Real Estate Exam FL Sales Associate Questions And Answers, Exams of Real Estate Management

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Real Estate Exam FL Sales Associate Questions And Answers 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 Real Estate Exam FL Sales Associate Questions And Answers 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 Real Estate Exam FL Sales Associate Questions And Answers 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 Capital Gain - correct answer The positive difference between the sales price and the basis of the property after appropriate adjustments for fix-up expenses, closing costs, allowable depreciation, etc., (taxable profit) Casement - correct answer A window hinged on its side so that it can swing open Caveat Emptor - correct answer Let the Buyer beware Cease to be in force - correct answer If a broker or real estate school changes its business address or if a real estate licensee or real estate instructor changes their employer without notifying the DRE within 10 days Real Estate Exam FL Sales Associate Questions And Answers Certificate of Occupancy - correct answer Issued after construction is substantially completed indicating that the premises are habitable Chain of Title - correct answer The chronological order of conveyance of a parcel of land from the original owner to the present owner Check - correct answer A 24-mile square that is created when a guide meridian and a correction line intersect Consent to Transition - correct answer A written requirement when a licensee is moving from a single agent relationship to a transaction broker Constructive Notice - correct answer Notice given by publishing in a newspaper, public records, or other method Conversion - correct answer An unauthorized act of using the funds or property of another for one's own use Cooperative - correct answer Form of real property ownership where a corporation or association divides a Real Estate Exam FL Sales Associate Questions And Answers single property into portions with each user owning stock in the corporation Cost-Depreciation Approach - correct answer A method for estimating the market value of a property based on the cost to buy the site and to construct a new building on the site, less depreciation Culpable Negligence - correct answer Being negligent in a manner that causes a customer or client monetary damages. Curable - correct answer If corrections of a deficiency or defect result in as much added value to a property as the cost to correct the deficiency or defect Dedication - correct answer A deliberate transfer of land by its owner for public use and accepted for such use by the public Deed - correct answer Any one of many conveyance or financing instruments, but generally a conveyance instrument given to pass title to property upon sale Real Estate Exam FL Sales Associate Questions And Answers Equity of Redemption - correct answer The right of a mortgagor, before a foreclosure sale, to reclaim forfeited property by paying the entire indebtedness Escheat - correct answer When a person dies intestate (without a will) and with no heirs, all real and personal property transfers to the state of Florida Estate for Years - correct answer A lease that has a beginning date, has an ending date, and is in writing Estoppel Certificate - correct answer A written statement by a mortgagee verifying the balance due on the mortgage Exculpatory Clause - correct answer The borrower is not personally responsible for the debt (a non- recourse loan); the lender will not seek a deficiency judgment Exclusive Agency Listing - correct answer Listing agreement whereby the seller may find a buyer without owing a commission although the seller agrees not to list the property with any additional brokers Real Estate Exam FL Sales Associate Questions And Answers Exclusive Right of Sale - correct answer Listing agreement whereby the broker earns a commission no matter who procures the buyer Fee Simple Estate - correct answer The most popular type of estate with the greatest "bundle of rights" available Fiduciary - correct answer A person in a position of utmost trust and confidence with respect to another person Fixed Window - correct answer A glass window with no movable parts Fixture - correct answer Personal property that is permanently attached to real property Formal Complaint - correct answer An outline of charges brought by the DBPR against an applicant or licensee after a finding of probable cause Freehold Estate - correct answer An estate that consists of ownership rights of an unknown duration Real Estate Exam FL Sales Associate Questions And Answers Gabel - correct answer A roof with two sloping edges of appx equal size Gambrel - correct answer A roof with two loping edges with the lower edge being more inclined General Partnership - correct answer Two or more parties in business together, each to share the profits and losses of business General Warranty Deed - correct answer The most common type of conveyance instrument with full covenant and warranty Going Concern Value - correct answer The value of a business considered as an operating enterprise as opposed to its value merely as a collection of assets and liabilities Good Faith Doubt - correct answer When circumstance creates the overwhelming belief that a dispute may occur Real Estate Exam FL Sales Associate Questions And Answers based on the income the property can be expected to generate Index - correct answer Financial indicator that will be the basis for an adjustable rate mortgage interest fluctuation Ineffective - correct answer When a license is suspended, cancelled or ceases to be in force Installment Sale - correct answer When the buyer pays the purchase price over time in separate installment payments Intermediation - correct answer The process of depositing funds in financial institutions that serves as, "intermediaries" for flow of funds for investment or borrowing Interpleader - correct answer A legal proceeding where the disputed money is deposited with the Court and the Judge decides who should receive the money Intestate - correct answer When a person dies without a will Real Estate Exam FL Sales Associate Questions And Answers Involuntary Inactive - correct answer A licensee fails to renew his or her license in a timely manner Jalousie - correct answer Fixed or adjustable slats (Louvers) in a door or window Joint Tenancy - correct answer Ownership by two or more persons with the "unities" of time, title, interest, and possession present plus the right of