Real Estate Exam Questions And Correct Answers, With Complete Verified Solution 100%

Real Estate Exam Questions And Correct Answers, With Complete Verified Solution 100% Constructive Fraud Misleading without intention Private Nuisance A nuisance that affects only a single individual or a very limited number of individuals. Public Nuisance An owner's use of land that causes damage or inconvenience to the general public. GI Zone heavy manufacturing zone eligibility VA loan requires a certificate of ________ Escalation Clause real estate contract offer where the buyer is willing to raise their offer to meet/exceed any possible higher offers Gross Lease type of commercial lease that resembles residential leases, tenant pays rent and landlord bears paying the property's real estate taxes, insurance, and maintenance Offer & Acceptance, Consideration, competent parties, and legal purpose elements of a contract FHA loan flexible requirements and lower down payments; however, such loans must adhere to max loan amounts designated for the region where the home is located community development district (CDD) an independent special district authorized by statute to issue bonds to raise funds to construct infrastructure for a residential development Goodwill amount paid for real estate less its value; the excess is this: Estate for years Lease for a definite period of time 640 In the government survey system of legal descriptions, a section measures ______ acres 50,000 maximum amount FREC can reimburse a buyer conversion license holders personal use or misuse of money belonging to others 20 unit condominium complex A community association manager (CAM) license is required to manage which type of property? Real Estate Settlement Procedures Act ______________ is the federal law dealing with the procedures to follow in certain kinds of real estate closings. Tenant at Sufferance A tenant continued to occupy the premises following expiration of the lease. The tenant continued to pay monthly rent to the landlord Save Our Home Amendment an amendment that caps how much the assessed value of homesteaded property may increase each year Concealment A means of hiding 55,500 What is the maximum allowable homestead exemption for a widow who is a veteran with a 25% disability due to service-connected injuries? interpleader A course of action when two contesting parties cannot reach an arbitrated agreement; A legal proceeding whereby the broker, having no financial interest in the disputed funds, deposits with the court the disputed escrow deposit so that the court can determine who is the rightful claimant. Defeasance Clause clause in a mortgage that ensures that the mortgage cannot be foreclosed so long as all payments are current and other conditions are fulfilled Reliction additional land resulting from the gradual receding of water that now belongs to the property owner MLS (Multiple Listing Service) a database in which local member brokers share listings so other brokers can easily find buyers for those properties and establish compensation expectations for properties sold jointly Absentee Owner A property holder who does not reside on the property and who usually relies on a property manager to supervise the investment. Property Management The leasing, managing, marketing, and overall maintenance of property for others. USPAP Rules and guidelines that must be followed by any professional conducting an appraisal Comparative Market Analysis (CMA) A comparison of the prices of recently sold homes that are similar to a listing seller's home in terms of location, style, and amenities. subdivision plat map engineer's plan for land use superimposed on a map of the land to be developed dedication The voluntary transfer of private property by its owner to the public for some public use, such as for streets or schools. caveat emptor let the buyer beware, responsible for verifying the qualty and value prior to the purchase Fiduciary individual upon whom is placed the highest levels of trust and confidence when acting on behalf of one another General Agent One who is authorized by a principal to represent the principal in a specific range of matters. Special Agent is an agent that is given the authority to perform specific tasks. Transaction Broker A broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent. consent to transition A written agreement to gain the principal's permission to a change in brokerage relationship. trade name a commercial, legal name under which a company does business Blind advertisement 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. commingle The illegal practice of mixing a buyer's, seller's, tenant's, or landlord's funds with the broker's own money or mixing escrow money with the broker's personal funds or brokerage funds. Arbitration settling a dispute by agreeing to accept the decision of an impartial outsider litigation the process of taking legal action Mediation negotiation to resolve differences conducted by some impartial party Earnest Money money paid to confirm a contract escrow account an account where money is held in trust until it can be delivered to a designated party kickback the return of a portion of the money received in a sale or contract, often secretly or illegally, in exchange for favors Culpable negligence Inadequate attention to duties and obligations by one who knows, or should know, what is required of him or her. moral turpitude An act of corruption, vileness, or moral depravity; a disgraceful action or deed. stipulation A negotiated agreement between the attorneys for the Division of Real Estate and the attorney for the subject of an administrative complaint is referred to as Notice of noncompliance Issued by the DBPR in the case of a minor rule violation that does not endanger the public health, safety, and welfare. Steering Channeling prospective buyers or tenants to particular neighborhoods based upon their race, religion, national origin, or ancestry. Blockbusting Illegal practice of inducing homeowners to sell their properties by telling them that a certain people of a certain race, national origin or religion are moving into the area Redlining A process by which banks draw lines on a map and refuse to lend money to purchase or improve property within the boundaries. real estate Land, plus all things permanently attached to it naturally or artificially Joint Tenancy The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenants. Right of Survivorship Upon the death of a joint tenant or tenant by the entirety the interest does not pass to the tenant's heirs but to the other join tenant(s). Tenancy in Common Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death. Separate Property owned by a married person that is separate and not co owned by their spouse Tenancy by the Entirety form of joint tenancy ownership for husband and wife Fee Simple Estate maximum ownership of real property; also called a fee or a fee simple absolute; it is of indefinite duration, freely transferable, and freely inheritable Freehold ownership Nonfreehold Leasehold Life Estate An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons. Remainderman third party who will gain eventual ownership homestead legal life estate that protects a homeowner from loss of their principal residence from the claims of most creditors Exempt Property a property that has been homesteaded Tenancy at Will a tenancy granted by landlords to tenants allowing them to remain in possession without written agreement Proprietary Lease long-term and exclusive lease given to resident and stock owner of a cooperative