WRA FINAL EXAM QUESTIONS AND ANSWERS.

WRA FINAL EXAM QUESTIONS AND ANSWERS. 0-Bedroom Dwelling ANSWER : Any residential dwelling in which the living area is not separated from the sleeping area Abstract of Title ANSWER : A condensed history of a property's title showing, in chronological sequence, matters such as conveyances, liens, and encumbrances that have been recorded against the title in the office of the register of deeds or other public recording place Acceleration Clause ANSWER : A clause within a mortgage permitting a lender to accelerate the amount due upon default and declare the entire balance due Acceptance ANSWER : Acceptance occurs when all buyers and sellers have signed an identical copy or separate but identical copies of the offer Accession ANSWER : The right of a property owner to become entitled to all that a property produces and to all that is added to it, either naturally or artificially Active Property ANSWER : Property currently for sale Actual Notice ANSWER : The actual knowledge a person has about the existence of a particular fact when notice is expressly and actually given Ad Valorem ANSWER : Latin for according to valuation. Refers to a tax based on a property's value, not the income of the property owner Addenda ANSWER : Additional material attached to and made part of a document WRA FINAL EXAM QUESTIONS AND ANSWERS. 2 Adjustable Rate Loan ANSWER : A loan with a fluctuating interest rate Advance Fee ANSWER : A fee paid to a firm before any services are rendered Adverse Fact ANSWER : Something that significantly and adversely affects the value of a property, significantly reduces the structural integrity of improvements to real estate, presents a health risk to occupants of the property, or information that indicates that a party to a transaction is not able to or does not intend to meet the obligations under a contract made concerning a transaction Age ANSWER : A protected class under Wisconsin fair housing laws that refers to any person at least 18 years of age Agency ANSWER : A relationship in which one person acts for or represents another Agent ANSWER : A person who is authorized to act on behalf of another Amendment ANSWER : Used to change terms of a contract Amenities ANSWER : Features of a property that add value or desirability. Can be either tangible, such as a skylight, or intangible, such as an ocean view 3 American with Disabilities Act (ADA) ANSWER : A federal law designed to eliminate discrimination against individuals with disabilities by mandating equal access to jobs, public accommodations, government services, public transportation, and telecommunications Amortization ANSWER : The gradual paying of a debt through systematic payments of principal and interest over a predetermined period of time Ancestry ANSWER : A person's racial and ethnic background Annexation ANSWER : An addition to property by the act of joining one thing to another Annual Percentage Rate (APR) ANSWER : The relationship of the total finance charge to the total amount to be financed as required under the federal Truth in Lending Act Anticipation ANSWER : Future physical, economic, social, or political changes that may affect present value of property Antitrust Laws .