National Real Estate Vocabulary, Pennsylvania Real Estate Vocabulary Exam Questions with Correct Answers

Abandonment - Answer-the relinquishment of all rights and title to a property with no intention of reclaiming ownership Abutting Owner - Answer-An owner whose land touches a highway or other public place. Acceleration Clause - Answer-A clause in a mortgage or installment contract stating that upon default of payment due, immediate and full payment of the balance of the obligation becomes due and payable Access Right - Answer-The right of property owner to have ingress and egress to and from his property Accession - Answer-The acquisition of title to additional property by its annexation to real estate already owned. This can be the result of human actions (as in the case of fixtures) or natural processes (such as accretion or reliction) Accrued Depreciation - Answer-The difference between the cost of replacement new, on the date of the appraisal, and the present appraised value Acknowledgment - Answer-A formal declaration made before a notary public or other authorized person, by a person who has executed an instrument, that such execution is his free act and deed Acre - Answer-A measure of land equal to 60 square rods, 4,840 square yards, or 43,560 square feet Action of Ejectment - Answer-A legal action brought about to regain possession of real property; used when there is no relationship of landlord and tenant, such as re-entry by the actual owner against a claimant under adverse possession Actual Authority - Answer-Such authority that a principal intentionally gives his agent Ad Valorem - Answer-Tax according to value Adjoining Owner - Answer-One whose property is contiguous; to be next to Adjustable-Rate Mortgage (ARM) - Answer-A loan in which the interest rate is periodically increased or decreased to reflect changes in the cost of money Administrator - Answer-A person appointed by the court to administer the estate of a deceased person who died intestate, and left no will Adverse Possession - Answer-The means of acquiring title to land against the real owner, where possession has been actual, open, hostile, exclusive, continuous, and under claim of right for the statutory period Affidavit - Answer-a sworn statement by the seller of real property that the seller is either unaware of any problems with title to the property or is disclosing any problems that the seller is aware of Affirm - Answer-To confirm or to ratify Agency - Answer-The legal relationship resulting from an agreement that the agent is authorized by a principal to perform certain acts on behalf of the principal in dealing with a third party