Term
| personal property (chattel?) |
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Definition
| All property other than real estate is known as ______. |
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Term
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Definition
| Real estate consist of three things: land, improvement,and _________. |
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Term
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Definition
| If a seller is taking a fixture, it must have been ______ from the purchase contract. |
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Term
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Definition
| Ownership of rights to a creek is known as _____ rights. |
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Term
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Definition
| When articles of personal property, including landscaping, are permanently attached to the improvements, they become _____. |
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Term
| certificate of occupancy (power to police) |
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Definition
| Before a new building can be inhabited, a _____ is required. |
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Term
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Definition
| Permission to vary from strict compliance with zoning requirements may be obtained in the form of _____. |
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Term
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Definition
| When a previously established use no longer complies with the requirements of a new zoning ordinance, it may be allowed to continue as a _____. |
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Term
| rectangular (government) survey |
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Definition
| Townships, sections, and meridians are used in the ____ form of legal description. |
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Term
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Definition
| A legal description that uses compass descriptions is _____. |
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Term
| lot, block, subdivision (recorded platt) |
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Definition
| The type of legal description used in most urban areas is _____. |
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Term
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Definition
| A _____ my be used to separate two incompatible zoning uses. |
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Term
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Definition
| Real estate and fixtures are transferred with a _____. |
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Term
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Definition
| Personal property is transferred with a _____. |
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Term
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Definition
| If the buyer is keeping the seller's personal property, it must be _____ in the purchase contract. |
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Term
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Definition
| Two ways the government can acquire privately held land: _____ and _____ |
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Term
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Definition
| If there is a conflict between local, state or federal rule, the _____ will apply. |
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Term
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Definition
| A right of use or enjoyment that one person has in the lands of another for a specific purpose is _____. |
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Term
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Definition
| A tenant's right to posess real estate for the term of a lease is _____. |
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Term
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Definition
| A tree limb that overhangs into a neighbors yard is an example of an _____. |
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Term
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Definition
| An easement is not _____, but a license is. |
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Term
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Definition
| A claim that one person has against the land of another to secure payment of a debt is called a _____> |
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Term
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Definition
| A person who has not been paid for work performed on a real property may record a _____. |
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Term
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Definition
| A party wall or a shared driveway is an example of an easment _____. |
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Term
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Definition
| The right of an owner to occupy a parcel of real-estate forever is a _____. |
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Term
| government lien (property taxes) |
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Definition
| The type of lien that takes priority over all others is the _____ for property taxes. |
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Term
| police power and ordinances |
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Definition
| As part of their right to govern land use under _____, local municipalities enact and enforce _____. |
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Term
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Definition
| A freehold estate is and estate of ownership with a(n) _____. |
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Term
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Definition
| Leasehold estates are estates of possession with a(n) _____. |
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Term
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Definition
| Zoning laws are set at a _____. |
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Term
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Definition
| Deed restrictions are created as a form of _____ over land use. |
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Term
| deed (is an instrument not a contract) |
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Definition
| A written legal document by which ownership of real property is transferred from one party to another is _____. |
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Term
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Definition
| The two parties to a deed are the owner _____ and buyer _____. |
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Term
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Definition
| In order to convey title, a deed must be signed by the owner _____. |
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Term
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Definition
| Title does not pass to the grantee until the deed is _____. |
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Term
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Definition
| Assurance to the grantees that they will not be disturbed by someone else with a lawful interest in the property is the covenant of _____. |
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Term
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Definition
| The type of deed considered to be the best deed for a grantee is a _____. |
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Term
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Definition
| A deed that conveys whatever interest the grantor holds at the time of conveyance, has no liability for the grantor, contains no covenants or warranties is a _____. |
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Term
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Definition
| A deed with the warranty of seisin that applies only to the period the grantor owned the property is a _____. |
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Term
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Definition
| Property owned by one person is said to be owned in _____. |
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Term
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Definition
| A form of concurrent ownership in which each tenant owns an undivided ownership share in the entire property and has no right of survivorship is _____. |
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Term
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Definition
| A form of concurrent ownership in which all owners have equal shares in the property and the right of survivorship is _____. |
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Term
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Definition
| An undivided interest in a resort condominium as a tenant on common for a specific period each year is a _____. |
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Term
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Definition
| This _____ has a will and knows who will inherit her real and personal property. |
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Term
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Definition
| _____ does not require the co-owners to go through probate to obtain title. |
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Term
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Definition
| A person who holds a proprietary lease and owns shares of stock in a corporation that owns the building, owns a _____. (never receives a deed - receives stock) |
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Term
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Definition
| The priority of a recorded instrument is determined by the date of _____. |
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Term
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Definition
| When an attorney or title insurance company traces the ownership of a parcel of land to the beginning of its recorded history, the process is known as _____. |
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Term
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Definition
| A recorded notice stating that a pending lawsuit may affect title to a particular property is a _____. |
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Term
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Definition
| A document that summarizes all the recorded interests affecting title to a given parcel of land is a _____. |
