Real Estate Exam Brokers 200 Questions And Answers
1 / 10
Terms in this set
200
ABATEMENT
A legal action to stop a nuisance. Also can be a reduction of a property tax assessment.
ABSTRACT
A history of every recorded document dealing with a property.
ABSTRACTIVE METHOD
A means of obtaining land value by deducting the value of improvements from the total property value.
ABSTRACT OF JUDGMENT
A condensation of a court judgment. When recorded, the judgment becomes a general lien on the property of the debtor within the county where recorded.
ACCELERATED DEPRICIATION
Any method of depreciation foe tax purposes that gives greater initial depreciation than the straight line method.
ACCELERATION CLAUSE
A provision in a note making all payments due upon the happening of a certain event (such as missing a payment or selling the property)
ACCEPTANCE
An act of agreement that forms a contract.
ACCESSION
Obtaining title as a result of attaching or joining to other property.
ACCOMMODATION PARTY
A third party (consigner) who signs a negotiable instrument agreeing to be liable personally to the payee.
ACCORD AND SATISFACTION
Act of accepting a different consideration than agreed; for example, if there is a dispute as to performance and one party accepts less than bargained for originally.