REAL ESTATE FINAL EXAM QUESTIONS WITH CORRECT
ANSWERS GRADED A+
subdivision plat map - ✔✔ engineer's plan for land use superimposed on a map of the land to be
developed
dedication - ✔✔ The voluntary transfer of private property by its owner to the public for some
public use, such as for streets or schools.
caveat emptor - ✔✔ let the buyer beware, responsible for verifying the qualty and value prior to
the purchase
Fiduciary - ✔✔ individual upon whom is placed the highest levels of trust and confidence when
acting on behalf of one another
General Agent - ✔✔ One who is authorized by a principal to represent the principal in a specific
range of matters.
Special Agent - ✔✔ is an agent that is given the authority to perform specific tasks.
Transaction Broker - ✔✔ A broker who provides limited representation to a buyer, a seller, or
both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single
agent.
consent to transition - ✔✔ A written agreement to gain the principal's permission to a change in
brokerage relationship.
trade name - ✔✔ a commercial, legal name under which a company does business
,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.
commingle - ✔✔ The illegal practice of mixing a buyer's, seller's, tenant's, or landlord's funds
with the broker's own money or mixing escrow money with the broker's personal funds or
brokerage funds.
Arbitration - ✔✔ settling a dispute by agreeing to accept the decision of an impartial outsider
litigation - ✔✔ the process of taking legal action
Mediation - ✔✔ negotiation to resolve differences conducted by some impartial party
Earnest Money - ✔✔ money paid to confirm a contract
escrow account - ✔✔ an account where money is held in trust until it can be delivered to a
designated party
kickback - ✔✔ the return of a portion of the money received in a sale or contract, often secretly
or illegally, in exchange for favors
Culpable negligence - ✔✔ Inadequate attention to duties and obligations by one who knows, or
should know, what is required of him or her.
moral turpitude - ✔✔ An act of corruption, vileness, or moral depravity; a disgraceful action or
deed.
stipulation - ✔✔ A negotiated agreement between the attorneys for the Division of Real Estate
and the attorney for the subject of an administrative complaint is referred to as
Constructive Fraud - ✔✔ Misleading without intention
, Private Nuisance - ✔✔ A nuisance that affects only a single individual or a very limited number
of individuals.
Public Nuisance - ✔✔ An owner's use of land that causes damage or inconvenience to the
general public.
GI Zone - ✔✔ heavy manufacturing zone
eligibility - ✔✔ VA loan requires a certificate of ________
Escalation Clause - ✔✔ real estate contract offer where the buyer is willing to raise their offer to
meet/exceed any possible higher offers
Gross Lease - ✔✔ type of commercial lease that resembles residential leases, tenant pays rent
and landlord bears paying the property's real estate taxes, insurance, and maintenance
Offer & Acceptance, Consideration, competent parties, and legal purpose - ✔✔ elements of a
contract
FHA loan - ✔✔ flexible requirements and lower down payments; however, such loans must
adhere to max loan amounts designated for the region where the home is located
community development district (CDD) - ✔✔ an independent special district authorized by
statute to issue bonds to raise funds to construct infrastructure for a residential development
Notice of noncompliance - ✔✔ Issued by the DBPR in the case of a minor rule violation that
does not endanger the public health, safety, and welfare.
ANSWERS GRADED A+
subdivision plat map - ✔✔ engineer's plan for land use superimposed on a map of the land to be
developed
dedication - ✔✔ The voluntary transfer of private property by its owner to the public for some
public use, such as for streets or schools.
caveat emptor - ✔✔ let the buyer beware, responsible for verifying the qualty and value prior to
the purchase
Fiduciary - ✔✔ individual upon whom is placed the highest levels of trust and confidence when
acting on behalf of one another
General Agent - ✔✔ One who is authorized by a principal to represent the principal in a specific
range of matters.
Special Agent - ✔✔ is an agent that is given the authority to perform specific tasks.
Transaction Broker - ✔✔ A broker who provides limited representation to a buyer, a seller, or
both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single
agent.
consent to transition - ✔✔ A written agreement to gain the principal's permission to a change in
brokerage relationship.
trade name - ✔✔ a commercial, legal name under which a company does business
,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.
commingle - ✔✔ The illegal practice of mixing a buyer's, seller's, tenant's, or landlord's funds
with the broker's own money or mixing escrow money with the broker's personal funds or
brokerage funds.
Arbitration - ✔✔ settling a dispute by agreeing to accept the decision of an impartial outsider
litigation - ✔✔ the process of taking legal action
Mediation - ✔✔ negotiation to resolve differences conducted by some impartial party
Earnest Money - ✔✔ money paid to confirm a contract
escrow account - ✔✔ an account where money is held in trust until it can be delivered to a
designated party
kickback - ✔✔ the return of a portion of the money received in a sale or contract, often secretly
or illegally, in exchange for favors
Culpable negligence - ✔✔ Inadequate attention to duties and obligations by one who knows, or
should know, what is required of him or her.
moral turpitude - ✔✔ An act of corruption, vileness, or moral depravity; a disgraceful action or
deed.
stipulation - ✔✔ A negotiated agreement between the attorneys for the Division of Real Estate
and the attorney for the subject of an administrative complaint is referred to as
Constructive Fraud - ✔✔ Misleading without intention
, Private Nuisance - ✔✔ A nuisance that affects only a single individual or a very limited number
of individuals.
Public Nuisance - ✔✔ An owner's use of land that causes damage or inconvenience to the
general public.
GI Zone - ✔✔ heavy manufacturing zone
eligibility - ✔✔ VA loan requires a certificate of ________
Escalation Clause - ✔✔ real estate contract offer where the buyer is willing to raise their offer to
meet/exceed any possible higher offers
Gross Lease - ✔✔ type of commercial lease that resembles residential leases, tenant pays rent
and landlord bears paying the property's real estate taxes, insurance, and maintenance
Offer & Acceptance, Consideration, competent parties, and legal purpose - ✔✔ elements of a
contract
FHA loan - ✔✔ flexible requirements and lower down payments; however, such loans must
adhere to max loan amounts designated for the region where the home is located
community development district (CDD) - ✔✔ an independent special district authorized by
statute to issue bonds to raise funds to construct infrastructure for a residential development
Notice of noncompliance - ✔✔ Issued by the DBPR in the case of a minor rule violation that
does not endanger the public health, safety, and welfare.
