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Voluntarily giving up a right or interest in real property without conveying those rights/interests to anyone else.
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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.
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Oregon Real Estate
Study material for the Oregon Real Estate Licensing Exam
| Question | Answer |
|---|---|
| Voluntarily giving up a right or interest in real property without conveying those rights/interests to anyone else. | Abandonment |
| An historical summary of the chain of title to a piece of property, including conveyances and encumbrances, back to the original grantor. | Abstract of Title |
| The person or firm that prepares an Abstract of Title. | Abstractor |
| Parcels that join, reach or touch each other at a common point. | Abutting Land |
| 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 | Accelerated Depreciation |
| (Call Provision) A loan contract clause that calls the entire principle and interest immediately due and payable upon default. | Acceleration Clause |
| The legal process by which a real property owner acquires title to soil or fixtures added to his property. | Accession |
| The physical process of the addition of soil to real property by act of water. | Accretion |
| A formal declaration by a person signing a document that he is who he says he is. Acknowledgment, which is done before a notary or otherwise qualified person, is required for recording documents in Oregon and Washington. | Acknowledgment |
| 43,560 square feet of land | Acre |
| A list maintained by a Broker that shows the date and time every property listed with that firm is advertised, shown, offers presented, etc. | Activity Sheet |
| Hearing, being told or actually knowing that a situation exists.(opposite of Constructive Notice) | Actual Notice |
| A Latin term used in property taxation meaning, tax according to value, true cash value or market value. | Ad Valorem |
| A person named by a court to handle the estate of a deceased person when that person died without leaving a proper will. | Administrator |
| A person is recognized as adult upon reaching the age of 18 years. In Oregon only, a 17 year-old who is married is also an adult. | Adult |
| A fee charged by a Broker to pay for the cost of advertising a listed property. The fee is deducted from the commission if the property sells, but will not be refunded if the property does not sell. | Advance Fee |
| 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. | Adverse Possession |
| A written statement signed and sworn to before a person authorized to administer an oath | Affidavit |
| Two or more corporations whose stock is owned by a single owner. | Affiliated Corporation |
| A legal situation where one person (the principal) delegates another (the agent) to handle some business in his behalf. | Agency |
| An agency relationship where the agent holds a financial relationship with his principal as well as an agent relationship. | Agency Coupled with an Interest |
| A person who is authorized to represent another; a Fiduciary | Agent |
| Improvements on a farm that appear to be fixed real property but can be used at any farming location. One of the types of fixtures that are not real property. They are personal property, chattel fixtures, and can be removed by the seller. | Agricultural Fixtures |
| The airspace over a parcel of land. It can be transferred with or without the underlying surface rights | Air Lot |
| A lease of an Air Lot only | Air Space Lease |
| Transferring ownership of real property to another, either voluntarily or involuntarily. (L-3 | Alienation |
| (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. | Alienation Clause |
| The soil added to property by accretion | Alluvion |
| 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. | ALTA Title Insurance Policy |
| Any attractive or desirable feature of real property | Amenity |
| 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.) | Amortization |
| The addition to property by the act of joining or uniting one thing to another as in fixtures. Also the process by which a municipality expands it's physical boundaries | Annexation |
| 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. | Annual Percentage Rate |
| A professional estimate of market value of real property | Appraisal |
| The fee charged by an appraiser for making an appraisal. | Appraisal Fee |
| (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. | Appraised Value |
| An increase in a property's value due mainly to the passage of time. | Appreciation |
| The water rights concept adopted in most Western States. Most water is owned by the state and citizens may only use it for a beneficial purpose if unused water is available and they receive a permit. | Appropriation Doctrine |
| 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. | Appurtenance |
| Adjustable Rate Mortgage see: Variable Rate Loan | ARM |
| The taxable value of real property as appraised by the County Tax Assessor. | Assessed Value |
| The imposition of a tax, charge or levy usually according to established law and rates | Assessment |
| The transfer of rights from one person (the assignor) to another person (the assignee) as done in mortgages, contracts, leases, etc | Assignment |
| 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 | Assignment by Novation |
| A loan clause often inserted in loans on rental properties which allows the lender to collect the rental income and apply it against loan payments if the owner becomes delinquent. | Assignment of Rents Provision |
| A licensed person who qualifies identically to the Broker but who does not want to be the person in charge of a Firm. They work for their employing Broker just as a sales agent does. In Washington (not Oregon) a branch manager must be an associate broker | Associate Real Estate Broker |
| The paperwork charge paid to the lender by the purchaser when the purchaser is assuming an existing loan on a property. | Assumption Fee |
| 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 | Assumption of Mortgage/Trust Deed |
| 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 | Attachment |
| The financial checking of a firm's accounts, books and records | Audit |
| The sudden violent loss of real property by act of nature. If it happens slowly, it is called erosion | Avulsion |
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rytifgates