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State Exam Glossary of Terms


undefined, object
copy deck
a written summary of the chain of title
Abstract of Title
any clause in a loan requiring the loan be paid off upon the occurrence of a certain event. i.e. alienation clause.
Acceleration Clause
the acquisition of property by its being added to other property
the process of gradual or imperceptible additions to land bordering a river or stream
the declaration before a notary by a person who executed a document stating that he did in fact sign the document. A deed must be acknowledged to be recorded. Once it is accepted as prima facie evidence in court.
43,560 sf, or 4,480 sy, or about 209' x209'
an acre
the authority that a principal actually confers on the agent
Actual Authority
for tax income purposes, it is determined by subtracting the adjusted cost basis from the exchange value of a property
Actual Gain (profit)
when a person actually knows something, such as when an agent knows someone has taken possession of a property
Actual Notice
according to value
Ad Valorem
for income tax purposes, it is the cost basis plus capital improvements, plus existing assessment liens assumed by the buyer, minus depreciation, minus gain (s) deferred from prior transactions.
Adjusted Cost Basis
for income tax purposes, it is the selling price minus the expenses of the sale
Adjusted Selling Price
acquiring title by 5 yrs of exclusive, notorious & open possession of a property (contrary to the best interests of the true owner) under a claim of right or color of title. Quiet Title action required to perfect title.
Adverse Possession
an agent is a person authorized to represent a principal in business dealings with other parties.
to sell, transfer or convey.
the soil deposited by accretion
Alluvion (Alluvium)
requires the disclosure of earthquake fault lines on a map
Alquist-Priolo Act
the federal law which requires equal access to public buildings for handicapped persons
American with Disabilities Act (ADA)
the liquidation of a financial obligation, such as a loan
used to determine monthly payment
Amortization Tables
a promissory note which calls for periodic payments of both principle and interest
Amortized Installment Note
used in the Capitalization Approach to appraisal and determined by this formula: Gross Income - Vacancies - Expenses
Annual Net Income
the relative cost of credit expressed in % terms
Annual Percentage Rate
an opinion of the value of a specific property on a given date, it is valid for that date only
occurs when the government gives permission to a non-riparian owner to take water from a public waterway

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