Bob Hogue Real Estate Exam Vocab with Solutions to Questions
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Course
Bob Hogue Sales Associate
Institution
Bob Hogue Sales Associate
Capital - Ans The collective wealth (money and property) of a person or burdened;
the investment in a property.
Capital Gain (or Loss) - Ans The profit (or loss) from the sale of an asset, including real property.
Caveat Emptor - Ans Latin for "let the buyer beware."
Cease to be in Force - Ans ...
Bob Hogue Real Estate Exam Vocab with
Solutions to Questions
Capital - Ans The collective wealth (money and property) of a person or burdened;
the investment in a property.
Capital Gain (or Loss) - Ans The profit (or loss) from the sale of an asset, including real property.
Caveat Emptor - Ans Latin for "let the buyer beware."
Cease to be in Force - Ans A licensee can not perform real estate services because certain
events occur, such as when a broker changes business address.
Chain of Title - Ans A successive listing of all previous holders of titles (owners) back to
an acceptable starting point.
Civil Rights Act of 1866 - Ans A federal act that prohibits any type of discrimination based on
race in any real estate transaction (sale or rental) without exception.
Cloud on Title - Ans Any defect, valid claim, or encumbrance that serves to impair the title or
curtail on owner's rights.
Commingle - Ans To mix together money or a deposit with personal funds;
combine; intermingle.
Common Elements - Ans The parts of a multiple-ownership property not included on the
units; those parts in which each unit owner holds an undivided interest.
,Comparative Market Analysis (CMA) - Ans An informed estimate of market value performed by
a real estate licensee for the seller to assist in arriving at an appropriate listing price, or it
working with the buyer, an informal estimate of market value to assist the buyer in arriving at
an appropriate offering price.
Concurrency - Ans A provision in Florida's Growth Policy Act that requires water and
waste treatment facilities needed to support additional population to be in place before
new development is allowed.
Concurrent Ownership - Ans When two or more persons own property at the same time,
such as joint tenants, tenants by the entirety, or tenants in common.
Condominium - Ans A multi unit project consisting of individual ownership of a dwelling
unit and undivided ownership of common areas.
Condominium Documents - Ans A set of papers describing the condominium and
the association.
Contract for Deed (land contract) - Ans A financing technique wherein the seller agrees to
deliver the deed at some future date and the buyer takes possession while paying the agreed
amount. Also called an installment sale contract or agreement for deed.
Conventional Loan - Ans A real estate loan that is neither FHA-insured nor VA-guaranteed
Convertible Mortgage - Ans A financing instrument allowing a change from an adjustable-rate
to a fixed-rate Mortgage.
Cooperative - Ans A multiunit project consisting of individual dwelling units owned by the
corporation in which the individual apartment tenants own stock rather than owning
their respective units.
, Corporation - Ans An artificial or fictitious person formed to conduct specified types of
business activities.
Corporation Sole - Ans An artificial or fictitious person formed by an ecclesiastical body (Church)
Culpable Negligence - Ans Inadequate attention to duties and obligations by those who know,
or should know, what is required of them.
Curable - Ans When the correction of a defect results in as much added value as the cost
to correct the defect.
Customer - Ans One with whom the broker or sales associate hopes to be successful in
accomplishing the purpose of employment. Per section 475.01, F.S., a member of the public
who is or may be a buyer or a seller of real property and may or may not be represented by
a real estate licensee in an authorized brokerage relationship.
Debit - Ans As a verb, to make an entry on the left or charge side of an account; as a noun, a
charge or expense.
Declaration of Condominium - Ans The legal document that the developer of a condominium
must file and record in order to create a condominium under state law.
Deed - Ans A type of conveyance; a written instrument to transfer title to real property from
one party to another.
Deed and n Lieu of Forclosure - Ans A friendly foreclosure (non-judicial procedure) in which
the mortgagor gives title to the mortgagee.
Deed Restrictions - Ans Provision in a mortgage that specifies the terms and conditions to be
met in order to avoid default and thereby defeat the mortgage.
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