OKLAHOMA REAL ESTATE 2023
Abrogate - correct answer To abolish in a public manner or end something when
formal steps are needed
Abstract of Title - correct answer A summary or copy of all transfers,
conveyances, legal proceedings, and any other facts relied on as evidence of
title, showing continuity of ownership, together with any other elements of record
which may impair title.
Abutting - correct answer The joining, reaching or touching of adjoining land,
Abutting parcels of land have a common boundary.
accelerated Depreciation - correct answer (tax term) Depreciation taken at any
rate higher then provided by the straight-line method
Acceleration Clause - correct answer An acceleration clause in a loan gives the
lender the right to declare the full amount of debt due and payable based on the
happening of a certain event.
acceptance - correct answer A voluntary act by the offeree that shows assent, or
agreement, to the terms of an offer; may consist of words or conduct.
"meeting of the minds"
access rights - correct answer The right of a property owner to have ingress or
egress to and from his property over adjoining properties
Accession - correct answer An addition to property through the efforts of man or
by natural forces.
accord and satisfaction - correct answer A method of discharging a contract
whereby the parties agree to give and accept something in a settlement of a
dispute over the performance of the agreement
,accretion - correct answer Growth in size by addition or accumulation of soil to
land by gradual, natural deposits
accrued depreciation - correct answer The difference between the cost of
replacement and market value.
accrued items of expense - correct answer Those incurred expenses which are
not yet payable. The seller's accrued expenses are credited to the purchaser in a
closing statement.
Acknowledgement - correct answer A formal declaration before a public official,
usually a notary public, by a person who has signed a deed, contract, or other
document that the execution was a voluntary act.
acquisition - correct answer The act or process by which a person procures
property.
acres - correct answer a land measurement that equals to 160 square rods, 4,840
square yards or 43,560 square feet or tracts about 208.71 feet sq
actual authority - correct answer Authority given an agent either expressly or
impliedly by a principal
actual delivery - correct answer transferring a deed from the grantor to the
grantee by handing the deed to the grantee or sending it by certified mail.
actual notice - correct answer the express or direct knowledge acquired in the
course of a transaction.
Ad Valorem - correct answer Latin term meaning "according to value" and
referring to a way of assessing duties or taxes on goods or property. For
example, ad valorem tax assessment is based on value of real property.
,adjustable rate mortgage - correct answer Home loan secured by a deed of trust
or mortgage in which the interest rate will change periodically (i.e. annually);
typically adjusted based on a published index such as the Treasury Bill or LIBOR;
brought on as a result of high interest rates in the early 1980s as a way for banks
to transfer the risk of higher interest rates to the consumer.
adjusted market value - correct answer Adjustments to comparable property
sales to estimate sale price of a subject property.
adjustments - correct answer In appraising, a means by which characteristics of a
residential property are regulated by dollar amount or percentage to conform to
similar characteristics of another residential property.
adjustments in appraising - correct answer The process in the market approach
of changing dollar or percentage value of similar properties to make them more
comparable
administrator/administratrix - correct answer A person appointed by the probate
court to take charge of the estate of a decreased person who died intestate
advance - correct answer Transfer of funds from a lender to a borrower in
advance on a loan.
adverse possession - correct answer A person takes possession & use of a
property belonging to another. Possession must be open, notorious, hostile &
uninterrupted for a certain period of time.
advertising - correct answer Any paid form of nonpersonal presentation and
promotion of ideas, goods, or services by an identified sponsor.
affiant - correct answer One who makes an affidavit or gives evidence.
, affidavit - correct answer A statement of facts reduced to writing, sworn to or
affirmed before some officer--usually a notary public--who is authorized to
administer oath.
affirm - correct answer to confirm, to aver, to ratify. to make declaration
agency - correct answer A relationship in which one party (the principal)
authorizes another party (the agent) to act as the principal's representative in
dealing with third parties.
agent - correct answer A person who acts or does business for another called the
principal
agents in production - correct answer The four agents in production are labor,
capitol, coordination and land, the last one of which to be paid in land.
agreement of sale - correct answer A written agreement or contract between seller
and purchaser in which they reach a "meeting of minds" on the terms and
conditions of the sale. The parties concur; are in harmonious opinion.
air rights - correct answer The rights in real property to the reasonable use of the
air space above the surface of the land.
air space - correct answer the area from the surface of land upward
alienation - correct answer (law) the voluntary and absolute transfer of title and
possession of real property from one person to another
alienation clause (due-on-sale) - correct answer A clause in a contract giving the
lender certain rights in the event of a sale or other transfer of mortgaged property.
