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Florida Real Estate Exam > Practice > Flashcards

Practice Flashcards

1
Q

A voluntary, nonprofit organization of independent and competing business units engaged in the same industry or trade, and formed to aid in the industry problems, promote its progress, and enhance its service

A

Trade Association

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2
Q

Consideration paid for the use of a property

A

Rent

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3
Q

A group of property owners in a common interest development that manages common areas, collects dues, and establishes property standards

A

Homeowner’s Association

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4
Q

An agreement, written or unwritten, transferring the right to exclusive possession and use of real estate for a definite period of time

A

Leasehold or Lease

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5
Q

Party to whom a lease is assigned or transferred

A

Assignee

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6
Q

Development costs not related to the land or structure, such as legal and architectural fees, financing, and insurance costs during construction

A

Indirect Costs

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7
Q

An act whereby a landlord evicts a tenant in reponse to some complaint made by the tenant

A

Retaliatory Eviction

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8
Q

Transfer less than the entire leasehold, with the original lessee being primarily liable

A

Sublease

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9
Q

A renter

A

Tenant

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10
Q

Liquid assets available for the conduct of daily business

A

Working Capital

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11
Q

The impression gained, whether good or bad, of a property when it is first seen, usually from the street while driving by

A

Curb Appeal

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12
Q

Advertising that fails to disclose that the party is a licensee acting as an agent

A

Blind Advertising

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13
Q

A lease where the tenant pays such costs as taxes, insurance and repairs, as well as a set amount for rent. A triple net lease is one in which the tenant pays all expenses of operating the property as well a a set amount for rent.

A

Net Lease

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14
Q

Modification of an existing building or facility to include new systems or components

A

Retrofit

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15
Q

Psychologically-impacted property that buyers or tenants may avoid, for reasons that are unrelated to its physical conditions or features

A

Stigmatized Property

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16
Q

A leasehold estate that is automatically renewed for the same term; a conveyance for an indefinite period of time; does not need to be renegotiated upon each renewal; commonly a month to month rental

A

Estate from Period to Period

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17
Q

A lease in which the landlord receives a percentage of the gross sales as part or all of the rental payment

A

Percentage Lease

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18
Q

A tenancy created when one is in wrongful possession of real estate even though the original possession may have been legal

A

Estate at Sufferance

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19
Q

Property from which 80% or more of the gross rental income is income from dwelling units

A

Residential Rental Property

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20
Q

An interest in various parts of a whole property, such as the interest of the fee owner, lessee, or mortgage

A

Divided Interest

21
Q

A lease calling for periodic increases in the rental payments; sometimes called a stair-step lease

A

Graduated Lease

22
Q

The occupation of a broker. A real estate brokerage is the business of selling real estate through a broker who negotiates the sale for a commission

A

Brokerage

23
Q

Any type of business for lease or sale

A

Business Opportunity

24
Q

A conveyance of an estate in real property to someone for a certain length of time; as in a lease

A

Demise

25
Q

The lessor (landlord) grants the right of possession to the lessee (tenant) but retains the right to retake possession after the lease’s term has expired

A

Reversionary Rights

26
Q

The voluntary giving up of a lease

A

Surrender

27
Q

A lease agreement created when a tenant sublets the property to another person, thus creating a sub-lessor-sublessee relationship. The person in the “sandwich” is a lessee to one party and a lessor to another

A

Sandwich Lease

28
Q

A cooperative listing service conducted by a group of brokers for the purpose of marketing listings

A

Multiple Listing Service

29
Q

Restrictions are placed on certain types of real property and limit the activities of owners

A

CC&Rs (Covenants, Conditions & Restrictions)

30
Q

A home inspector examines the readily accessible physical structure, systems, and condition of a home and describes them in a written report

A

Home Inspection

31
Q

The law concerning the transfer in bulk (not a sale in the ordinary course of the seller’s business)

A

Bulk Transfer Law

32
Q

City growth that occurs outward along main transportation routes; usually star-shaped

A

Axial Growth

33
Q

The illegal practice of only showing clients property in certain areas

A

Steering

34
Q

Causing panic selling by telling people that values in the neighborhood will decline because of a specific event, such as the purchase of homes by minorities

A

Blockbusting

35
Q

A court order directing the sheriff to remove the tenant and his or her possessions within five days

A

Writ of Possession

36
Q

A leasehold estate with a definite end date; must be renegotiated; commonly used for commercial leases

A

Estate for Years

37
Q

An intangible, salable asset arising from the reputation of a business; the expectation of continued public patronage

A

Goodwill

38
Q

Down payment made by a purchaser of real estate as evidence of good faith; or a deposit or partial payment

A

Earnest Money

39
Q

Lessor; property owner

A

Landlord

40
Q

The illegal use of using a property’s location to deny financing

A

Redlining

41
Q

A lawsuit filed with the court against a tenant who remains in unlawful possession of rental property after breaching the terms of a lawful lease

A

Unlawful Detainer Action

42
Q

The legal process of removing a tenant from the premises for some breach of the lease

A

Eviction

43
Q

Possession of real estate belonging to another, with their permission for an indefinite period of time; can be terminated by either the lessor or lessee; either party must give 30 days notice before ending the tenancy

A

Estate of Will

44
Q

Landlord; property owner

A

Lessor

45
Q

A factory-built home fabricated prior to June 15, 1976, constructed on a chassis and wheels

A

Mobile Home

46
Q

Tenant; renter

A

Lessee

47
Q

A home built in a factory after June 15, 1976 and must conform to the federal Manufactured Home Construction and Safety Standards

A

Manufactured Home

48
Q

A court approved sale of the property of a deceased person

A

Probate Sale

Florida Real Estate Exam (3 decks)

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