Free Real Estate Vocabulary Flashcards

Pass the real exam by knowing all of the vital real estate vocabulary terms that are crucial to passing the real estate licensing examination. Study all of the important real estate glossary terms and definitions, and pass with confidence!

Abstraction

A method for appraising a site (land) by estimating the depreciated value of the improvements and deducting that amount from the total value (improved …

Abut

To touch, border on, or be contiguous to

Abutments

The vertical members (walls or heavy columns) which bear the load or pressure of the cross member, such as an arch, pier, or similar …

Abutting

The joining, reaching, or touching of adjoining land Abutting parcels of land have a common boundary

Abutting Owner

One whose land is contiguous to (abuts) a public right of way

Abutting Property

Directly contiguous properties, sharing at least one common boundary

Accelerated Cost Recovery System (Acrs)

A portion of the Economic Recovery Act of 1981 which allowed shorter depreciation of both real and personal property, did not distinguish between new …

Accelerated depreciation

A method of calculating for tax purposes the depreciation of income property at a faster rate than would be achieved using the straight-line method …

Acceleration

The immediate right to possession of a remainder interest upon the failure of a life estate

Acceleration clause

A provision in a written mortgage, note, bond, or conditional sales contract that in the event of default, the whole amount of the principal …

Acceptance

Voluntary agreement to an offer (1) Real property acceptance must be unequivocal See: Mirror Image Rule (2) Acceptance for goods, according to the Uniform …

Access Right

A right to ingress and egress to and from one’s property May be express or implied