Study material for the Oregon Real Estate Licensing Exam
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
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| show | Abandonment
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| An historical summary of the chain of title to a piece of property, including conveyances and encumbrances, back to the original grantor. | show 🗑
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| show | Abstractor
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| Parcels that join, reach or touch each other at a common point. | show 🗑
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| A tax deduction whereby an investor could "write off" more depreciation than straight line would allow. Accelerated Depreciation was eliminated by the Tax Reform Act of 1986 | show 🗑
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| show | Acceleration Clause
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| The legal process by which a real property owner acquires title to soil or fixtures added to his property. | show 🗑
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| The physical process of the addition of soil to real property by act of water. | show 🗑
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| show | Acknowledgment
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| show | Acre
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| show | Activity Sheet
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| Hearing, being told or actually knowing that a situation exists.(opposite of Constructive Notice) | show 🗑
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| show | Ad Valorem
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| show | Administrator
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| show | Adult
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| show | Advance Fee
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| The acquisition of title to someone else's property by means of continuous, open, hostile use for a period of time defined by state law. | show 🗑
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| show | Affidavit
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| show | Affiliated Corporation
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| A legal situation where one person (the principal) delegates another (the agent) to handle some business in his behalf. | show 🗑
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| An agency relationship where the agent holds a financial relationship with his principal as well as an agent relationship. | show 🗑
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| A person who is authorized to represent another; a Fiduciary | show 🗑
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| show | Agricultural Fixtures
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| show | Air Lot
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| A lease of an Air Lot only | show 🗑
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| Transferring ownership of real property to another, either voluntarily or involuntarily. (L-3 | show 🗑
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| (Due On Sale Clause) A clause in a contract that effectively bars any assignment of that contract because it calls the entire debt due and payable at the time of sale. | show 🗑
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| show | Alluvion
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| The American Land Title Association form of the title insurance policy. It is broader than the Standard Form in that it covers unrecorded interests and flaws that could only be found by physical inspection and survey. | show 🗑
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| Any attractive or desirable feature of real property | show 🗑
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| The regularly scheduled repayment of a debt whereby equal payments include both principal and interest and continue until the principal is paid. (You are slowly "killing off" the principal debt.) | show 🗑
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| show | Annexation
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| A figure lenders are required to disclose under the terms of Truth-in-Lending. It is calculated by figuring the total of all interest charges against the total amount loaned. | show 🗑
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| A professional estimate of market value of real property | show 🗑
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| The fee charged by an appraiser for making an appraisal. | show 🗑
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| (Market Value) The highest price that a buyer will pay and the lowest price that a seller would accept in a free, competitive market place both being knowledgeable and under no external pressures. | show 🗑
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| An increase in a property's value due mainly to the passage of time. | show 🗑
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| show | Appropriation Doctrine
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| An item or right that is real property and must pass with the land at the time of sale. Appurtenances appertain to the land and may not be severed from it without the approval of those holding the rights. For example: Easements, improvements and houses. | show 🗑
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| show | ARM
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| show | Assessed Value
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| The imposition of a tax, charge or levy usually according to established law and rates | show 🗑
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| The transfer of rights from one person (the assignor) to another person (the assignee) as done in mortgages, contracts, leases, etc | show 🗑
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| An assumption whereby the assignee fully replaces the assignor. The original debtor is fully released from any obligation under the contract. It will also therefore reinstate his future loan rights on certain loans. It is also called Assumption and Releas | show 🗑
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| show | Assignment of Rents Provision
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| show | Associate Real Estate Broker
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| The paperwork charge paid to the lender by the purchaser when the purchaser is assuming an existing loan on a property. | show 🗑
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| When a buyer takes responsibility for the seller's existing mortgage, he assumes and agrees to pay" it, thereby placing himself primarily liable for it's repayment. True assumptions were common place before the recession of 1980-1983. Now few lenders will | show 🗑
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| The method by which an apparent debtor's property is placed in the custody of the law and held as security pending the outcome of a creditor's lawsuit | show 🗑
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| The financial checking of a firm's accounts, books and records | show 🗑
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| show | Avulsion
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Created by:
rytifgates