded.
ACTION IN REM A legal action against property. When recorded, a judgment from such an action: is
a specific lien against the particular property involved in the action.
ACTUAL NOTICE The personal knowledge of an interest or instrument.
ADEMPTION Disposal of property by a testator prior to death defeats the rights of a specific
beneficiary under the will. (The beneficiary is not entitled to the sale proceeds or
value).
ADJUSTABLE-RATE MORTGAGE (ARM) A mortgage bearing a rate of interest subject to change (based on a particular index
such as the t-bill rate) during the term of the loan. ARM's generally have a maximum
interest swing.
ADJUSTED BASIS Acquisition cost less depreciation plus cost of improvements. The adjusted basis is
deducted from the sales price to determine gain or loss.
ADJUSTED GROSS INCOME Gross income adjusted for a vacancy factor and collection loss.
ADJUSTED MARKET PRICE The adjustment of a comparable property's sale price to account for difference in
features and amenities of a property under appraisal (using the market comparison
approach).
ADMINISTRATOR A main appointed by a probate court to administer the estate of a deceased; a
woman appointee is an administradix.
AD VALOREM A tax according to value; real property taxes are considered to be ad valorem.
ADVANCE COMMITMENT A lender agreement to provide permanent financing upon completion of a
construction project.
ADVANCE FEE Fees paid in advance of services rendered
ADVERSE POSESSION A means of obtaining title from another by open, hostile and continuous use for a
statutory period of time. In some states, adverse possession also requires payment
of taxes.
AFFIDAVIT A statement sworn to under oath or by affirmation before a notary.
3/10/2026, 8:03:21 PM 3/10/2026, 8:03:28 PM 3/10/2026, 8:03:25 PM
, 2026: (REAL ESTATE EXAM BROKERS- Questions & Correct Answers | Study Resource)
AFFIRMATION A formal declaration as to the truthfulness of a statement; made by a person who
religious beliefs prohibit swearing under oath.
AFFIRMATIVE EASEMENT An easement that allows the easement that allows the easement holder a right of
use over the land of another.
AFTER-ACQUIRED INTEREST An interest acquired by a grantor after he or she has conveyed property. Under
some deeds, after-acquired interest is said to pass to the grantee.
AGE-LIFE TABLES Appraisal tables that indicate the economic file for various types of structures.
AGENCY A contractual relationship in which one person (an agent) represents another (a
principal).
AGENCY BY ESTOPPEL An agency created by a principal approving an unauthorized act of another.
AGENCY COUPLED WITH AN INTEREST An irrevocable agency under which the agent has interest in the subject matter of
the agency.
AGENT A person representing another, acting on his or her behalf.
AIR RIGHTS The right of a property owner to the reasonable use of the airspace over his or her
property. Air rights are considered to be real property. They can be separately
leased or conveyed.
ALIENATION A transfer of property or property rights.
ALLODIAL SYSTEM Ownership by individuals rather than the government. The united stated follows the
allodial system of ownership.
ALLUVION Soil added gradually to land by action of water. The soil belongs to the land it is
added to by the accretion process.
ALTA American land title association; also a type of title insurance policy providing
extended coverage to the lender. The same extended coverage also may be
available for the buyer.
ALTERATION Modification of a contract or note by one party without the consent of the other.
AMEND ESCROW INSTRUCTIONS A change in the escrow instructions after they have been signed. The signatures of
both buyer and seller are required to amend the instructions.
3/10/2026, 8:03:21 PM 3/10/2026, 8:03:28 PM 3/10/2026, 8:03:25 PM
Save
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3/10/2026, 8:03:21 PM 3/10/2026, 8:03:28 PM 3/10/2026, 8:03:25 PM
, 2026: (REAL ESTATE EXAM BROKERS- Questions & Correct Answers | Study Resource)
Terms in this set (832)
ABATEMENT A legal action to stop a nuisance. Also can be a reduction of a property tax
assessment.
ABSTRACT A history of every recorded document dealing with a property.
ABSTRACTIVE METHOD A means of obtaining land value by deducting the value of improvements from the
total property value.
ABSTRACT OF JUDGMENT A condensation of a court judgment. When recorded, the judgment becomes a
general lien on the property of the debtor within the county where recorded.
ACCELERATED DEPRICIATION Any method of depreciation foe tax purposes that gives greater initial depreciation
than the straight line method.
ACCELERATION CLAUSE A provision in a note making all payments due upon the happening of a certain
event (such as missing a payment or selling the property)
ACCEPTANCE An act of agreement that forms a contract.
ACCESSION Obtaining title as a result of attaching or joining to other property.
