Tennessee Real Estate Exam Vocabulary
Questions And Already Passed Answers.
Abstract of Title - Answer A summary and certification by the abstractor of the history of the
title to property form the original grant through all subsequent conveyances.
Acceleration Clause - Answer The clause in a mortgage or deed o trust that can be enforced
making the entire debt due immediately upon default of the borrower.
Acceptance - Answer The expression of the intention of the person receiving an offer (offeree,
usually the seller) to be bound by the terms of the offer.
Accession - Answer Obtaining title to additions or improvements to real property as a result of
the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.
Accretion - Answer The increase of land by sand and/or soil washing up from a river, lake or
sea.
Acknowledgement - Answer A formal declaration by a person who has signed a document
made before a duly authorized officer, usually a notary public.
Acre - Answer A measure mento of land that contains 43,560 square feet
Actual Eviction - Answer A legal process that results in tenants being physically removed from
leased premises
Actual Notice - Answer Expressed information or fact that is known
Ad Valorem Tax - Answer A tax levied on real property according to value
Adverse Possession - Answer The actual, open, notorious, hostile and continuous possession
of of another's land under a claim of title.
,Agency - Answer The relationship between the principal and an agent where the agent has a
fiduciary duty to represent the principal on certain matters
Agreement of sale - Answer An agreement between the seller (vendor) and buyer (vendee) for
the purchase of real property
Air lots - Answer air lots are the spaces above land
Air rights - Answer The right to use the open space above a property but not the pretty itself
Alienation clause - Answer The clause in a mortgage or deed of trust that says the entire
balance of a secured debt is due upon the lender's option if the vendee wishes to sell the
property, which is effect prevents the vendee form selling the property without the lender's
approval
American with Disabilities Act - Answer An act that addresses the rights of individuals with
disabilities in employment and public accommodations
Amortization - Answer The gradual repayment of a mortgage loan by installments
Annexation - Answer The process of converting personal property into real property by
permanently attaching it
Anticipation - Answer An appraisal principle that bases value of property that can rise or fall
based on some future benefit or detriment to property
Annual Percentage Rate(APR) - Answer The cost of a mortgage stated as a yearly rate.
Antitrust laws - Answer Laws enacted by both federal and state government that prohibit
activities which restrict free trade
Appraisal - Answer An expert opinion and report of valuation using established methods
Appraiser - Answer An independent person trained to provide an unbiased estimate of value
, Appurtenance - Answer rights, benefits, and privileges inherent with and passing with title to
land
Appurtenant Easement - Answer An easement that transfer with land
Arbitrage - Answer Profitable difference between interest rates in financing arrangement such
as a wraparound mortgage
Assemblage - Answer Combining more that one parcel into one parcel, usually increasing the
value of the land
Assessment - Answer The process of valuing property for taxes
Asset - Answer Anything of value owned by a person
Assignment - Answer The transfer of one's rights in real property to another
Assumption - Answer The transfer of the seller's existing mortgage to the buyer
Attachment - Answer The legal seizure of real property prior to a judgment when there is a
expectation the property will not be available after the judgment.
Attorney's Opinion of Title - Answer An instrument written and signed by a attorney that a
seller is transferring a good title in his/her opinion after examination of the title
Asbestos - Answer An incombustible, chemical resistant, fibrous mineral form of magnesium
silicate that can cause respiratory disease and was once used in insulation and other materials
Avulsion - Answer The removal of land from one property to another due to a change of
course of a stream or river
Balloon Mortgage - Answer A mortgage that has level monthly payments that will amortize it
over a stated term but that provides for a lump sum payment to be due at the end of an earlier
specified term
Questions And Already Passed Answers.
Abstract of Title - Answer A summary and certification by the abstractor of the history of the
title to property form the original grant through all subsequent conveyances.
Acceleration Clause - Answer The clause in a mortgage or deed o trust that can be enforced
making the entire debt due immediately upon default of the borrower.
Acceptance - Answer The expression of the intention of the person receiving an offer (offeree,
usually the seller) to be bound by the terms of the offer.
Accession - Answer Obtaining title to additions or improvements to real property as a result of
the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.
Accretion - Answer The increase of land by sand and/or soil washing up from a river, lake or
sea.
Acknowledgement - Answer A formal declaration by a person who has signed a document
made before a duly authorized officer, usually a notary public.
Acre - Answer A measure mento of land that contains 43,560 square feet
Actual Eviction - Answer A legal process that results in tenants being physically removed from
leased premises
Actual Notice - Answer Expressed information or fact that is known
Ad Valorem Tax - Answer A tax levied on real property according to value
Adverse Possession - Answer The actual, open, notorious, hostile and continuous possession
of of another's land under a claim of title.
,Agency - Answer The relationship between the principal and an agent where the agent has a
fiduciary duty to represent the principal on certain matters
Agreement of sale - Answer An agreement between the seller (vendor) and buyer (vendee) for
the purchase of real property
Air lots - Answer air lots are the spaces above land
Air rights - Answer The right to use the open space above a property but not the pretty itself
Alienation clause - Answer The clause in a mortgage or deed of trust that says the entire
balance of a secured debt is due upon the lender's option if the vendee wishes to sell the
property, which is effect prevents the vendee form selling the property without the lender's
approval
American with Disabilities Act - Answer An act that addresses the rights of individuals with
disabilities in employment and public accommodations
Amortization - Answer The gradual repayment of a mortgage loan by installments
Annexation - Answer The process of converting personal property into real property by
permanently attaching it
Anticipation - Answer An appraisal principle that bases value of property that can rise or fall
based on some future benefit or detriment to property
Annual Percentage Rate(APR) - Answer The cost of a mortgage stated as a yearly rate.
Antitrust laws - Answer Laws enacted by both federal and state government that prohibit
activities which restrict free trade
Appraisal - Answer An expert opinion and report of valuation using established methods
Appraiser - Answer An independent person trained to provide an unbiased estimate of value
, Appurtenance - Answer rights, benefits, and privileges inherent with and passing with title to
land
Appurtenant Easement - Answer An easement that transfer with land
Arbitrage - Answer Profitable difference between interest rates in financing arrangement such
as a wraparound mortgage
Assemblage - Answer Combining more that one parcel into one parcel, usually increasing the
value of the land
Assessment - Answer The process of valuing property for taxes
Asset - Answer Anything of value owned by a person
Assignment - Answer The transfer of one's rights in real property to another
Assumption - Answer The transfer of the seller's existing mortgage to the buyer
Attachment - Answer The legal seizure of real property prior to a judgment when there is a
expectation the property will not be available after the judgment.
Attorney's Opinion of Title - Answer An instrument written and signed by a attorney that a
seller is transferring a good title in his/her opinion after examination of the title
Asbestos - Answer An incombustible, chemical resistant, fibrous mineral form of magnesium
silicate that can cause respiratory disease and was once used in insulation and other materials
Avulsion - Answer The removal of land from one property to another due to a change of
course of a stream or river
Balloon Mortgage - Answer A mortgage that has level monthly payments that will amortize it
over a stated term but that provides for a lump sum payment to be due at the end of an earlier
specified term