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Term
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Definition
| All the documents that comprise the history of the title are the _____. |
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Term
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Definition
| Protection against incomplete or defective records of the title to land can best be obtained by securing _____. |
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Term
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Definition
| In many cases, it is better to _____ asbestos rather than _____ it. |
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Term
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Definition
| A defect or problem that is not covered by standard or extended title insurance is an _____. |
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Term
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Definition
| When prorating, an item paid in advance will be a _____ to the buyer. |
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Term
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Definition
| Defects in title are covered only if they are found _____ closing. |
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Term
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Definition
| An item paid in arrears will be a _____ to the buyer. |
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Term
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Definition
| Most deeds to be recorded must be _____. |
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Term
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Definition
| A new load will show on a settlement statement as a buyer _____. |
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Term
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Definition
| Shared items such as property taxes and water bills will be ______ between the buyer and the seller. |
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Term
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Definition
| _____ is an odorless, colorless gas that, if found, is often mitigated by adding ventilation. |
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Term
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Definition
| A contract whose terms have been explicitly been declared either verbally or in writing is a(n) _____. |
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Term
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Definition
| When only one party to the contract makes a promise, the result is a _____ contract. |
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Term
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Definition
| A contract in which one party has the right to void a contract is a _____ contract. |
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Term
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Definition
| A contract created by the actions of the parties is a(n) _____ contract. |
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Term
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Definition
| A contract with a minor will be _____. |
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Term
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Definition
| A lease contract in which the tenant only pays rent is a(n) _____. |
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Term
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Definition
| The protection for buyers in a contract that allows them to get their earnest money back if they cannot qualify for a loan is known as a(n) _____. |
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Term
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Definition
| A unilateral contract in which buyer Alan has a right to purchase a property from seller Betty if buyer Alan chooses to do so is a(n) _____. |
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Term
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Definition
| A party attempting to enforce an oral executory contract for the purchase of real estate would be stopped by the ______. |
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Term
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Definition
| _____ means that there was an offer and acceptance; there was no fraud, misrepresentation or mistake; and the consent was freely and genuinely given. |
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Term
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Definition
| The party who makes the offer to another is known as the _____. |
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Term
| communication of acceptance |
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Definition
| An accepted offer becomes binding on the offeror upon_____. |
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Term
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Definition
| Actual knowledge to enter into a contract by intentionally deceiving a party is _____. |
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Term
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Definition
| Something of value given in exchange for something else of value is _____. |
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Term
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Definition
| _____ is not consideration, but may be required as part of liquidated damages in a purchase contract. |
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Term
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Definition
| Additional material and made part of an offer is called a(n) _____. |
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Term
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Definition
| To modify a written contract, both parties must sign a(n) _____. |
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Term
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Definition
| The buyer has equitable title in an _____ contract. |
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Term
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Definition
| The rights of parties to a contract to sue each other to perform contract terms is _____. |
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Term
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Definition
| When the seller keeps only the earnest money or other things of value of a buyer who is in default, the contract remedy is called |
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Term
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Definition
| The process of converting a future stream of income into an expression of present value is _____. |
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Term
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Definition
| The cost of replacing an improvement with another of similar cost but not an exact replica is _____. |
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Term
| economic obsolescence (external obsolescence) |
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Definition
| Loss in value due to causes external to the property is _____. |
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Term
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Definition
| A method of valuing a property by comparing the subject property to similar properties that have recently sold is the _____ approach. |
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Term
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Definition
| Demand, utility, scarcity, transferability are essential elements of _____. (DUST) |
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Term
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Definition
| An appraisal is a _____ of value. |
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Term
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Definition
| To obtain the value using the capitalization approach, an appraiser would divide the _____ by the capitalization rate. (IRV - Income, Rate, Value) |
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Term
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Definition
| All the approaches to value use the principal of _____. |
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Term
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Definition
| An appraiser calculated accrued depreciation in the _____. |
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Term
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Definition
| When an appraiser determines the accrued depreciation, outdated electrical fixtures would be considered _____. |
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Term
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Definition
| An appraiser estimating operating expenses is using the _____. |
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Term
| sales comparison approach |
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Definition
| The market data approach is also known as the _____. |
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Term
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Definition
| The step in which the appraiser weighs all approaches to determine a final value is _____. |
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Term
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Definition
| An appraiser determining the value of a shopping center would use the _____. |
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Term
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Definition
| The best approach to determine the value of a library would be the _____. |
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Term
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Definition
| The borrowers right to cure the default and stop the foreclosure sale is _____. |
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Term
| adjustable rate mortgage (ARM) |
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Definition
| A(n) _____ would not be required for a retiree on a fixed income. |
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Term
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Definition
| The clause that appears in both the note and the mortgage that allows the lender demand immediate payment of the entire debt if the borrower default is an _____. |
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Term
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Definition
| A loan that is repaid in a single lump sum at the end of its life is called a straight loan or _____. |
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