Letter D Vocab

Question 1

This term describes an award issued to one party as compensation for breach of contract.

Answer 1

Damages

Question 2

This term describes a license that provides a person with the right to sell non-affixed OR movable units or property.

Answer 2

Dealer’s License

Question 3

This term defines any Charge or Cost.

Answer 3

Debit

Ex. Using a Debit Card at a store when you pay for something.

Question 4

What is the formula to calculate Debt-To-Income Ratio?

Answer 4

All Housing expenses + (All Other Monthly expenses / Monthly Gross Income)

Question 5

This term defines a creditor placed lien against the estate of a deceased to recover debts owed by deceased.

Answer 5

Deceased Estate Lien

Question 6

This term defines the deceased person in a contract.

Answer 6

Decedent

Question 7

This term defines a written legal document that is signed and delivered and is used to convey the ownership of real property and legal rights to another.

Answer 7

Deed

Question 8

This term describes that the owner of the home has the option to “GIVE UP” rights and possession to the bank in lieu of a foreclosure.

Answer 8

Deed in Lieu of Foreclosure

Question 9

This term defines restrictions on the use of the real estate property in some way.

Answer 9

Deed Restrictions

Question 10

This term defines that a contract can be terminated if certain criteria is met or not met.

Answer 10

Defeasible

Question 11

This term defines what it means to convey or grant a leasehold estate. This refers to giving an estate, to transfer it through a will or a lease.

Answer 11

Demise

Question 12

This term defines a fall in an assets value based on outside economic factors OR Reduction in the value of an asset over time due to wear and tear.

Answer 12

Depreciation

Question 13

This term defines that Real Estate contracts must have the legal attributes of the property notated on the contract.

Answer 13

Description

Question 14

This term defines person who builds improvements on owned land.

Answer 14

Developer

Question 15

This term defines a contract clause in a will leaving real estate to someone else AKA inherit OR to will or transfer real property upon one’s death.

Answer 15

Devise Clause

Question 16

This term defines the direction of growth as realized over a period of time.

Answer 16

Directional Growth

Ex. New developments are headed towards Casa Grande and Wickenburg.

Question 17

This term defines that this occurs when the main obligations of a contract end.

Answer 17

Discharge Of A Contract

Question 18

This term defines when one spouse waives their rights to a specific property.

Answer 18

Disclaimer Deed

Question 19

This term describes a requirement an agent to declare, explain, obtain documentation, and give choices to the parties so that they can make an informed decision and not hold other party liable.

Answer 19

Disclosure

Question 20

This term defines a type of prepaid interest that lowers the A.P.R. over the life of the loan.

Answer 20

Discount Points

Question 21

This term describes the right of the owner to dispose of the property.

Answer 21

Disposition

Question 22

This term defines seizing a tenant’s property until full payment has been made.

Answer 22

Distraint

Question 23

This term defines the doctrine that governs the use of surface water.

Answer 23

Doctrine of Prior Appropriation

Question 24

This term defines a wife’s interest in her husband’s property upon his death OR Life estate the
wife has when her husband dies.

Answer 24

Dower

Question 25

This term defines the detailed payment plans structured and required to complete a construction loan project.

Answer 25

Draw Payments

Question 26

What is the formula for Debt to Income / DTI Ratio?

Answer 26

This is calculated by dividing total recurring monthly debt by gross monthly income, and it is expressed as a percentage.

Question 27

This term is used to describe when the agent is representing both parties in a transaction.

Answer 27

Dual Agency

Question 28

This term is used to describe steps taken by the buyer to verify important information on the property they are interested in purchasing.

Answer 28

Due Diligence

Question 29

This term is used to describe a contract clause that is added to prevent a new buyer from assuming the loan.

Answer 29

Due On Sale Clause