Pearson Vue Real Estate Glossary, With
Correct Answers
Abandonment
Voluntarily giving up possession property or claim right
Abatement
A legal action to stop a nuisance. Also can be a reduction of a property tax assesment
Abstract
A history of every recorder document dealing with a property - used to determine
marketable title
abstractive method
A means of obtaining land valu by deduction the value of the property from the total
property value
Abstract of Judgement
A condensation of a court judgement. When recorded the judgement becomes a
general lein on the property
acceleration clause
a provision in a note making all payments due on the happening of a certain event
( such as missing a payment or selling the property)
accession
Obtaining title as a result of attaching or joining property to other property
accommodation party
a cosignor who signs a negotiable instrument agreeing to be personally liable to payee
accord and satisfaction
the act of accepting a different consideration that agreed; for example , if there is a
dispute as to performance and one party accepts less than bargained for initially
accretion
a gradul build up of soil by action of water or wind
Accrued Depreciation
Depreciation to date; measures by the difference beween the replacement cost new and
the present value
Acknowledgement
Notorized
Acre
43,560 square feet
action in personam
a legal action agains a person. When recorded, a judgement from such an action is a
general lein agains all of a debtors property in the county where recorded
action in rem
a legal action against a specific property involved in the action
ademtption
disposal of a property by a testator prior to death defeating the beneficiary under a will.
adjusted basis
Correct Answers
Abandonment
Voluntarily giving up possession property or claim right
Abatement
A legal action to stop a nuisance. Also can be a reduction of a property tax assesment
Abstract
A history of every recorder document dealing with a property - used to determine
marketable title
abstractive method
A means of obtaining land valu by deduction the value of the property from the total
property value
Abstract of Judgement
A condensation of a court judgement. When recorded the judgement becomes a
general lein on the property
acceleration clause
a provision in a note making all payments due on the happening of a certain event
( such as missing a payment or selling the property)
accession
Obtaining title as a result of attaching or joining property to other property
accommodation party
a cosignor who signs a negotiable instrument agreeing to be personally liable to payee
accord and satisfaction
the act of accepting a different consideration that agreed; for example , if there is a
dispute as to performance and one party accepts less than bargained for initially
accretion
a gradul build up of soil by action of water or wind
Accrued Depreciation
Depreciation to date; measures by the difference beween the replacement cost new and
the present value
Acknowledgement
Notorized
Acre
43,560 square feet
action in personam
a legal action agains a person. When recorded, a judgement from such an action is a
general lein agains all of a debtors property in the county where recorded
action in rem
a legal action against a specific property involved in the action
ademtption
disposal of a property by a testator prior to death defeating the beneficiary under a will.
adjusted basis