ACCOMMODATION PARTY A third party (consigner) who signs a negotiable instrument agreeing to be liable
personally to the payee.
ACCORD AND SATISFACTION Act of accepting a different consideration than agreed; for example, if there is a
dispute as to performance and one party accepts less than bargained for originally.
ACCOUNTS PAYABLE Money that must be paid out to others.
ACCOUNTS RECEIVABLE Money due a business
ACCRETION The gradual buildup of soil by action of water or wind.
ACCRUED DEPRECIATION Depreciation to date; measured by the difference between the replacement cost
new and present value.
ACKNOWLEDGEMENT A declaration customarily made before a notary; certifying that the signing of an
instrument is the signers own free act.
3/10/2026, 8:03:21 PM 3/10/2026, 8:03:28 PM 3/10/2026, 8:03:25 PM
, 2026: (REAL ESTATE EXAM BROKERS- Questions & Correct Answers | Study Resource)
ACRE A measure of land equal to $43,560
ACTION IN PERSONAM A legal action against a person. When recorded, a judgment from such an action is
a general lien against all of debtor's property in the county where recorded.
ACTION IN REM A legal action against property. When recorded, a judgment from such an action: is
a specific lien against the particular property involved in the action.
ACTUAL NOTICE The personal knowledge of an interest or instrument.
ADEMPTION Disposal of property by a testator prior to death defeats the rights of a specific
beneficiary under the will. (The beneficiary is not entitled to the sale proceeds or
value).
ADJUSTABLE-RATE MORTGAGE (ARM) A mortgage bearing a rate of interest subject to change (based on a particular index
such as the t-bill rate) during the term of the loan. ARM's generally have a maximum
interest swing.
ADJUSTED BASIS Acquisition cost less depreciation plus cost of improvements. The adjusted basis is
deducted from the sales price to determine gain or loss.
ADJUSTED GROSS INCOME Gross income adjusted for a vacancy factor and collection loss.
ADJUSTED MARKET PRICE The adjustment of a comparable property's sale price to account for difference in
features and amenities of a property under appraisal (using the market comparison
approach).
ADMINISTRATOR A main appointed by a probate court to administer the estate of a deceased; a
woman appointee is an administradix.
AD VALOREM A tax according to value; real property taxes are considered to be ad valorem.
ADVANCE COMMITMENT A lender agreement to provide permanent financing upon completion of a
construction project.
ADVANCE FEE Fees paid in advance of services rendered
ADVERSE POSESSION A means of obtaining title from another by open, hostile and continuous use for a
statutory period of time. In some states, adverse possession also requires payment
of taxes.
AFFIDAVIT A statement sworn to under oath or by affirmation before a notary.
3/10/2026, 8:03:21 PM 3/10/2026, 8:03:28 PM 3/10/2026, 8:03:25 PM
, 2026: (REAL ESTATE EXAM BROKERS- Questions & Correct Answers | Study Resource)
AFFIRMATION A formal declaration as to the truthfulness of a statement; made by a person who
religious beliefs prohibit swearing under oath.
AFFIRMATIVE EASEMENT An easement that allows the easement that allows the easement holder a right of
use over the land of another.
AFTER-ACQUIRED INTEREST An interest acquired by a grantor after he or she has conveyed property. Under
some deeds, after-acquired interest is said to pass to the grantee.
AGE-LIFE TABLES Appraisal tables that indicate the economic file for various types of structures.
AGENCY A contractual relationship in which one person (an agent) represents another (a
principal).
AGENCY BY ESTOPPEL An agency created by a principal approving an unauthorized act of another.
AGENCY COUPLED WITH AN INTEREST An irrevocable agency under which the agent has interest in the subject matter of
the agency.
AGENT A person representing another, acting on his or her behalf.
AIR RIGHTS The right of a property owner to the reasonable use of the airspace over his or her
property. Air rights are considered to be real property. They can be separately
leased or conveyed.
ALIENATION A transfer of property or property rights.
ALLODIAL SYSTEM Ownership by individuals rather than the government. The united stated follows the
allodial system of ownership.
ALLUVION Soil added gradually to land by action of water. The soil belongs to the land it is
added to by the accretion process.
ALTA American land title association; also a type of title insurance policy providing
extended coverage to the lender. The same extended coverage also may be
available for the buyer.
ALTERATION Modification of a contract or note by one party without the consent of the other.
AMEND ESCROW INSTRUCTIONS A change in the escrow instructions after they have been signed. The signatures of
both buyer and seller are required to amend the instructions.
3/10/2026, 8:03:21 PM 3/10/2026, 8:03:28 PM 3/10/2026, 8:03:25 PM
