BOB HOGUE REAL ESTATE EXAM
VOCAB QUESTIONS AND ANSWERS
Abstract of Title - Answers -Condensed history of title to real property consisting of a
summary of the links I the "chain of title" extracted from documents bearing on the title
status.
Acceleration Clause - Answers -Stipulation in a mortgage that the entire unpaid balance
of the debt may become due and payable if a default of expressed conditions should
occur.
Acre - Answers -43,560 square feet
Active license - Answers -A current, valid license registered with the DPBR. The status
required to actively engage in the real estate business.
As valorem - Answers -According to the value; in proportion to worth.
Adjustable-rate mortgage (ARM) - Answers -A financing technique in which the lender
can raise or lower the interest rate according to a set index.
Administrative Law - Answers -The body of law created by administrative agencies in
the form of rules, regulations, orders, and decisions.
Escrow Disbursement Order (EDO) - Answers -A course of action for determining the
disposition of a contested deposit.
Estate by the Entireties - Answers -A tenancy created by husband and wife jointly
owning real property with instant and complete right of survivorship.
Estoppel - Answers -A principle of law that prohibits (stops) people from defending
themselves against their own acts or lack of action.
Estoppel Certificate - Answers -A written statement that bars the signer from making a
claim inconsistent with the instrument ( commonly used with a mortgage assumption).
Administrative Law Judge - Answers -An attorney employed by the Division of
Administrative Hearings, Department of Administration, to hear complaints and issue
recommended orders.
, Adverse Possession - Answers -A method of obtaining title to real property by
occupying it in an open and hostile manner contrary to the interests of the owner.
Air Rights - Answers -The freedom to use the open space above a property.
Alienation - Answers -The act of transferring ownership, title, or an interest or estate in
real property from one person to another. May be voluntary or involuntary.
Alluvion (Alluvium) - Answers -The increase of land by the gradual and imperceptible
action of natural forces(e.g., deposits of sand and mud on a riverbank).
Antitrust Laws - Answers -State and federal laws designed to maintain and preserve
business competition.
Arbitration - Answers -The act of having a third party tender a binding decision in a
disposition between two parties.
Asbestos - Answers -A mineral fiber used until 1978 in a variety of building construction
materials for insulation and as a fire retardant.
Assemblage - Answers -The combining of two of more adjoining properties into one
tract.
Assessment - Answers -The imposition of tax or charge according to a preset rate; the
allocation of he proportionate individual share of a common expense in a condo or co-
op building.
Assignment of Mortgage - Answers -A legal instrument stating that the mortgagee
assigns (transfers) the mortgage and promissory note to the purchaser.
At Arms Length - Answers -Conducting negotiations on ones own behalf without being
subject to the other party's control or influence.
Attorney-in-fact - Answers -One who is authorized to perform certain acts for another
under a power of attorney.
Balloon Payment - Answers -A single, large payment made at the maturity of a partially
amortized mortgage to pay off the debt in full.
Bargain and Sale Deed - Answers -A type of deed in which title is transferred and
limited number of warranties are made respecting title to or use of the property.
Base Line - Answers -Imaginary lines running east to west and crossing a principal
meridian at a definite point; used by surveyors for reference in location and describing
land under the government survey system.
VOCAB QUESTIONS AND ANSWERS
Abstract of Title - Answers -Condensed history of title to real property consisting of a
summary of the links I the "chain of title" extracted from documents bearing on the title
status.
Acceleration Clause - Answers -Stipulation in a mortgage that the entire unpaid balance
of the debt may become due and payable if a default of expressed conditions should
occur.
Acre - Answers -43,560 square feet
Active license - Answers -A current, valid license registered with the DPBR. The status
required to actively engage in the real estate business.
As valorem - Answers -According to the value; in proportion to worth.
Adjustable-rate mortgage (ARM) - Answers -A financing technique in which the lender
can raise or lower the interest rate according to a set index.
Administrative Law - Answers -The body of law created by administrative agencies in
the form of rules, regulations, orders, and decisions.
Escrow Disbursement Order (EDO) - Answers -A course of action for determining the
disposition of a contested deposit.
Estate by the Entireties - Answers -A tenancy created by husband and wife jointly
owning real property with instant and complete right of survivorship.
Estoppel - Answers -A principle of law that prohibits (stops) people from defending
themselves against their own acts or lack of action.
Estoppel Certificate - Answers -A written statement that bars the signer from making a
claim inconsistent with the instrument ( commonly used with a mortgage assumption).
Administrative Law Judge - Answers -An attorney employed by the Division of
Administrative Hearings, Department of Administration, to hear complaints and issue
recommended orders.
, Adverse Possession - Answers -A method of obtaining title to real property by
occupying it in an open and hostile manner contrary to the interests of the owner.
Air Rights - Answers -The freedom to use the open space above a property.
Alienation - Answers -The act of transferring ownership, title, or an interest or estate in
real property from one person to another. May be voluntary or involuntary.
Alluvion (Alluvium) - Answers -The increase of land by the gradual and imperceptible
action of natural forces(e.g., deposits of sand and mud on a riverbank).
Antitrust Laws - Answers -State and federal laws designed to maintain and preserve
business competition.
Arbitration - Answers -The act of having a third party tender a binding decision in a
disposition between two parties.
Asbestos - Answers -A mineral fiber used until 1978 in a variety of building construction
materials for insulation and as a fire retardant.
Assemblage - Answers -The combining of two of more adjoining properties into one
tract.
Assessment - Answers -The imposition of tax or charge according to a preset rate; the
allocation of he proportionate individual share of a common expense in a condo or co-
op building.
Assignment of Mortgage - Answers -A legal instrument stating that the mortgagee
assigns (transfers) the mortgage and promissory note to the purchaser.
At Arms Length - Answers -Conducting negotiations on ones own behalf without being
subject to the other party's control or influence.
Attorney-in-fact - Answers -One who is authorized to perform certain acts for another
under a power of attorney.
Balloon Payment - Answers -A single, large payment made at the maturity of a partially
amortized mortgage to pay off the debt in full.
Bargain and Sale Deed - Answers -A type of deed in which title is transferred and
limited number of warranties are made respecting title to or use of the property.
Base Line - Answers -Imaginary lines running east to west and crossing a principal
meridian at a definite point; used by surveyors for reference in location and describing
land under the government survey system.
