Question 1

Appraisal

Accepted Answer

The professional process for estimating the value of a property.

Question 2

Arm's Length Transaction

Accepted Answer

A transaction between two parties who don't have a relationship or are under duress.

Question 3

Assemblage

Accepted Answer

The process of combining two or more adjoining lots into a single larger one.

Question 4

Assessed Value

Accepted Answer

The dollar value assigned to a property for the purpose of measuring applicable taxes.

Question 5

Bilateral Contract

Accepted Answer

A contract where both parties promise to perform certain things.

Question 6

Blanket Mortgage

Accepted Answer

A mortgage that covers more than one piece of property.

Question 7

Bundle of Rights

Accepted Answer

The legal rights of the real estate title holder, including possession, control, exclusion, enjoyment, and disposition.

Question 8

Chain of Title

Accepted Answer

The history of all of the documents that transfer title to a parcel of real estate.

Question 9

Chattel

Accepted Answer

Personal property that can be moved and is not attached to or part of the real estate.

Question 10

Cloud on Title

Accepted Answer

Any claim, lien, or encumbrance that impairs the title to a property.

Question 11

Consideration

Accepted Answer

Something of value that is given to induce entering into a contract.

Question 12

Constructive Notice

Accepted Answer

A notice given to the world by recorded documents.

Question 13

Contingency

Accepted Answer

A condition that must be met before a contract is legally binding.

Question 14

Conveyance

Accepted Answer

The act of transferring property from one party to another.

Question 15

Deed

Accepted Answer

A legal document that transfers ownership of a property.

Question 16

Depreciation

Accepted Answer

A decrease in the value of property due to wear and tear or obsolescence.

Question 17

Dual Agency

Accepted Answer

Representing both the buyer and the seller in the same transaction.

Question 18

Easement

Accepted Answer

The right to use a part of a property owned by another person for a specific purpose.

Question 19

Equitable Title

Accepted Answer

The interest held by one party to purchase property before closing.

Question 20

Escrow

Accepted Answer

The holding of money or documents by a neutral third party before closing.

Question 21

Fee Simple

Accepted Answer

The highest interest in real estate recognized by law.

Question 22

FHA Loan

Accepted Answer

A government-backed mortgage loan insured by the U.S. Federal Housing Administration.

Question 23

Fixture

Accepted Answer

An item of personal property that has been converted to real property by being permanently affixed to the realty.

Question 24

General Warranty Deed

Accepted Answer

A type of deed where the grantor fully warrants good clear title to the premises.

Question 25

Grantee

Accepted Answer

The person to whom an interest in real property is conveyed.

Question 26

Grantor

Accepted Answer

The person conveying an interest in real property.

Question 27

Homestead

Accepted Answer

A legal life estate in real estate occupied as the family home.

Question 28

Implied Agency

Accepted Answer

An agency relationship created through the behavior of the parties.

Question 29

Joint Tenancy

Accepted Answer

A form of co-ownership that includes the right of survivorship.

Question 30

Leasehold Estate

Accepted Answer

A tenant's right to occupy real estate during the term of a lease.

Question 31

Legal Description

Accepted Answer

A detailed way of describing a parcel of land for documents such as deeds and mortgages that will be accepted in a court of law.

Question 32

Lien

Accepted Answer

A claim or charge against property for payment of some debt.

Question 33

Listing Agreement

Accepted Answer

A contract between a property owner and a real estate broker authorizing the broker to represent the seller and find a buyer.

Question 34

Market Value

Accepted Answer

The most probable price that a property should bring in a competitive and open market.

Question 35

Mechanic's Lien

Accepted Answer

A statutory lien on a specific property for labor or materials contributed to a work of improvement.

Question 36

Metes and Bounds

Accepted Answer

A method of describing real estate, using boundary lines with terminal points and angles.

Question 37

Mortgage

Accepted Answer

A legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor.

Question 38

Mortgagee

Accepted Answer

The lender in a mortgage agreement.

Question 39

Mortgagor

Accepted Answer

The borrower in a mortgage agreement.

Question 40

Net Listing

Accepted Answer

A real estate listing with a specified net price for the seller, anything above which is kept as commission by the broker.

Question 41

Nonconforming Use

Accepted Answer

A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established.

Question 42

Novation

Accepted Answer

Substituting a new obligation for an old one or substituting new parties to an existing obligation.

Question 43

Police Power

Accepted Answer

State or municipal powers of regulation for the purpose of promoting health, safety, and morals.

Question 44

Quitclaim Deed

Accepted Answer

A deed operating as a release; intended to pass any title, interest, or claim which the grantor may have in the property.

Question 45

Real Estate Settlement Procedures Act (RESPA)

Accepted Answer

A law requiring full disclosure of closing costs to buyer and seller.

Question 46

Realtor

Accepted Answer

A real estate professional who is a member of the National Association of Realtors.

Question 47

Redlining

Accepted Answer

The illegal practice of a lending institution denying loans or insurance to owners of property located in certain neighborhoods.

Question 48

Right of First Refusal

Accepted Answer

A provision in an agreement that gives a party the first opportunity to purchase or lease the property before the owner sells or leases to another party.

Question 49

Tenancy in Common

Accepted Answer

Co-ownership of property by two or more persons, each of whom has an undivided interest, without right of survivorship.

Question 50

Title

Accepted Answer

The legal evidence or right which a person has to the ownership and possession of land.

Question 51

Usury

Accepted Answer

Charging a rate of interest greater than that permitted by law.

Question 52

Zoning

Accepted Answer

Government (usually municipal) laws that control the use of land within a jurisdiction.

Advanced Georgia Real Estate Agent Flashcard Set