Real Estate Exam FL Sales Associate QUESTION AND ANSWERS

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 - 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 - 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 - 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 - Answer- Giving oral or written notice, presenting a deed, giving verbal notice, or physically moving into a property Ad Valorem - Answer- According to value Adjudication Withheld - Answer- When a criminal final judgment is withheld or not recorded in public record Adjustable Rate Mortgage (ARM) - Answer- A mortgage loan with a calculated interest rate that may increase or decrease during the term of the loan Adverse Possession: - Answer- A method of acquiring title by possession under open, notorious, exclusive, and hostile conditions for seven or more years Agent - Answer- A person authorized by a principal to act on the principal's behalf Amortized Mortgage - Answer- A mortgage loan that is fully repaid according to a periodic and consistent schedule that includes both principal and interest Appraisal - Answer- A supported, defended estimate of the value of property rights as of a given date Appreciation - Answer- An increase in a property's value