So many words starting with ‘A’ to learn in real estate pre-licensing. Here are some of my favorites and a few easy ways to remember them.
- Appraisal – Estimating property value by an individual who is state licensed in appraising
- Agricultural – farms, ranches – places where you grow things
- Accession – transistion of trade fixtures to real property of the owner if not removed prior to end of lease
- Annexation – addition, personal to real – plant the tree “When the tree was in the root ball in the driveway it was personal property, when you planted i int h front yard it became real property.”
- Appurtenance – right or privilege that runs with the land. “My right of way to the boat dock”
- Agency – relationship of trust between principal & agent, it’s so special
- Accretion – increases the land by the slow and gentle action of water
- Alluvium – the actual deposited soil or silt
- Avulsion – sudden removal of soil – act of Mother Nature – flood, earthquake, mudslide
- Ad Valorem – according to value, how we tax property
- Assessment – property value for tax purposes
- Appropriation – authorizes the taxation of property
- Attachment – court order to control property
- Assignment – transfer of right but original party remains liable
- Acknowledgement – notarized, sealed
- Adverse Possession – open, notorious, continuous, hostile and adverse. 20 years. The opposite of Easement by Prescription.
- Abstract of Title – Title search of public record, not an Attorney’s Opinion of Title
- Actual Notice – Given the information directly, I KNOW IT.
- Acceleration clause– Makes entire debt due immediately. If you don’t pay, you don’t stay.
- Alienation clause – Prevents borrower from assigning the debt. Must pay off the mortgage first if sold.
- Assume – Becoming personally liable for existing mortgage including payments
- ARM – Adjustable Rate Mortgage
- Amortize – “To kill off slowly”
- Amendment – to ‘mend’ – change something in the contract
- Addendum – to ‘add’ – something to the contract
Passing the pre-licensing examination for real estate is mostly about learning a new and very subtle language. Mastering the vocabulary is key to mastering the test.
The Real Estate Class 