Florida Real Estate Terms Questions and Answers 100% Pass

Florida Real Estate Terms Questions and Answers 100% Pass Abstract of tittle - Correct Answer ️️ -Condensed history of title to real property consisting of a summary of the links in the "chain of title" obtained from documents bearing on the title status. Acceleration Clause - Correct Answer ️️ -An agreement in a mortgage that the entire unpaid balance of the debt may become due and payable if a borrower defaults on expressed conditions. Accretion - Correct Answer ️️ -Gradual extension of land caused by natural forces, such as wind, tide, or watercourse deposits. Acre - Correct Answer ️️ -43,560 square feet. Actual Notice - Correct Answer ️️ -Information a person has literally learned by reading, seeing, or hearing. Ad valorem tax - Correct Answer ️️ -According to the value; in scale to worth. Adjudication - Correct Answer ️️ -A judicial or court verdict. Adjustable rate mortgage - Correct Answer ️️ -A financing tactic in which the lender can increase or decrease the interest rate according to a set index. Adverse Posession - Correct Answer ️️ -A method of obtaining title to real property by occupying it in an open and hostile manner contrary to the interests of the owner; recognized after 7 years have passed. Agency - Correct Answer ️️ -Express or implied authority for one person to act for another. Agent - Correct Answer ️️ -A representative; one who is allowed to act on behalf of another. Agreement for deed - Correct Answer ️️ -A financing tactic where a seller agrees to deliver the deed at some future date and the buyer takes possession while paying the agree amount (also called land contract, and installment sale contract, and an agreement for deed). Agricultural - Correct Answer ️️ -Defined in Chapter 475, F.S., to mean property zoned as such, consisting of more than ten acres. Alluvion - Correct Answer ️️ -The gain of land by the gradual and imperceptible action of natural forces (e.g., deposits of sand and mud on a riverbank). Apreciation - Correct Answer ️️ -A gain in value Arbitration - Correct Answer ️️ -The act of having a third party person render a binding decision in a dispute between two parties. Assessed Value - Correct Answer ️️ -Worth established for each unit of real property for tax purposes by a county property appraiser. Balloon payment - Correct Answer ️️ -A single, large payment made at maturity of a partially amortized mortgage to pay off the debt in full. Broker - Correct Answer ️️ -An individual or business entity licensed by the DBPR to perform services of real estate for others for compensation. Buffer Zone - Correct Answer ️️ -A strip of land separating one land use from another. Business Broker - Correct Answer ️️ -Real estate licensees who engage in the sale, purchase, or lease of businesses. Business Brokerage - Correct Answer ️️ -The sale, purchase, or lease of businesses that provide goods and/or services. Business Opportunity Broker - Correct Answer ️️ -The real estate activity dealing in the sale, purchase, or lease of businesses. ByLaws - Correct Answer ️️ -Rules that govern the administration of the condominium. Caveat Emptor - Correct Answer ️️ -Latin for "let the buyer beware". Cease and Desist Order - Correct Answer ️️ -An action by a government agency to require a person or business to stop an illegal or unfair practice. Civil Rights act of 1866 - Correct Answer ️️ -A federal act that prohibits any type of discrimination based on race in any real estate trans» action (sale or rental) without exception. Clause - Correct Answer ️️ -A distinct provision in a written document. Concurrent Ownership - Correct Answer ️️ -Ownership by two or more persons at the same time, such as joint tenants, tenants by the entirety, or tenants in common. Construction Lien - Correct Answer ️️ -A claim based on the principle of "unjust enrichment"; favors parties who have performed labor or delivered materials or supplies for the repair or building of an improvement to real property. Conversion - Correct Answer ️️ -Unauthorized use or retention of money or property that rightfully belongs to another person. Cost depreciarion approach - Correct Answer ️️ -A method for esti