Real Estate Exam FL Sales Associate Graded A+

Real Estate Exam FL Sales Associate Graded A+ Absentee Owner A property owner who does not reside on the property and who usually relies on a property manager to oversee the investment Abstract of Title A compilation of the recorded documents relating to a parcel of land from which an attorney may give an opinion as to the condition of title (a history of title) Acceleration Clause A condition in a loan contract that permits the lender to require immediate repayment of the entire loan balance of the loan if the contract is breached or conditions for repayment occur, such as sale or demolition Acknowledgment A written declaration by a person signing a document, given before an officer authorized to give an oath (notary public), stating that the signing is the person's voluntary act Actual notice Giving oral or written notice, presenting a deed, giving verbal notice, or physically moving into a property Ad Valorem According to value Adjudication Withheld When a criminal final judgment is withheld or not recorded in public record Adjustable Rate Mortgage (ARM) A mortgage loan with a calculated interest rate that may increase or decrease during the term of the loan Adverse Possession: A method of acquiring title by possession under open, notorious, exclusive, and hostile conditions for seven or more years Agent A person authorized by a principal to act on the principal's behalf Amortized Mortgage A mortgage loan that is fully repaid according to a periodic and consistent schedule that includes both principal and interest Appraisal A supported, defended estimate of the value of property rights as of a given date Appreciation An increase in a property's value Assemblage The bringing together of two adjoining parcels of property under one ownership Arrears When payment is due at the end of the term Assignment A transfer to another of any property, real or personal, or of any rights or estates in said property Assumption The taking over of an existing mortgage by a buyer Base Line The horizontal line that runs east and west through Tallahassee that is the starting point for all other horizontal lines north and south of Tallahassee Basis The purchase price plus closing costs and other added improvements Benchmark Survey mark made which is permanently fixed in the ground showing the height of that point in relation to sea level Bilateral contract A contract in which both parties enter into mutual promises Blanket Mortgage A mortgage that is secured by two or more items of real property Blind Advertisement An advertisement of a principal's property providing only a telephone number, a post office box, and/or an address without the licensed name of the brokerage firm Blockbusting The illegal practice of inducing homeowners to sell their property by making misrepresentations regarding the entry or prospective entry of minority persons in order to cause a turnover of properties in the neighborhood; discriminatory acts against sellers Buffer Zone A parcel of land separating two other parcels or areas, such as a parcel of land between residential and commercial properties Business Opportunity Brokerage The marketing and sale of a going-concern operation; Florida requires that business brokers have a real estate license to market business opportunities Capital Gain The positive difference between the sales price and the basis of the property after appropriate adjustments for fix-up expenses, closing costs, allowable depreciation, etc., (taxable profit) Casement A window hinged on its side so that it can swing open Caveat Emptor Let the Buyer beware Cease to be in force If a broker or real estate school changes its business address or if a real estate licensee or real estate instructor changes their employer without notifying the DRE within 10 days Certificate of Occupancy Issued after construction is substantially completed indicating that the premises are habitable Chain of Title The chronological order of conveyance of a parcel of land from the original owner to the present owner Check A 24-mile square that is created when a guide meridian and a correction line intersect Consent to Transition A written requirement when a licensee is moving from a single agent