Exam (elaborations)

Real Estate Exam FL Sales Associate Questions and Answers

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Course
Real Estate

Institution
Real Estate

Real Estate Exam FL Sales Associate Questions and Answers Absentee Owner - ANSWER-A property owner who does not reside on the property and who usually relies on a property manager to oversee the investment Abstract of Title - ANSWER-A compilation of the recorded documents relating to a parcel o...

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Uploaded on November 4, 2024
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Type Exam (elaborations)
Contains Questions & answers

real estate exam fl sales associate questions and

Institution Real Estate
Course Real Estate

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024

Real Estate Exam FL Sales Associate

Questions and Answers

Absentee Owner - ANSWER✔✔-A property owner who does not reside on the property and who usually

relies on a property manager to oversee the investment

Abstract of Title - ANSWER✔✔-A 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 - ANSWER✔✔-A 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 - ANSWER✔✔-A 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 - ANSWER✔✔-Giving oral or written notice, presenting a deed, giving verbal notice, or

physically moving into a property

Ad Valorem - ANSWER✔✔-According to value

Adjudication Withheld - ANSWER✔✔-When a criminal final judgment is withheld or not recorded in

public record

Adjustable Rate Mortgage (ARM) - ANSWER✔✔-A mortgage loan with a calculated interest rate that may

increase or decrease during the term of the loan

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,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024

Adverse Possession: - ANSWER✔✔-A method of acquiring title by possession under open, notorious,

exclusive, and hostile conditions for seven or more years

Agent - ANSWER✔✔-A person authorized by a principal to act on the principal's behalf

Amortized Mortgage - ANSWER✔✔-A mortgage loan that is fully repaid according to a periodic and

consistent schedule that includes both principal and interest

Appraisal - ANSWER✔✔-A supported, defended estimate of the value of property rights as of a given

date

Appreciation - ANSWER✔✔-An increase in a property's value

Assemblage - ANSWER✔✔-The bringing together of two adjoining parcels of property under one

ownership

Arrears - ANSWER✔✔-When payment is due at the end of the term

Assignment - ANSWER✔✔-A transfer to another of any property, real or personal, or of any rights or

estates in said property

Assumption - ANSWER✔✔-The taking over of an existing mortgage by a buyer

Base Line - ANSWER✔✔-The 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 - ANSWER✔✔-The purchase price plus closing costs and other added improvements

Benchmark - ANSWER✔✔-Survey mark made which is permanently fixed in the ground showing the

height of that point in relation to sea level

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, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024

Bilateral contract - ANSWER✔✔-A contract in which both parties enter into mutual promises

Blanket Mortgage - ANSWER✔✔-A mortgage that is secured by two or more items of real property

Blind Advertisement - ANSWER✔✔-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

Blockbusting - ANSWER✔✔-The 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 - ANSWER✔✔-A parcel of land separating two other parcels or areas, such as a parcel of land

between residential and commercial properties

Business Opportunity Brokerage - ANSWER✔✔-The marketing and sale of a going-concern operation;

Florida requires that business brokers have a real estate license to market business opportunities

Capital Gain - ANSWER✔✔-The 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 - ANSWER✔✔-A window hinged on its side so that it can swing open

Caveat Emptor - ANSWER✔✔-Let the Buyer beware

Cease to be in force - ANSWER✔✔-If 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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