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Texas Real Estate Exam (National)

Terms in this set (315)

4 Forms of Private Controls of Land Use
Deed Restrictions, Deed Covenants, Deed Conditions and HOA.
Acceleration Clause
a clause in a mortgage allowing the lender to declare the whole amount of the principal due and payable in the event of default by the borrower
Accession
Gaining title to improvement as a result of the annexation of fixtures
Acre
A measure of land - 43560 square feet
Ad Valorem
According to Value
Adverse Possession (Squatter's Rights)
When someone uses your property, you may end up losing the property or having your rights to the property restricted.
Alienation
Transfer of ownership
Alienation Clause
"Due on Sale" clause stating that the balance of the debt becomes due if the property is sold by the mortgagor
Americans with Disabilities Act (ADA)
A federal law (1992) intended to prevent discrimination against disabled persons in 4 areas: public transportation, public accommodations, government services, and telecommunications.
Amortization
The repayment or satisfaction of a debt by installment payments of principal and interest on a regular basis
Annexation
The process of attaching personal property so that it becomes real property thus creating a fixture
APR
Annual Percentage Rate - is the annual rate charged for borrowing or earned through an investment, and is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan.
Are the parents of a soldier eligible for a VA loan?
NO
ARM
Adjustable Rate Mortgage - is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.
Assemblage
The act of combining the two adjacent lots to result in a higher value
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