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BOB HOGUE SALES ASSOCIATE EXAM REVIEW WITH VERIFIED SOLUTIONS

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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...

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  • September 11, 2024
  • 153
  • 2024/2025
  • Exam (elaborations)
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  • BOB HOGUE SALES ASSOCIATE
  • BOB HOGUE SALES ASSOCIATE
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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”?


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,✔✔ 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)?



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,✔✔ 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?

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, ✔✔ 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”?



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