FLORIDA REAL ESTATE SALES ASSOCIATION
EXAM LATEST UPDATED REAL EXAM WITH
COMPLETE QUESTIONS AND VERIFIED
ANSWERS WITH A+ GRADED
Absentee Owner
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
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
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
,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
Giving oral or written notice, presenting a deed, giving verbal notice, or physically moving into a
property
Ad Valorem
According to value
Adjudication Withheld
When a criminal final judgment is withheld or not recorded in public record
Adjustable Rate Mortgage (ARM)
A mortgage loan with a calculated interest rate that may increase or decrease during the term of the
loan
Adverse Possession:
A method of acquiring title by possession under open, notorious, exclusive, and hostile conditions for
seven or more years
, Agent
A person authorized by a principal to act on the principal's behalf
Amortized Mortgage
A mortgage loan that is fully repaid according to a periodic and consistent schedule that includes both
principal and interest
Appraisal
A supported, defended estimate of the value of property rights as of a given date
Appreciation
An increase in a property's value
Assemblage
The bringing together of two adjoining parcels of property under one ownership
Arrears
When payment is due at the end of the term
Assignment
EXAM LATEST UPDATED REAL EXAM WITH
COMPLETE QUESTIONS AND VERIFIED
ANSWERS WITH A+ GRADED
Absentee Owner
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
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
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
,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
Giving oral or written notice, presenting a deed, giving verbal notice, or physically moving into a
property
Ad Valorem
According to value
Adjudication Withheld
When a criminal final judgment is withheld or not recorded in public record
Adjustable Rate Mortgage (ARM)
A mortgage loan with a calculated interest rate that may increase or decrease during the term of the
loan
Adverse Possession:
A method of acquiring title by possession under open, notorious, exclusive, and hostile conditions for
seven or more years
, Agent
A person authorized by a principal to act on the principal's behalf
Amortized Mortgage
A mortgage loan that is fully repaid according to a periodic and consistent schedule that includes both
principal and interest
Appraisal
A supported, defended estimate of the value of property rights as of a given date
Appreciation
An increase in a property's value
Assemblage
The bringing together of two adjoining parcels of property under one ownership
Arrears
When payment is due at the end of the term
Assignment
