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BOB HOGUE REAL ESTATE EXAM QUESTIONS AND ANSWERS
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BOB HOGUE REAL ESTATE EXAM QUESTIONS AND ANSWERS
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BOB HOGUE REAL ESTATE EXAMQUESTIONS AND ANSWERS
Abstract of Title - Answer-Condensed history of title to real property consisting of a
summary of the links I the "chain of title" extracted from documents bearing on the title
status.
Acceleration Clause - Answer-Stipulation in a mortgage that the entire unpaid balance
of the debt may become due and payable if a default of expressed conditions should
occur.
Acre - Answer-43,560 square feet
Active license - Answer-A current, valid license registered with the DPBR. The status
required to actively engage in the real estate business.
As valorem - Answer-According to the value; in proportion to worth.
Adjustable-rate mortgage (ARM) - Answer-A financing technique in which the lender
can raise or lower the interest rate according to a set index.
Administrative Law - Answer-The body of law created by administrative agencies in the
form of rules, regulations, orders, and decisions.
Administrative Law Judge - Answer-An attorney employed by the Division of
Administrative Hearings, Department of Administration, to hear complaints and issue
recommended orders.
Adverse Possession - Answer-A method of obtaining title to real property by occupying
it in an open and hostile manner contrary to the interests of the owner.
Air Rights - Answer-The freedom to use the open space above a property.
Alienation - Answer-The act of transferring ownership, title, or an interest or estate in
real property from one person to another. May be voluntary or involuntary.
Alluvion (Alluvium) - Answer-The increase of land by the gradual and imperceptible
action of natural forces(e.g., deposits of sand and mud on a riverbank).
Antitrust Laws - Answer-State and federal laws designed to maintain and preserve
business competition.
Arbitration - Answer-The act of having a third party tender a binding decision in a
disposition between two parties.
, Asbestos - Answer-A mineral fiber used until 1978 in a variety of building construction
materials for insulation and as a fire retardant.
Assemblage - Answer-The combining of two of more adjoining properties into one tract.
Assessment - Answer-The imposition of tax or charge according to a preset rate; the
allocation of he proportionate individual share of a common expense in a condo or co-
op building.
Assignment of Mortgage - Answer-A legal instrument stating that the mortgagee assigns
(transfers) the mortgage and promissory note to the purchaser.
At Arms Length - Answer-Conducting negotiations on ones own behalf without being
subject to the other party's control or influence.
Attorney-in-fact - Answer-One who is authorized to perform certain acts for another
under a power of attorney.
Balloon Payment - Answer-A single, large payment made at the maturity of a partially
amortized mortgage to pay off the debt in full.
Bargain and Sale Deed - Answer-A type of deed in which title is transferred and limited
number of warranties are made respecting title to or use of the property.
Base Line - Answer-Imaginary lines running east to west and crossing a principal
meridian at a definite point; used by surveyors for reference in location and describing
land under the government survey system.
Bilateral Contract - Answer-An agreement wherein both parties are legally obligated to
each other to perform.
Blanket Mortgage - Answer-One debt instrument covering two or more parcels.
Blind Advertisement - Answer-An advertisement that provides only a telephone number,
a post office box, and/or an address without the licensed name of the brokerage firm.
Blockbusting - Answer-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.
Branch Office - Answer-A business location other than the real estate brokers principal
place of business.
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