NY Real Estate Exam Revised.

NY Real Estate Exam RevisedAbstract of Title - ANSWERA summary of all of the recorded instruments and proceedings to the title of property acknoweledgement - ANSWERa formal declaration before an officer by a person who has a deed acre - ANSWER43,560 square feet Actual Eviction - ANSWERwhen the landlord removes the tenant from the property without aid of the court system, it is a wrongful use of self- help Ad valerum tax - ANSWERaccording to valuation Adjusted Bias - ANSWERThe original cost of a property - depreciation and sales of portions Adjustable rate mortgage (ARM) - ANSWERa mortgage with an interest rate that increases or decreases during the life of the loan Advance consent to dual agency - ANSWERThe seller or buyer agrees to dual agency before it occurs by indicating the same on the agency disclosure form. Adverse Possession - ANSWERA person takes possession & use of a property belonging to another. Possession must be open, notorious, hostile & uninterrupted for a certain period of time. Agency Disclosure Form - ANSWERA written explanation, to be signed by a prospective buyer or seller of real estate, explaining to the client the role that the broker plays in the transaction. agent - ANSWERrepresents buyers or sellers on a relatively permanent basis Americans with Disabilities Act - ANSWERPassed by Congress in 1991, discrimination based off disability Amortization - ANSWERthe reduction of a loan balance through payments made over a period of time appraisal - ANSWERAn estimate of the current value of the property. Architectural Review Board - ANSWEROversees and upholds the quality of a .