Real Estate Exam FL Sales Associate
Absentee Owner - correct answer A property owner who does not reside on the
property and who usually relies on a property manager to oversee the investment
Abstract of Title - correct answer A compilation of the recorded documents
relating to a parcel of land from which an attorney may give an opinion as to the
condition of title (a history of title)
Acceleration Clause - correct answer A condition in a loan contract that permits
the lender to require immediate repayment of the entire loan balance of the loan
if the contract is breached or conditions for repayment occur, such as sale or
demolition
Acknowledgment - correct answer A written declaration by a person signing a
document, given before an officer authorized to give an oath (notary public),
stating that the signing is the person's voluntary act
Actual notice - correct answer Giving oral or written notice, presenting a deed,
giving verbal notice, or physically moving into a property
Ad Valorem - correct answer According to value
Adjudication Withheld - correct answer When a criminal final judgment is
withheld or not recorded in public record
Adjustable Rate Mortgage (ARM) - correct answer A mortgage loan with a
calculated interest rate that may increase or decrease during the term of the loan
Adverse Possession: - correct answer A method of acquiring title by possession
under open, notorious, exclusive, and hostile conditions for seven or more years
Agent - correct answer A person authorized by a principal to act on the principal's
behalf
Amortized Mortgage - correct answer A mortgage loan that is fully repaid
according to a periodic and consistent schedule that includes both principal and
interest
Appraisal - correct answer A supported, defended estimate of the value of
property rights as of a given date
Appreciation - correct answer An increase in a property's value
, Real Estate Exam FL Sales Associate
Assemblage - correct answer The bringing together of two adjoining parcels of
property under one ownership
Arrears - correct answer When payment is due at the end of the term
Assignment - correct answer A transfer to another of any property, real or
personal, or of any rights or estates in said property
Assumption - correct answer The taking over of an existing mortgage by a buyer
Base Line - correct answer The horizontal line that runs east and west through
Tallahassee that is the starting point for all other horizontal lines north and south
of Tallahassee
Basis - correct answer The purchase price plus closing costs and other added
improvements
Benchmark - correct answer Survey mark made which is permanently fixed in the
ground showing the height of that point in relation to sea level
Bilateral contract - correct answer A contract in which both parties enter into
mutual promises
Blanket Mortgage - correct answer A mortgage that is secured by two or more
items of real property
Blind Advertisement - correct answer An advertisement of a principal's property
providing only a telephone number, a post office box, and/or an address without
the licensed name of the brokerage firm
Blockbusting - correct 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
Buffer Zone - correct answer A parcel of land separating two other parcels or
areas, such as a parcel of land between residential and commercial properties
Business Opportunity Brokerage - correct answer The marketing and sale of a
going-concern operation; Florida requires that business brokers have a real estate
license to market business opportunities
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