CA Real Estate Exam - VOCAB Flashcards

CA Real Estate Exam - VOCAB Flashcards above grade improvementsimprovements built above ground level Abandonment of homesteadA legal document that proves a homestead was abandoned. An owner must file an abandonment of homestead on the old property, in order to obtain a homestead on the new property acquisition appraisalan appraisal that estimates market value of a property facing condemnation under the governments powers of eminent domain. the appraisal is performed to determine the amount of just compensation due to the owner abstract of titlea summary of the conveyances, transfers, and other facts appearing of record and relied upon as evidence of title to real property access to propertya seller must provide reasonable access to the property to the buyer, inspectors representing the buyer, and representative of lending institutions for appraisal purposes, or for any other purposes relating to the sale acceptanceunqualified agreement to the terms of an offer accelerated depreciationa method of cost write-off in which depreciation allowances are greater in the first few years of ownership that in subsequent years. This permits and earlier recovery of capital and a faster tax write-off of an asset acknowledgementa signed statement by a named person made before a notary public, confirming that a document was signed voluntarily acquisitionthe actor or process by which a person procures property, a transaction in which a firm is absorbed by another firm with the ownership vested in the acquiring firm acountingthe process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information accrueto accumulate, grow, or mature over a period of time as in accrued interest on a loan absorption beda shallow trench containing a pipe that carries effluent away from the septic tank into an open area, where it is absorbed into the soil accrued depreciatondepreciation that has already occurred and is the difference between the cost of replacement or reproduction and the current appraised value of a property accord and satisfactionthe discharge of an existing obligation by acceptance of a substitute agreement in which the creditor accepts less than the full amount owed as satisfaction of the debt

abstract of judgmenta document summarizing a court decision and is used to execute a judgment lien acreage zoningzoning that reduces residential density by requiring large building lots.access rightthe right of an owner to have ingress to and egress from owner's property over adjoining property accredited management organization (AMO) a property management designation offered by the institute of real estate management to property management companies tat meet prescribed high standards accural methodan accounting method that reports revenue when earned and expenses when occured accommodation recordingthe recordation of an instrument without consideration and without assumption of responsibility for correctness or validity active solaras an energy source, energy from the sun collected and stored using mechanical pumps or fans to circulate heat laden fluids of air between solar collectors and a building action in reman action in which judgment is sought against property to determine its status abutting propertyproperty that touches or is contiguous to another property, as opposed to being near another property ablefinancial ability, as in ready, willing, and able buyer abatement of nuissancelegal process used to remove nuisances or code violations accessibilitythe ease of entrance and exit to a property, this is a factor in determining the most profitable use of a property abstractora person who searches historic records affecting the title to real property and summarizes the the results in a report called the abstract of title acceleration clausea clause in a loan document describing certain events that cause the entire loan to be due. possible events include sale of the property, failure to repay the debt, pay the property taxes, or provide adequate hazard insurance coverage acreagea large piece of property that is usually unimproved, may be used for agricultural, industrial, residential or commercial uses accessionthe acquisition of title to additional land or to improvements, as a result of natural increase or growth or by installation of improvements abatementa reduction or decrease in amount or worth; usually applies to rent or taxes absorption ratethe rate at which a type of property is either bought or lease. Usually the rate is expressed in square feet per year or number of units per year

AbandonmentThe actor of voluntarily surrendering or relinquishing possession of real property, without transferring title to someone else. Non-use of the property does not prove abandonment.actiona lawsuit brought to court absolute net leaselease requiring the tenant to pay for all the expenses of operating and maintaining the property, including major repairs and any capital expenditures accretiona buildup of soil by natural causes on property bordering a river, lake or ocean Abandonment of easementThe obvious and intentional surrender of the easement abrogationthe revocation, recision, or annulling of a contract by mutual consent of the parties to the contract, or for cause by either party to the contract accredited residential manager (ARM)a property management designation offered by the institute of real estate management to individuals. requirements for designation include management experience, additional training, and adherence to a code of ethics accounting methoda set of rules used to determine when and how income and expenses are reported abutter's rightsthe reasonable right to light, air, and visibility that a property enjoys from another acrea measure of land equalling 43,560 square feet or 4,840 square yards, or 160 square rods, or a tract about 208.71 a square acoustical tileblocks of fiber, mineral or metal, with small holes or rough textured surface to absorb sound, used as covering for interior walls and ceilings absentee ownera property owner who does not live on the property, and who may rely on a property manager to oversee it acre foota volume of material such as water, sand, coal, etc, equal to an area of one acre with a depth of one foot. If a liquid equal to 325,850 gallons acquisition costthe total cost of acquiring a property. in addition to the purchase price, other costs include escrow fees, title insurance, lenders fees, etc acid rainprecipitation containing harmful amounts of nitric and sulfuric acids formed primarily by sulfur dioxide and nitrogen oxides released into the atmosphere when fossil fuels are burned.absorption analysisa study of the number of units of residential or non-residential property that can be sold or leased over a given period of time in a defined location absorption periodthe estimated time period required to sell, lease, place in use, or trade the subject property in its marketing area at

prevailing prices or rental rates