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WRA exam Flashcards AgeA protected class under Wisconsin fair housing laws that refers to any person at least 18 years of age 0-Bedroom DwellingAny residential dwelling in which the living area is not separated from the sleeping area Binding AcceptanceCreates an enforceable contract between parties. Only if a copy of an accepted offer is delivered to the party making the offer prior to the date established ContractA legally enforceable promise or set of promises that must be performed, and for which, if a breach occurs, the law provides a remedy Credit ScoreA statistical method of assessing the credit risk of a loan applicant AsbestosA mineral fiber that has been used in a variety of ways within homes, but usually as an insulator around plumbing.Can be friable or non-friable and may be hazardous to health Chain of TitleChronological record of a property's ownership AccessionThe right of a property owner to become entitled to all that a property produces and to all that is added to it, either naturally or artificially CreditorAs defined by Regulation Z, a party who arranges for or extends credit more than 25 times a year or more than 5 times a year if the transaction is secured by a dwelling Building CodesOrdinances specifying minimum standards of construction Certificate of Reasonable ValuePrepared by an appraiser for property financed with a Veterans Administration loan Actual NoticeThe actual knowledge a person has about the existence of a particular fact when notice is expressly and actually given ChattelAn item of movable personal property, such as furniture and draperies AtrazineA popular corn herbicide that has been used in Wisconsin for more than 25 years to control weeds in cornfields Bundle of RightsReal property ownership right including the right of quiet enjoyment, possession, disposal, exclusion, control, and the right to encumber AddendaAdditional material attached to and made part of a document ArbitrationThe non-judicial submission of a controversy to third parties for determination in a manner provided by agreement or by law
Client FundsAll down payments, earnest money deposits, or other money related to a conveyance of real estate that is received by a licensee on behalf of a firm or any other person. Does not include promissory notes AnticipationFuture physical, economic, social, or political changes that may affect present value of property BreachA failure to perform as promised in a contract CommissionThe amount owed to a firm as payment for services rendered in connection with a listing contract or buyer agency agreement CondemnationA judicial or administrative proceeding to exercise the power of eminent domain Coliform BacteriaMicroorganisms found in the intestines and feces of humans and other warm-blooded animals as well as in soil, on vegetation, and in surface water runoff AncestryA person's racial and ethnic background Construction LienA specific, involuntary lien placed against real property for the purpose of securing a debt. The lien may be placed by those who perform labor, furnish material, or professional services in the improvement of real estate Commercial Easement in GrossAn easement between a landowner and a company that binds subsequent owners ConsiderationA bargained for thing from a promisor to a promisee that is necessary for a valid contract ArsenicAn element found in soil and rock that is thought to increase the likelihood of several types of cancers BrokerageThe business of bringing buyers and sellers together in the marketplace ChangeAn appraisal theory that a value placed on a property is good for a snapshot in time because no physical or economic condition remains the same ControlThe right to use a property within the boundaries of the law Condominium UnitThe part of the condominium development that is intended for individual use AcceptanceAcceptance occurs when all buyers and sellers have signed an identical copy or separate but identical copies of the offer AnnexationAn addition to property by the act of joining one thing to another Assessed ValueThe determination of a property's value for determining property taxes. Usually a percentage of the appraised value Cancellation Agreement and Mutual Release A contract used to terminate a contract for sale or agency agreement when the parties mutually agree to terminate their original agreement
American with Disabilities Act (ADA)A federal law designed to eliminate discrimination against individuals with disabilities by mandating equal access to jobs, public accommodations, government services, public transportation, and telecommunications Common ElementsAll real property in a condominium development that is not described as a unit Abstract of TitleA condensed history of a property's title showing, in chronological sequence, matters such as conveyances, liens, and encumbrances that have been recorded against the title in the office of the register of deeds or other public recording place Buyer's LicenseeThe person within the buyer firm that procured the buyer Cooperating FirmA firm who works in conjunction with another firm in procuring a buyer for the seller's property Active PropertyProperty currently for sale AgentA person who is authorized to act on behalf of another Annual Percentage Rate (APR)The relationship of the total finance charge to the total amount to be financed as required under the federal Truth in Lending Act Conditional Use PermitLand uses allowed under certain conditions that a government has decided are not well suited to all locations within the zoning district Closing (Settlement)Completion of a real estate transaction where mortgage funds are given to a buyer who exchanges them with a seller for legal title to the property ConformityThe maximum value of a property that is realized when the other properties in the neighborhood are similar DamagesCompensation recoverable in a lawsuit by a party who sustained an injury Building PermitsWritten government permission for the construction of a new building or improvement to an existing structure. The purpose is to show compliance with the zoning code to local authorities Advance FeeA fee paid to a firm before any services are rendered Common LawA body of law based on usage, general acceptance, and custom as manifested in decrees and judgments of the court's case law Condominium OwnershipFee simple unit ownership of real property. Residents own their units plus a share of common elements DeedA document that transfers ownership of title Certificate of EligibilityThe document provided by the Veterans Administration to a veteran that establishes the maximum guarantee to which the veteran is entitled ColorA protected class under fair housing laws that refers to a person's skin color
AppraisalAn estimate or opinion of value based on supportable evidence and approved methods Comparable PropertyA benchmark used in the Market Data Approach to make a property value estimate based on other properties that have recently sold and are similar to the subject property in terms of location, physical features, price, and date of sale Business SaleThe sale or lease of a business and the business's good will, enterprise, or opportunity, including a sale of the majority of assets or stocks of the business Counter-OfferAn offer that rejects a prior offer and proposes new terms Appurtenant EasementExists between two adjacent property owners where one is the dominant estate and the other is the servient estate.Attaches to the land and transfers to future owners.Conventional FinancingFinancing that does not give the lender the added security of a government guarantee or insurance Acceleration ClauseA clause within a mortgage permitting a lender to accelerate the amount due upon default and declare the entire balance due Bilateral ContractA contract that binds two parties. Two promises are given, one in exchange for another Bill of SaleA legal document used to transfer ownership of personal property Cloud on TitleA claim or encumbrance that would affect or burden an owner's title to real estate Ad ValoremLatin for according to valuation. Refers to a tax based on a property's value, not the income of the property owner Competent PartiesA party of legal age and sound mind ClientThe person who employs an agent to perform a service on his or her behalf ContingencyA provision in a contract that requires the completion of a certain act or the happening of a particular event before that contract is binding CostThe current reproduction cost of a building plus the value of the land tends to set the upper limit of a property's value Bridge LoanA residential financing arrangement in which the buyer of a new home borrows money and gives a second mortgage on the buyer's unsold home to fund the acquisition of a new home AgencyA relationship in which one person acts for or represents another CustomerA person who receives services given on behalf of and for the benefit of a client Approved FormA contractual or conveyance form that is prepared and approved by the Real Estate Examining Board (REEB)
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