REAL ESTATE EXAM 2024 LATEST QUESTIONS WITH COMPLETE SOLUTIONS UPDATED
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Course
REAL ESTATE
Institution
REAL ESTATE
REAL ESTATE EXAM 2024 LATEST QUESTIONS WITH COMPLETE SOLUTIONS UPDATED
Real Estate Associate Broker
someone who has taken the complete requirements necessary to obtain a broker's license but chose instead to work under the name and supervision of an employing broker. Associate broker may not wo...
REAL ESTATE EXAM 2024 LATEST QUESTIONS WITH
COMPLETE SOLUTIONS UPDATED
Real Estate Associate Broker
someone who has taken the complete requirements necessary to obtain a broker's
license but chose instead to work under the name and supervision of an employing
broker. Associate broker may not work independently
A Real Estate Salesperson
is an individual licensee associated with a broker who may perform most of the act of a
broker
Independent Contractors
controls the means and methods of accomplishing an assigned task ( the broker has the
right to determine the end result )
MLS
Multiple Listing Service is an arrangement whereby local association member broker
agree to sell listing
Acceleration Clause.
A contract clause that gives the lender the right to declare all outstanding payments
immediately due upon a default by the borrower.
Acceptance.
When a party agrees to the terms of an offer to enter into a contract, thereby creating a
binding contract.
Accretion.
gradual addition to dry land by the forces of nature, as when the tide deposits sediment
onto shoreline property.
Actual Fraud.
,Intentional misrepresentation or concealment of a material fact; when a person actively
conceals material information or makes statements that they know are false or
misleading.
Actual Notice.
Actual knowledge of a fact, rather than knowledge imputed or implied by law.
Ad Valorem.
Latin phrase meaning "according to value"; used to refer to taxes assessed on the value
of property.
Adjustable Rate Mortgage (ARM).
A type of loan structure that permits the lender to periodically change or vary the
interest rate charged, based on a standard index.
Adverse Possession.
open, notorious, hostile, adverse,
exclusive, and continuous possession of another person's
property for a number of years, after which time the adverse possessor may obtain title
to the property.
Agency.
A relationship of trust created when one person (the principal) gives another person (the
agent) the right to represent the principal in dealings with third parties.
Agent.
A licensed broker who represents another (the principal) in a real estate transaction; a
person authorized to represent the principal in dealings with third parties (clients or
customers).
Alluvion.
The solid material deposited along a shore by accretion. Also called alluvium.
Americans with Disabilities Act (ADA).
A wide-ranging federal civil rights law, signed in 1990, that prohibits, under certain
circumstances, discrimination based on disability.
Appraisal.
A professional estimate or opinion of the value of a piece of property (parcel of land), as
of a certain date, that's supported by objective data.
, Asbestos.
A fibrous material that was once very common in many building materials because of its
insulating and heat-resistant value; can cause breathing issues and illness.
As Is Clause.
A statement in a contract that indicates the property is being sold without warranty in its
present condition at the time of the contract.
Attorney-In-Fact
A person specifically designated in an instrument (e.g., power of attorney) to do
something legally for another in their stead. An attorney-in-fact has a fiduciary
relationship with the principal. An attorney-in-fact need not be an attorney-at-law.
Avulsion.
A natural process in which land is removed from one person's property and deposited
onto another's. Avulsion happens very suddenly, as in a flash flood.
Balloon Payment.
A final lump-sum payment at the end of a loan term to pay off the entire remaining
balance of principal and interest not covered by payments made during the loan term.
Beneficiary.
One who receives a benefit; the lender in a trust deed.
Blanket Mortgage.
A mortgage loan that covers more than one parcel of real estate, usually used to
finance entire subdivision developments rather than an individual unit or lot.
Blockbusting
The illegal practice of inducing owners to sell their homes ( often at a deflated price ) by
suggesting the ethnic or racial composition of the neighborhood is changing, with the
implication that property value will decline as a result. Also call panic selling or panic
peddling
Broker
Someone who, for a fee, sells, lists, leases, exchanges, negotiates, or otherwise deals
in the real estate of others or represents publicly that they do so.
Brokerage.
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