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Real Estate Exam FL Sales Associate- 170 quiz and answers
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Real Estate Exam FL Sales Associate- 170 quiz and answers
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Real Estate Exam FL Sales Associate- 170 quiz and answersAbsentee Owner - correct answerA property owner who does not reside on the property
and who usually relies on a property manager to oversee the investment
Abstract of Title - correct answerA 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 - correct answerA 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 - correct answerA 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 - correct answerGiving oral or written notice, presenting a deed, giving
verbal notice, or physically moving into a property
Ad Valorem - correct answerAccording to value
Adjudication Withheld - correct answerWhen a criminal final judgment is withheld or not
recorded in public record
Adjustable Rate Mortgage (ARM) - correct answerA mortgage loan with a calculated
interest rate that may increase or decrease during the term of the loan
Adverse Possession: - correct answerA method of acquiring title by possession under
open, notorious, exclusive, and hostile conditions for seven or more years
Agent - correct answerA person authorized by a principal to act on the principal's behalf
Amortized Mortgage - correct answerA mortgage loan that is fully repaid according to a
periodic and consistent schedule that includes both principal and interest
Appraisal - correct answerA supported, defended estimate of the value of property
rights as of a given date
Appreciation - correct answerAn increase in a property's value
Assemblage - correct answerThe bringing together of two adjoining parcels of property
under one ownership
Arrears - correct answerWhen payment is due at the end of the term
Assignment - correct answerA transfer to another of any property, real or personal, or of
any rights or estates in said property
, Real Estate Exam FL Sales Associate- 170 quiz and answers
Assumption - correct answerThe taking over of an existing mortgage by a buyer
Base Line - correct answerThe 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 - correct answerThe purchase price plus closing costs and other added
improvements
Benchmark - correct answerSurvey mark made which is permanently fixed in the
ground showing the height of that point in relation to sea level
Bilateral contract - correct answerA contract in which both parties enter into mutual
promises
Blanket Mortgage - correct answerA mortgage that is secured by two or more items of
real property
Blind Advertisement - correct answerAn 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 - correct answerThe 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 - correct answerA parcel of land separating two other parcels or areas,
such as a parcel of land between residential and commercial properties
Business Opportunity Brokerage - correct answerThe marketing and sale of a going-
concern operation; Florida requires that business brokers have a real estate license to
market business opportunities
Capital Gain - correct answerThe 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 - correct answerA window hinged on its side so that it can swing open
Caveat Emptor - correct answerLet the Buyer beware
Cease to be in force - correct answerIf a broker or real estate school changes its
business address or if a real estate licensee or real estate instructor changes their
employer without notifying the DRE within 10 days
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