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Real Estate Terminology Verified and 100% Correct Q & A, Complete Document for Exam
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Real Estate Terminology Verified and 100% Correct Q & A, Complete Document for Exam
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Real EstateTerminology
, Question Answer
Recovery Fund State regulated fund used to pay purchasers of real estate
who have suffered a loss due to actions or inactions of
licensee.
Civil Rights Act of 1866 Prohibits discrimination against race and color in certain
real estate transactions
Federal Fair Housing Act Act that prohibits discrimination against race, color,
religion, national origin, gender, familial status and
handicap in certain real estate transactions
Sherman Anti-Trust Act of Act which ensures fairness in the marketplace
1890
Blind Ads Advertisements placed by a sales agent that doesn't
include the employing broker's name
Salesperson One who performs real estate activities while employed by
or associated with a licensed real estate broker
Designated Broker One who supervises all activities of sales agents and is
liable for their actions.
Employing Broker Firm name or entity - not a person
Associate Broker A real estate broker working for a designated broker
Referring Broker Real estate broker who receives referral fee
Agent Broker or Salesperson
Loan to Value or LTV Ratio of a mortgage principal to the property appraised
value or its sales price, whichever is lower
Collateral Property that is pledged as security for a debt
Equity Value over and above what is not debt
Promissory Note Unconditional promise made in writing to repay a debt
Mortgage A written instrument to secure repayment of a debt for real
property
Mortgagor In a mortgage, the buyer or borrower
Mortgagee In a mortgage, the lender
Assignment When a mortgage is sold or assigned to another lender
Trustor In a deed of trust, the borrower
Trustee Impartial third party
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