BOB HOGUE SALES ASSOCIATE EXAM REVIEW WITH VERIFIED SOLUTIONS
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Course
BOB HOGUE SALES ASSOCIATE
Institution
BOB HOGUE SALES ASSOCIATE
BOB HOGUE SALES ASSOCIATE EXAM
REVIEW WITH VERIFIED SOLUTIONS
What is the “Net Operating Income” (NOI) in real estate?
The total income from a property minus the operating expenses.
What is a “recourse loan”?
A loan where the borrower is personally liable for repayment, even if...
BOB HOGUE SALES ASSOCIATE EXAM
REVIEW WITH VERIFIED SOLUTIONS
What is the “Net Operating Income” (NOI) in real estate?
✔✔ The total income from a property minus the operating expenses.
What is a “recourse loan”?
✔✔ A loan where the borrower is personally liable for repayment, even if the collateral is
insufficient.
What is the role of a “closing agent” in a real estate transaction?
✔✔ To facilitate the closing process by preparing documents, managing funds, and ensuring all
terms of the sale are met.
What is a “reverse mortgage”?
✔✔ A loan where the homeowner borrows against their home’s equity and does not repay it until
they sell the home or pass away.
What is the purpose of a “brokerage agreement”?
1
,✔✔ To define the terms of the relationship between a broker and their client, including the scope
of services and compensation.
What is a “real estate syndicate”?
✔✔ A group of investors who pool resources to invest in real estate projects or properties.
What does “real estate investment trust” (REIT) allow investors to do?
✔✔ Invest in income-generating real estate without having to directly buy, manage, or finance
properties.
What is a “deed in lieu of foreclosure”?
✔✔ A process where a borrower transfers ownership of the property to the lender to avoid
foreclosure.
What is a “bona fide” offer in real estate?
✔✔ A genuine offer made in good faith to purchase property.
What is “capitalization rate” (Cap Rate)?
2
,✔✔ The rate of return on a real estate investment property based on the income the property is
expected to generate.
What is a “trustee” in a real estate transaction?
✔✔ A neutral third party who holds the title to the property in a deed of trust until the loan
obligation is met.
What does “deferred maintenance” mean?
✔✔ Repairs or upkeep that have been postponed, which can affect the value of the property.
What is an “amortization schedule”?
✔✔ A table detailing each loan payment, showing the amount applied to interest and principal
over time.
What is the “cost approach” in real estate appraisal?
✔✔ A method of valuing a property by adding the land value to the cost of constructing a replica
of the property.
What does “due diligence” entail in a real estate transaction?
3
, ✔✔ Investigating and verifying all aspects of the property and transaction before finalizing the
purchase.
What is “earnest money”?
✔✔ A deposit made by the buyer to demonstrate serious intent to purchase the property.
What is a “conditional use permit”?
✔✔ A zoning exception allowing a property to be used for a purpose not typically permitted in
that zone.
What does the term “encumbrance” refer to in real estate?
✔✔ Any claim, lien, charge, or liability attached to and binding on real property.
What is “equity” in real estate?
✔✔ The difference between the market value of a property and the amount owed on any
mortgages or liens.
What is the role of a “real estate appraiser”?
4
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