A Words

Question 1

What is “abstract of title”?

Answer 1

Asummaryordigestofalltransfers,conveyances,legalproceedings,andanyother factsreliedonasevidenceoftitle,showingcontinuityofownership,togetherwithanyotherelementsofrecordwhichmayimpairtitle.

Question 2

What is “AccelerationClause”?

Answer 2

Aconditioninarealestatefinancinginstrumentgivingthelenderthepowerto declareallsumsowinglenderimmediatelydueandpayableuponthehappeningofanevent,suchas saleoftheproperty,oradelinquencyintherepaymentofthenote.

Question 3

What is “Accession”?

Answer 3

Thepotentialrightofownershiptolandwhichisproduced,thenaddedorunitedtothe owner’sland.

Question 4

AccordandSatisfaction

Answer 4

Amethodofdischargingaclaimwherebythepartiesagreetogiveandaccept somethinginsettlementoftheclaimandperformtheagreement,theaccordbeingtheagreementand thesatisfactionitsexecutionorperformance,anditisanewcontractsubstitutedforanoldcontract whichistherebydischarged,orforanobligationorCauseofActionwhichissettled,andmusthaveallof theelementsofavalidcontract.

Question 5

Accretion

Answer 5

Theprocessofgradualgrowthorincreaseoveraperiodoftimefromnaturallyoccurring events,resultinginadditionallayersofmatter.

Question 6

Acknowledgement

Answer 6

Aformaldeclarationmadebeforeanauthorizedperson(ex:anotarypublic)bya personwhohasexecutedaninstrumentstatingthattheexecutionwashisorherfreeact. InCalifornia,anacknowledgementisthestatementbyanofficersuchasanotarythatthesignatoryto theinstrumentisthepersonrepresentedtobe.

Question 7

What is “ActualAuthority”?

Answer 7

Authorityexpresslygivenbytheprincipalorgivenbythelawandnotdeniedbythe principal.

Question 8

What is “ActualEviction”?

Answer 8

Theremovalofatenantbythelandlordbecausethetenantbreachedaconditionofa leaseoranotherrentalcontract.

Question 9

ActualFraud

Answer 9

Anactintendedtodeceiveanother,e.g.,makingafalsestatement,makingapromise withoutintendingtoperformit,suppressingthetruth.

Question 10

ActualNotice

Answer 10

Expressorimpliedknowledgeofafact.

Question 11

AdValorem

Answer 11

Latinfor“accordingtovalue”.

Question 12

AdjustableRateMortgage(ARM)

Answer 12

Amortgageloanwhichbearsinterestataratesubjecttochange duringthetermoftheloan,predeterminedorotherwise.

Question 13

AdjustedBasis

Answer 13

Valueofpropertyusedtodeterminetheamountofgainorlossrealizedbyanowner uponsaleoftheproperty;equalsacquisitioncostpluscapitalimprovementsminusdepreciationtaken.

Question 14

Administrator

Answer 14

Apersonappointedbyacourttoadministertheestateofaonewhohasdiedintestate.

Question 15

AdversePossession

Answer 15

Amethodofacquiringtitletorealpropertybyconformingtostatutory requirements;aformofinvoluntaryalienationoftitle.

Question 16

Advertising

Answer 16

Theprocessofcallingpeople’sattentiontosomethingtoarouseadesiretobuy,ortoat leastobtainadditionalinformationabouttheproductorservicebeingpromoted.

Question 17

Agency

Answer 17

Therelationshipbetweenprincipalandtheprincipal’sagentwhicharisesoutofacontract, eitherexpressedorimplied,writtenororal,whereintheagentisemployedbytheprincipaltodocertain actsdealingwithathirdparty.

Question 18

Agent

Answer 18

Onewhoactsforandwithauthorityfromanothercalledtheprincipal.

Question 19

AirRights

Answer 19

Therightsinrealpropertytothereasonableuseoftheairspaceabovethesurfaceofthe land.

Question 20

Alienate

Answer 20

Thecapacityforapieceofpropertyorapropertyrighttobesoldorotherwisetransferred fromonepartytoanother.

Question 21

Alienation

Answer 21

Thetransferringofpropertytoanother;thetransferofpropertyandpossessionoflands,or otherthings,fromonepersontoanother.

Question 22

Alluvium

Answer 22

Thegradualincreaseoftheearthonashoreofanoceanorbankofastreamresultingfrom theactionofthewater.

Question 23

AlternativeDisputeResolution(ADR)

Answer 23

Theresolutionofdisputesbyvariousmeansincluding,butnot limitedtonegotiation,mediation,andarbitration.

Question 24

AmericanswithDisabilitiesAct(ADA)

Answer 24

Afederallawprotectingtherightsofindividualswithphysical ormentalimpairments.

Question 25

Annexation

Answer 25

 The attaching of personal property to land so that the law views it as part of the real  property (a fixture).  

Question 26

Annual Percentage Rate (APR) 

Answer 26

The relative cost of credit as determined in accordance with Regulation  Z of the Board of Governors of the Federal Reserve System for implementing the Federal Truth in  Lending Act. 

Question 27

Anticipatory Repudiation

Answer 27

 When a breach occurs before performance is due as a result of one party’s  unequivocal intention not to substantially perform. 

Question 28

Appraisal

Answer 28

A written statement, independently and impartially prepared by a qualified appraiser setting  forth an opinion in a federally related transaction as to the market value of an adequately described  property as of a specific date.  It is supported by the presentation and analysis of relevant market  information.  An opinion of value. 

Question 29

Appraiser

Answer 29

One qualified by education, training and experience who is hired to estimate the value of  real and personal property based on experience, judgment, facts, and use of formal appraisal processes. 

Question 30

Appropriation of Water

Answer 30

 The taking, impounding or diversion of water flowing on the public domain  from its natural course and the application of the water to some beneficial use personal and exclusive to  the appropriator. 

Question 31

  Appurtenances

Answer 31

 That which belongs to something, by not immemorially; all those rights, privileges, and  improvements which belong to and pass with the transfer of the property, but which are not necessarily  a part of the actual property. 

Question 32

Arbitration

Answer 32

 A neutral third party who listens to each party’s position and makes a final binding   decision. 

Question 33

Assignees

Answer 33

 Those whom property or interests therein shall have been transferred. 

Question 34

Assignment

Answer 34

 A transfer of benefits and obligations within a contract to a 3rd party who is not originally  a party to the contract. 

Question 35

Assignor

Answer 35

 One who assigns or transfer property. 

Question 36

Associate Broker

Answer 36

A licensed real estate broker who chooses to work under the name and supervision  of another licensed broker. 

Question 37

Associate Licensee

Answer 37

 A licensee who is licensed under a broker, or who has entered into a written  contract with the broker to act as the broker’s agent in a real estate transaction. 

Question 38

Avulsion

Answer 38

A sudden and perceptible loss of land by the action of water as by a sudden change in the  course of a river.