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Bob Hogue Real Estate Exam Vocab – Questions with Answers
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Bob Hogue Real Estate Exam Vocab – Questions with Answers
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Bob Hogue Real Estate Exam Vocab –Questions with Answers
Abstract of Title - -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 - -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 - -43,560 square feet
-Active license - -A current, valid license registered with the DPBR. The
status required to actively engage in the real estate business.
-As valorem - -According to the value; in proportion to worth.
-Adjustable-rate mortgage (ARM) - -A financing technique in which the
lender can raise or lower the interest rate according to a set index.
-Administrative Law - -The body of law created by administrative agencies
in the form of rules, regulations, orders, and decisions.
-Administrative Law Judge - -An attorney employed by the Division of
Administrative Hearings, Department of Administration, to hear complaints
and issue recommended orders.
-Adverse Possession - -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 - -The freedom to use the open space above a property.
-Alienation - -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) - -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 - -State and federal laws designed to maintain and preserve
business competition.
, -Arbitration - -The act of having a third party tender a binding decision in a
disposition between two parties.
-Asbestos - -A mineral fiber used until 1978 in a variety of building
construction materials for insulation and as a fire retardant.
-Assemblage - -The combining of two of more adjoining properties into one
tract.
-Assessment - -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 - -A legal instrument stating that the mortgagee
assigns (transfers) the mortgage and promissory note to the purchaser.
-At Arms Length - -Conducting negotiations on ones own behalf without
being subject to the other party's control or influence.
-Attorney-in-fact - -One who is authorized to perform certain acts for
another under a power of attorney.
-Balloon Payment - -A single, large payment made at the maturity of a
partially amortized mortgage to pay off the debt in full.
-Bargain and Sale Deed - -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 - -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 - -An agreement wherein both parties are legally
obligated to each other to perform.
-Blanket Mortgage - -One debt instrument covering two or more parcels.
-Blind Advertisement - -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 - -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.
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