Real Estate Exam FL Sales Associate Flashcards

Real Estate Exam FL Sales Associate Flashcards Abstract of TitleA 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) Blanket MortgageA mortgage that is secured by two or more items of real property ConversionAn unauthorized act of using the funds or property of another for one's own use CooperativeForm of real property ownership where a corporation or association divides a single property into portions with each user owning stock in the corporation Double HungA type of window that opens vertically from the top to bottom Legal DescriptionA method of geographically identifying a parcel of land which is acceptable in a court of law Exclusive Agency ListingListing agreement whereby the seller may find a buyer without owing a commission although the seller agrees not to list the property with any additional brokers DeedAny one of many conveyance or financing instruments, but generally a conveyance instrument given to pass title to property upon sale InterpleaderA legal proceeding where the disputed money is deposited with the Court and the Judge decides who should receive the money Certificate of OccupancyIssued after construction is substantially completed indicating that the premises are habitable GabelA roof with two sloping edges of appx equal size General PartnershipTwo or more parties in business together, each to share the profits and losses of business Estoppel CertificateA written statement by a mortgagee verifying the balance due on the mortgage Cease to be in forceIf 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 Ad ValoremAccording to value Business Opportunity BrokerageThe marketing and sale of a going-concern operation; Florida requires that business brokers have a real estate license to market business opportunities Highest and Best UseA principle of value that focuses on a property's most profitable, legal use

Joint TenancyOwnership by two or more persons with the "unities" of time, title, interest, and possession present plus the right of survivorship Gross LeaseA lease in which a tenant pays a specified rent payment and the landlord pays any operating expenses required for maintenance DedicationA deliberate transfer of land by its owner for public use and accepted for such use by the public AcknowledgmentA 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 Freehold EstateAn estate that consists of ownership rights of an unknown duration General Warranty DeedThe most common type of conveyance instrument with full covenant and warranty IntestateWhen a person dies without a will Culpable NegligenceBeing negligent in a manner that causes a customer or client monetary damages.Acceleration ClauseA 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 JalousieFixed or adjustable slats (Louvers) in a door or window Environmental Impact Statement EISA report of the probable effect of a development on the surrounding area Good Faith DoubtWhen circumstance creates the overwhelming belief that a dispute may occur Due-On-Sale ClauseA mortgage clause that causes the entire loan balance to become due upon the sale of the property Blind AdvertisementAn 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 Adjustable Rate Mortgage (ARM)A mortgage loan with a calculated interest rate that may increase or decrease during the term of the loan EscheatWhen a person dies intestate (without a will) and with no heirs, all real and personal property transfers to the state of Florida Designated Sale AssociateA single agent for different parties in the same nonresidential transaction; the buyer and seller must have assets of $1 million or more and sign disclosures stating their assets meet the required threshold BlockbustingThe 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 Bilateral contractA contract in which both parties enter into mutual promises IneffectiveWhen a license is suspended, cancelled or ceases to be in force

Equity of RedemptionThe right of a mortgagor, before a foreclosure sale, to reclaim forfeited property by paying the entire indebtedness Group LicenseLicense issued to sales associates and broker associates when there is proof that ownership or control of various properties is substantially held by the same individual(s), although the properties are owned in the name of different interlocking or affiliated entities Amortized MortgageA mortgage loan that is fully repaid according to a periodic and consistent schedule that includes both principal and interest Deed RestrictionLimitations on the use of property placed in a deed by the grantor which binds all future owners Granting ClauseWords of conveyance found in the premises clause BenchmarkSurvey mark made which is permanently fixed in the ground showing the height of that point in relation to sea level Installment SaleWhen the buyer pays the purchase price over time in separate installment payments AgentA person authorized by a principal to act on the principal's behalf GambrelA roof with two loping edges with the lower edge being more inclined AssignmentA transfer to another of any property, real or personal, or of any rights or estates in said property Immune PropertyReal property that is never assessed or required to pay ad valorem taxes, such as government buildings or schools Ground LeaseA lease on the land only Eminent DomainThe legal right that government and quasi-government agencies have to take property from individuals for public use Exculpatory ClauseThe borrower is not personally responsible for the debt (a non- recourse loan); the lender will not seek a deficiency judgment Actual noticeGiving oral or written notice, presenting a deed, giving verbal notice, or physically moving into a property Base LineThe horizontal line that runs east and west through Tallahassee that is the starting point for all other horizontal lines north and south of Tallahassee Consent to TransitionA written requirement when a licensee is moving from a single agent relationship to a transaction broker Absentee OwnerA property owner who does not reside on the property and who usually relies on a property manager to oversee the investment FiduciaryA person in a position of utmost trust and confidence with respect to another person