Indiana Real Estate Exam Questions & Answers 100% Solved

Abandonment - ANSWERSThe failure to occupy and use property that may result in loss of rights Abatement of Nuisance - ANSWERSExtinction or termination of a nuisance Abstract of Judgement - ANSWERSA condensation of the essential provisions of a court judgement Abstract of Title - ANSWERSA summary or digest 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 Absolute of Ownership - ANSWERSThe maximum possible estate in land in which owner holds unconditional power of disposition; an estate freely transferable and inheritable (Fee Simple) Abstraction - ANSWERSA method valuing land. The indicated value of the improvement is deducted from the sale price. Accelerate Cost Recovery System - ANSWERSThe system for figuring depreciation (cost recovery) for depreciable real estate acquired and placed into service after January 1, 1981. (ACRS) Accelerated Depreciation - ANSWERSA method of cost write-off in which depreciation allowances are greater in the first few years of ownership than in subsequent years. This permits an earlier recovery of capital and a faster tax write-off of an asset. Acceleration Clause - ANSWERSA conditional in a real estate financing instrument giving the lender the power to declare all sums owing lender immediately due and payable upon the happening of an event, such as sale of the property, or a delinquency in the repayment of the note. Acceptance - ANSWERSThe act of agreeing or consenting to the terms of an offer thereby establishing the "meeting of the minds" that is an essential element of the contract. Access Right - ANSWERSThe right of an owner to have ingress and egress to and from owner's property over adjoining property. Accretion - ANSWERSAccession by natural forces, e.g. alluvium. Accrued Depreciation - ANSWERSThe difference between the cost of replacement new as of the date of the appraisal and the present appraised value. Accrued items of expense - ANSWERSThose incurred expenses which are not yet payable. The seller's accrued expenses are credited to the purchaser in a closing statement. Acknowledgment - ANSWERSA formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act. In this state an acknowledgment is the statement by an officer such as a notary that the signatory to the instrument is the person represented to be. Acoustical Tile - ANSWERSBlocks of fiber, mineral or metal, with small holes or rough-textured surface to absorb sound, used as covering for an interior walls and ceilings. Acquisition - ANSWERSThe act or process by which a person procures property. Acre - ANSWERSA measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square feet. Actual Authority - ANSWERSAuthority expressly given by the principal or given by the law and not denied by the principal.