survivorship Key Lot - correct answer A strategically located lot and the location ads value to itself and adjacent lots. Also, a lot adjacent to a corner lot along the rear property line with frontage along the secondary street Leasehold Estate - correct answer An interest in real property where ownership or possession is measured in calendar time Legal Description - correct answer A method of geographically identifying a parcel of land which is acceptable in a court of law Real Estate Exam FL Sales Associate Questions And Answers Legally Sufficient - correct answer When the initial complaint alleges a violation of any Florida Statute, DBPR rule, or FREC rule Level Payment Plan - correct answer A method for amortizing a mortgage whereby the borrower pays the same amount each month Leverage - correct answer The use of borrowed funds to finance the purchase of an asset Lien Theory - correct answer Legal concept that regards a mortgage as a just claim (lien) on specific property pledged as security for a mortgage debt Life Estate - correct answer An ownership in real property that is tied to the death of a pre-determined party Like Kind Exchange - correct answer An exchange of one property for another with a deferral of tax consequences; also known as a 1031 exchange Limited Liability Company - correct answer A business entity that may operate a real estate brokerage having Real Estate Exam FL Sales Associate Questions And Answers Notice of Non-Compliance - correct answer A warning that allows a licensee 15 days to correct a minor infraction without consequence Novation - correct answer Substitution of a new contract for an existing contract between the same or different parties Ostensible Partnership - correct answer A partnership formed, not by agreement, but by the representations or conduct of two or more parties that cause others to believe that a partnership exists; the parties become liable for the actions of the other Package Mortgage - correct answer A debt secured by both pledge of real property and personal property such as a range, fridge, or furniture Partially Amortized Mortgage - correct answer Mortgage loan repayment with equal monthly payments, but with a large balloon payment due at the end of the term Real Estate Exam FL Sales Associate Questions And Answers Percentage Lease - correct answer A lease in which a tenant pays a specified rent to the landlord plus a percentage of the income the property generates Plottage - correct answer An increase in value of property experience through assemblage Point of Beginning - correct answer The reference point that is the starting place for all metes and bounds legal descriptions Prima Facie Evidence - correct answer Evidence that is valid and admissible on its face requiring no further proof of authenticity Principal Meridian - correct answer The north and south line that runs through Tallahassee and is the starting place for all other meridian lines that help measure distances east and west throughout Florida Principle of Substitution - correct answer A valuation principle which states that a prudent purchaser would pay no more for real property than the cost of acquiring an equally desirable substitute on the open market Real Estate Exam FL Sales Associate Questions And Answers Progression - correct answer The tendency of a property to increase in value at a faster rate in order t conform to surrounding properties Proprietary Lease - correct answer A lease that is created for individual use within a cooperative Purchase Money Mortgage - correct answer A mortgage given by the buyer as part or all of the purchase price consideration for real property Quitclaim Deed - correct answer The grantor deeds property to the grantee but provides no warranty of title or promise of ownership; often used to cure defects in title Range - correct answer A vertical strip of land six miles wide that runs north and south and helps determine distances east and west across Florida Real Estate Brokerage - correct answer A commercial activity in which the sale, purchase, leasing, rental, exchange, or management of real property is conducted Real Estate Exam FL Sales Associate Questions And Answers the broker is the fiduciary of the party that is being represented Situs - correct answer Relationships and influence created by location of a property which affect value (Accessibility, personal reference) Sole Proprietorship - correct answer Operating as an individual in business Special Agent - correct answer The relationship between a principal and broker wherin the broker is acting for the principal in one specific transaction or activity Special Assessment - correct answer A one-time tax assessed against a property that will directly benefit from some public improvement Special Exception - correct answer An individual ruling in which property is granted the right to otherwise contrary to law Real Estate Exam FL Sales Associate Questions And Answers Special Purpose Property - correct answer Properties that are unique and have no comparable such as a courthouse or church Statute of Frauds - correct answer Body of law that states that certain types of contracts must be in writing to be enforceable Steering - correct answer The illegal practice of directing buyers to or from certain neighborhoods based on minority status; prohibited by federal, state, and local fair housing laws Sub-agency - correct answer The relationship of a salesperson working under a broker's supervision with the broker acting as a principal and the salesperson as an agent Summary Suspension - correct answer Emergency or immediate suspension of a license Tenancy at Sufferance - correct answer When a lease expires and no agreement has been made as to future occupancy Real Estate Exam FL Sales Associate Questions And Answers Tenancy at Will - correct answer A lease agreement that is not in writing or does not have a beginning date and an ending date or both (month to month) Tenancy by the Entireties - correct answer Ownership of real property by husband and wife only Tenancy in Common - correct answer Ownership of real property whereby the co-owners may or may not have acquired title at the same time, may or may not have the same interest and right of use, and do not have the right of survivorship Testate - correct answer A person who dies with a will Title Theory - correct answer A concept in lending whereby title temporarily transfers to the mortgagee until the debt is repaid Township Line - correct answer The horizontal lines six miles apart that border a township