Real Estate Exam FL Sales Associate Questions
Answered Accurately!!!
Absentee Owner
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
A transfer to another of any property, real or personal, or of any rights or estates in said
property
Assumption
The taking over of an existing mortgage by a buyer
Base Line
The horizontal line that runs east and west through Tallahassee that is the starting point
for all other horizontal lines north and south of Tallahassee
Basis
The purchase price plus closing costs and other added improvements
Benchmark
Survey mark made which is permanently fixed in the ground showing the height of that
point in relation to sea level
Bilateral contract
A contract in which both parties enter into mutual promises
Blanket Mortgage
A mortgage that is secured by two or more items of real property
Blind Advertisement
An advertisement of a principal's property providing only a telephone number, a post
office box, and/or an address without the licensed name of the brokerage firm
Blockbusting
The illegal practice of inducing homeowners to sell their property by making
misrepresentations regarding the entry or prospective entry of minority persons in order
to cause a turnover of properties in the neighborhood; discriminatory acts against
sellers
Buffer Zone
A parcel of land separating two other parcels or areas, such as a parcel of land between
residential and commercial properties
Business Opportunity Brokerage
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
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
A window hinged on its side so that it can swing open
Caveat Emptor
Answered Accurately!!!
Absentee Owner
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
A transfer to another of any property, real or personal, or of any rights or estates in said
property
Assumption
The taking over of an existing mortgage by a buyer
Base Line
The horizontal line that runs east and west through Tallahassee that is the starting point
for all other horizontal lines north and south of Tallahassee
Basis
The purchase price plus closing costs and other added improvements
Benchmark
Survey mark made which is permanently fixed in the ground showing the height of that
point in relation to sea level
Bilateral contract
A contract in which both parties enter into mutual promises
Blanket Mortgage
A mortgage that is secured by two or more items of real property
Blind Advertisement
An advertisement of a principal's property providing only a telephone number, a post
office box, and/or an address without the licensed name of the brokerage firm
Blockbusting
The illegal practice of inducing homeowners to sell their property by making
misrepresentations regarding the entry or prospective entry of minority persons in order
to cause a turnover of properties in the neighborhood; discriminatory acts against
sellers
Buffer Zone
A parcel of land separating two other parcels or areas, such as a parcel of land between
residential and commercial properties
Business Opportunity Brokerage
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
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
A window hinged on its side so that it can swing open
Caveat Emptor
