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agency

the legal relationship between principal and agent that arises out of a contract wherein as agent is employed to do certain acts on behalf of the principal who has retained the agent to deal with a third party.

affidavit

a written statement made under oath and signed before a licensed public official, usually a notary public.

adverse posession

a method of acquiring title to another person's property through court action after taking actual, open, hostile, and continuous possession for a statutory period of time; may require payment of property taxes during the period of possession.

ad valorem tax

tax in proportion to the value of a property.

administrator

a person appointed by a court to settle the estate of a person who has died without leaving a will.

adjustment date

the date the interest rate changes on an adjustable-rate mortgage.

adjusted basis

the original cost of a property, plus acquisition costs, plus the value of added improvements to the property, minus accrued depreciation.

adjustable-rate mortgage (ARM)

a mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes. For example, a seven-year, adjustable-rate mortgage is a loan in which the rate remains fixed for the first seven years, then fluctuates according to the index to which it is tied.

adjoining

contiguous or attached, in actual contact with.

adjacent

lying near to but not necessarily in actual contact with.

addendum

any provision added to a contract, or an addiction to a contract that expands, modifies, or enhances the clarity of the agreement. To be a part of the contract and legally enforceable, an addendum must be referenced within the contract.

actual notice

the actual knowledge that a person has of a particular fact.

actual eviction

the result of legal action brought by a landlord against a defaulted tenant, wherby the tenant is physically removed from rented or leased property by court order.

acre

a measure of land equal to 43,500 square feet or 4,480 square yards.

acknowledgment

a formal declaration before a public official, usually a notary public, by a person who has signed a deed, contract, or other document that the execution was a voluntary act.

accrued items

a list of expenses that have been incurred but have not yet been paid, such as interest on a mortgage loan, which is included on a closing statement.

accrued depreciation

(1) the amount of depreciation, or loss in value, that has accumulated since initial construction; (2) the difference between the current appraised value and the cost to replace the building new.

accretion

The increase or addition of land resulting from the natural deposit of sand or soil by streams, lakes, or rivers.

acceptance

The indication by a third party receiving an offer that they agree to the terms of the offer. In most states the offer and acceptance must be produced in writing when real property is involved.

acceleration clause

A clause in a note, mortgage, or deed of trust that permits the lender to declare the entire amount of principal and accrued interest due and payable immediately in the event of default.

abutting

Sharing a common boundary; adjoining.

abstract of title

A certified summary pf the history of a title to a particular parcel of real estate that includes the original grant and all subsequent transfers, encumbrances, and releases.

Session 1

  • Chapter 1 - The Real Estate Business
  • Chapter 2 - Real Property and the Law
  • Chapter 3 - Concepts of Home Ownership

Session 2

  • Chapter 4 - Agency
  • Chapter 5 - Real Estate Brokerage
  • NAR - Code of Ethics

Session 3

  • Chapter 6 - Listing Agreements & Buyer Representation

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