Aceable Agent Florida UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (353)
absentee owner a property owner who does not occupy the property in question and therefore
often utilizes a property manager's services
abstract of title an abbreviated history of a property, including information on any transfers,
grants, wills, conveyances, liens, and encumbrances
acceleration clause a clause in a security instrument (mortgage/deed of trust) that makes the entire
loan amount due immediately upon default
acknowledgment a party's notarized profession that they are signing a document voluntarily
active describes a license that is current, in good standing, and signifies that the license
holder meets all the requirements to practice real estate
actual notice when an individual actually knows of a fact
ad valorem taxes based on the assessed value of a property
adjudication withheld when a court stays the imposition of a sentence and instead puts the defendant
on probation
adjustable-rate mortgage (ARM) a mortgage with an interest rate that can be adjusted based on fluctuations in the
cost of money
adverse possession involuntary transfer of title from an owner who does not use or inspect their land
for a number of years to another person who has some claim to the land and
takes possession
agent an individual with authority to act on behalf of another; a state license is required
to operate as an agent in real estate
alienation the transfer of ownership (title) to real property; may be voluntary or involuntary
alienation clause a clause in the mortgage contract that triggers the right of the lender to demand
payment in full of the loan upon the sale or conveyance of the property; aka due
on sale clause
amortized mortgage (fixed-rate) a mortgage with equal monthly payments that contribute to both principal and
interest until the entire loan is paid
, appraisal an official valuation given to a property by a licensed appraiser
appraiser an individual who is trained and licensed to perform appraisals, which estimate
the value of real property
appreciation the increase in value of a property
arbitration a process whereby the parties to a dispute present their conflict to a disinterested
third party and honor the third party's binding judgment
arrears payment that occurs at the end of a period to compensate for charges accrued
during that time
asbestos a naturally occurring mineral fiber that is commonly used in insulation but if
airborne or inhaled, can cause severe respiratory health issues
assemblage the combining of multiple contiguous pieces of real property into a single tract of
land, often resulting in an increase in value
assessed value the value of a property based on the value of other properties in the area, plus
any improvements made to the home since purchasing it; can also take into
account various property traits like location, size, condition, materials, square
footage, year built, etc.
assessment limitation (save our homes benefit) limits how much the assessed value of a homesteaded property can increase per
year; aka the Save Our Homes amendment to the Florida Constitution
asset item of value
assignment the transference of rights and obligations in a contract from one party to another
assumption the process of transferring the obligation of the mortgagor to another party who
takes over the responsibility to pay the note
attorney-in-fact a representative with power of attorney for another individual
automated valuation models a computerized valuation of a property that takes into account comparables, tax
assessors, nationwide market values, and sales history
balloon payment a payment at the end of a loan period which includes the total outstanding
balance of the loan
baseline a parallel used in reference to a meridian to identify ranges, tiers, and townships in
the rectangular survey method of land description
basis the cost of purchasing a property plus the cost of any improvements, minus the
amount of depreciation
benchmark permanent marker of known location and elevation above sea level as established
by a government survey team (such as the USGS)
C
Terms in this set (353)
absentee owner a property owner who does not occupy the property in question and therefore
often utilizes a property manager's services
abstract of title an abbreviated history of a property, including information on any transfers,
grants, wills, conveyances, liens, and encumbrances
acceleration clause a clause in a security instrument (mortgage/deed of trust) that makes the entire
loan amount due immediately upon default
acknowledgment a party's notarized profession that they are signing a document voluntarily
active describes a license that is current, in good standing, and signifies that the license
holder meets all the requirements to practice real estate
actual notice when an individual actually knows of a fact
ad valorem taxes based on the assessed value of a property
adjudication withheld when a court stays the imposition of a sentence and instead puts the defendant
on probation
adjustable-rate mortgage (ARM) a mortgage with an interest rate that can be adjusted based on fluctuations in the
cost of money
adverse possession involuntary transfer of title from an owner who does not use or inspect their land
for a number of years to another person who has some claim to the land and
takes possession
agent an individual with authority to act on behalf of another; a state license is required
to operate as an agent in real estate
alienation the transfer of ownership (title) to real property; may be voluntary or involuntary
alienation clause a clause in the mortgage contract that triggers the right of the lender to demand
payment in full of the loan upon the sale or conveyance of the property; aka due
on sale clause
amortized mortgage (fixed-rate) a mortgage with equal monthly payments that contribute to both principal and
interest until the entire loan is paid
, appraisal an official valuation given to a property by a licensed appraiser
appraiser an individual who is trained and licensed to perform appraisals, which estimate
the value of real property
appreciation the increase in value of a property
arbitration a process whereby the parties to a dispute present their conflict to a disinterested
third party and honor the third party's binding judgment
arrears payment that occurs at the end of a period to compensate for charges accrued
during that time
asbestos a naturally occurring mineral fiber that is commonly used in insulation but if
airborne or inhaled, can cause severe respiratory health issues
assemblage the combining of multiple contiguous pieces of real property into a single tract of
land, often resulting in an increase in value
assessed value the value of a property based on the value of other properties in the area, plus
any improvements made to the home since purchasing it; can also take into
account various property traits like location, size, condition, materials, square
footage, year built, etc.
assessment limitation (save our homes benefit) limits how much the assessed value of a homesteaded property can increase per
year; aka the Save Our Homes amendment to the Florida Constitution
asset item of value
assignment the transference of rights and obligations in a contract from one party to another
assumption the process of transferring the obligation of the mortgagor to another party who
takes over the responsibility to pay the note
attorney-in-fact a representative with power of attorney for another individual
automated valuation models a computerized valuation of a property that takes into account comparables, tax
assessors, nationwide market values, and sales history
balloon payment a payment at the end of a loan period which includes the total outstanding
balance of the loan
baseline a parallel used in reference to a meridian to identify ranges, tiers, and townships in
the rectangular survey method of land description
basis the cost of purchasing a property plus the cost of any improvements, minus the
amount of depreciation
benchmark permanent marker of known location and elevation above sea level as established
by a government survey team (such as the USGS)
