Exam (elaborations)
Aceable Agent Florida (1)
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Aceable Agent Florida (1)
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Aceable Agent Floridaabsentee owner - ANS-a property owner who does not occupy the property in question and
therefore often utilizes a property manager's services
abstract of title - ANS-an abbreviated history of a property, including information on any
transfers, grants, wills, conveyances, liens, and encumbrances
acceleration clause - ANS-a clause in a security instrument (mortgage/deed of trust) that makes
the entire loan amount due immediately upon default
acknowledgment - ANS-a party's notarized profession that they are signing a document
voluntarily
active - ANS-describes a license that is current, in good standing, and signifies that the license
holder meets all the requirements to practice real estate
actual notice - ANS-when an individual actually knows of a fact
ad valorem - ANS-taxes based on the assessed value of a property
adjudication withheld - ANS-when a court stays the imposition of a sentence and instead puts
the defendant on probation
adjustable-rate mortgage (ARM) - ANS-a mortgage with an interest rate that can be adjusted
based on fluctuations in the cost of money
adverse possession - ANS-involuntary transfer of title from an owner who does not use or
inspect their land for a number of years to another person who has some claim to the land and
takes possession
agent - ANS-an individual with authority to act on behalf of another; a state license is required to
operate as an agent in real estate
alienation - ANS-the transfer of ownership (title) to real property; may be voluntary or involuntary
alienation clause - ANS-a clause in the mortgage contract that triggers the right of the lender to
demand payment in full of the loan upon the sale or conveyance of the property; aka due on
sale clause
amortized mortgage (fixed-rate) - ANS-a mortgage with equal monthly payments that contribute
to both principal and interest until the entire loan is paid
,appraisal - ANS-an official valuation given to a property by a licensed appraiser
appraiser - ANS-an individual who is trained and licensed to perform appraisals, which estimate
the value of real property
appreciation - ANS-the increase in value of a property
arbitration - ANS-a process whereby the parties to a dispute present their conflict to a
disinterested third party and honor the third party's binding judgment
arrears - ANS-payment that occurs at the end of a period to compensate for charges accrued
during that time
asbestos - ANS-a naturally occurring mineral fiber that is commonly used in insulation but if
airborne or inhaled, can cause severe respiratory health issues
assemblage - ANS-the combining of multiple contiguous pieces of real property into a single
tract of land, often resulting in an increase in value
assessed value - ANS-the value of a property based on the value of other properties in the area,
plus any improvements made to the home since purchasing it; can also take into account
various property traits like location, size, condition, materials, square footage, year built, etc.
assessment limitation (save our homes benefit) - ANS-limits how much the assessed value of a
homesteaded property can increase per year; aka the Save Our Homes amendment to the
Florida Constitution
asset - ANS-item of value
assignment - ANS-the transference of rights and obligations in a contract from one party to
another
assumption - ANS-the process of transferring the obligation of the mortgagor to another party
who takes over the responsibility to pay the note
attorney-in-fact - ANS-a representative with power of attorney for another individual
automated valuation models - ANS-a computerized valuation of a property that takes into
account comparables, tax assessors, nationwide market values, and sales history
balloon payment - ANS-a payment at the end of a loan period which includes the total
outstanding balance of the loan
, baseline - ANS-a parallel used in reference to a meridian to identify ranges, tiers, and townships
in the rectangular survey method of land description
basis - ANS-the cost of purchasing a property plus the cost of any improvements, minus the
amount of depreciation
benchmark - ANS-permanent marker of known location and elevation above sea level as
established by a government survey team (such as the USGS)
bilateral contract - ANS-a contract wherein both parties are obligated to perform in an exchange
of promises
biweekly mortgage - ANS-A loan repayment plan where the borrower pays biweekly as opposed
to monthly, saving the borrower on interest payments
blanket mortgage - ANS-a loan for which more than one collateral property acts as security
blind ad - ANS-an ad in which a license holder attempts to promote or solicit real estate activity
without disclosing the fact that they are a license holde
blockbusting - ANS-the illegal act of causing owners to sell their homes by creating fear that
members of a protected class are moving into the area; aka panic peddling
breach of trust - ANS-the breaking of a promise or obligation, and can be done through action,
omission, default, or nonperformance
broker - ANS-a person or business entity who is licensed to represent one of the parties in a
real estate transaction in exchange for a commission or other valuable consideration
broker associate - ANS-an individual who meets the licensure requirements to be a real estate
broker but provides real estate brokerage services as an independent contractor to a real estate
broker
broker price opinion (BPO) - ANS-a broker's opinion of the value of a piece of real property,
given in writing
buffer zone - ANS-an area of land that separates two different land uses
building code - ANS-a set of regulations pertaining to building design, materials, safety,
sanitation, and structure L
building inspection - ANS-an assessment of a building site in which an inspector ensures that
building code is followed
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