State Exam Glossary of Terms
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
- Accession
- the process of gradual or imperceptible additions to land bordering a river or stream
- Accretion
- 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.
- Acknowledgment
- 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.
- Agency
- to sell, transfer or convey.
- Alienate
- 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
- Amortization
- 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
- Appraisal
- occurs when the government gives permission to a non-riparian owner to take water from a public waterway
- Appropriation