Exam (elaborations)
BOB HOGUE REAL ESTATE EXAM QUESTIONS AND ANSWERS
- Course
- Institution
BOB HOGUE REAL ESTATE EXAM QUESTIONS AND ANSWERS
[Show more]
Content preview
BOB HOGUE REAL ESTATE EXAMQUESTIONS AND ANSWERS
Abstract of Title - Answer-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 - Answer-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 - Answer-43,560 square feet
Active license - Answer-A current, valid license registered with the DPBR. The status
required to actively engage in the real estate business.
As valorem - Answer-According to the value; in proportion to worth.
Adjustable-rate mortgage (ARM) - Answer-A financing technique in which the lender
can raise or lower the interest rate according to a set index.
Administrative Law - Answer-The body of law created by administrative agencies in the
form of rules, regulations, orders, and decisions.
Administrative Law Judge - Answer-An attorney employed by the Division of
Administrative Hearings, Department of Administration, to hear complaints and issue
recommended orders.
Adverse Possession - Answer-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 - Answer-The freedom to use the open space above a property.
Alienation - Answer-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) - Answer-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 - Answer-State and federal laws designed to maintain and preserve
business competition.
Arbitration - Answer-The act of having a third party tender a binding decision in a
disposition between two parties.
, Asbestos - Answer-A mineral fiber used until 1978 in a variety of building construction
materials for insulation and as a fire retardant.
Assemblage - Answer-The combining of two of more adjoining properties into one tract.
Assessment - Answer-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 - Answer-A legal instrument stating that the mortgagee assigns
(transfers) the mortgage and promissory note to the purchaser.
At Arms Length - Answer-Conducting negotiations on ones own behalf without being
subject to the other party's control or influence.
Attorney-in-fact - Answer-One who is authorized to perform certain acts for another
under a power of attorney.
Balloon Payment - Answer-A single, large payment made at the maturity of a partially
amortized mortgage to pay off the debt in full.
Bargain and Sale Deed - Answer-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 - Answer-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.
Bilateral Contract - Answer-An agreement wherein both parties are legally obligated to
each other to perform.
Blanket Mortgage - Answer-One debt instrument covering two or more parcels.
Blind Advertisement - Answer-An advertisement that provides 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.
Branch Office - Answer-A business location other than the real estate brokers principal
place of business.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller biggdreamer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76799 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now