Abrogate - correct answer To abolish in a public manner or end something when
formal steps are needed
Abstract of Title - correct answer A summary or copy of all transfers,
conveyances, legal proceedings, and any other facts relied on as evidence of
title, showing continuity of ownership, together with any other elements of record
which may impair title.
Abutting - correct answer The joining, reaching or touching of adjoining land,
Abutting parcels of land have a common boundary.
accelerated Depreciation - correct answer (tax term) Depreciation taken at any
rate higher then provided by the straight-line method
Acceleration Clause - correct answer An acceleration clause in a loan gives the
lender the right to declare the full amount of debt due and payable based on the
happening of a certain event.
acceptance - correct answer A voluntary act by the offeree that shows assent, or
agreement, to the terms of an offer; may consist of words or conduct.
"meeting of the minds"
access rights - correct answer The right of a property owner to have ingress or
egress to and from his property over adjoining properties
Accession - correct answer An addition to property through the efforts of man or
by natural forces.
accord and satisfaction - correct answer A method of discharging a contract
whereby the parties agree to give and accept something in a settlement of a
dispute over the performance of the agreement
,accretion - correct answer Growth in size by addition or accumulation of soil to
land by gradual, natural deposits
accrued depreciation - correct answer The difference between the cost of
replacement and market value.
accrued items of expense - correct answer Those incurred expenses which are
not yet payable. The seller's accrued expenses are credited to the purchaser in a
closing statement.
Acknowledgement - correct answer A formal declaration before a public official,
usually a notary public, by a person who has signed a deed, contract, or other
document that the execution was a voluntary act.
acquisition - correct answer The act or process by which a person procures
property.
acres - correct answer a land measurement that equals to 160 square rods, 4,840
square yards or 43,560 square feet or tracts about 208.71 feet sq
actual authority - correct answer Authority given an agent either expressly or
impliedly by a principal
actual delivery - correct answer transferring a deed from the grantor to the
grantee by handing the deed to the grantee or sending it by certified mail.
actual notice - correct answer the express or direct knowledge acquired in the
course of a transaction.
Ad Valorem - correct answer Latin term meaning "according to value" and
referring to a way of assessing duties or taxes on goods or property. For
example, ad valorem tax assessment is based on value of real property.
,adjustable rate mortgage - correct answer Home loan secured by a deed of trust
or mortgage in which the interest rate will change periodically (i.e. annually);
typically adjusted based on a published index such as the Treasury Bill or LIBOR;
brought on as a result of high interest rates in the early 1980s as a way for banks
to transfer the risk of higher interest rates to the consumer.
adjusted market value - correct answer Adjustments to comparable property
sales to estimate sale price of a subject property.
adjustments - correct answer In appraising, a means by which characteristics of a
residential property are regulated by dollar amount or percentage to conform to
similar characteristics of another residential property.
adjustments in appraising - correct answer The process in the market approach
of changing dollar or percentage value of similar properties to make them more
comparable
administrator/administratrix - correct answer A person appointed by the probate
court to take charge of the estate of a decreased person who died intestate
advance - correct answer Transfer of funds from a lender to a borrower in
advance on a loan.
adverse possession - correct answer A person takes possession & use of a
property belonging to another. Possession must be open, notorious, hostile &
uninterrupted for a certain period of time.
advertising - correct answer Any paid form of nonpersonal presentation and
promotion of ideas, goods, or services by an identified sponsor.
affiant - correct answer One who makes an affidavit or gives evidence.
, affidavit - correct answer A statement of facts reduced to writing, sworn to or
affirmed before some officer--usually a notary public--who is authorized to
administer oath.
affirm - correct answer to confirm, to aver, to ratify. to make declaration
agency - correct answer A relationship in which one party (the principal)
authorizes another party (the agent) to act as the principal's representative in
dealing with third parties.
agent - correct answer A person who acts or does business for another called the
principal
agents in production - correct answer The four agents in production are labor,
capitol, coordination and land, the last one of which to be paid in land.
agreement of sale - correct answer A written agreement or contract between seller
and purchaser in which they reach a "meeting of minds" on the terms and
conditions of the sale. The parties concur; are in harmonious opinion.
air rights - correct answer The rights in real property to the reasonable use of the
air space above the surface of the land.
air space - correct answer the area from the surface of land upward
alienation - correct answer (law) the voluntary and absolute transfer of title and
possession of real property from one person to another
alienation clause (due-on-sale) - correct answer A clause in a contract giving the
lender certain rights in the event of a sale or other transfer of mortgaged property.
