Real Estate Vocabulary Quiz

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Questions and Answers

What does AS-IS mean in a real estate auction sale?

  • The property is sold with a reserve price.
  • The property is sold with warranties for its condition and fitness for a particular use.
  • The seller may bid personally or through an agent.
  • The buyer is responsible for examining and judging the property for their own protection. (correct)

What is an absentee bidder in an auction?

  • A bidder who is not qualified to bid.
  • A bidder who is physically present at the auction.
  • A bidder who submits an absentee bid and also attends the auction.
  • A bidder who submits an absentee bid but does not attend the auction. (correct)

What is an absolute auction?

  • An auction where the property is sold with a reserve price.
  • An auction where the property is sold with warranties for its condition and fitness for a particular use.
  • An auction where the seller may bid personally or through an agent.
  • An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. (correct)

What is an acceleration clause in a mortgage or land deal?

<p>A clause that states that upon default of a payment due, the balance of the obligation should at once be due and paid in full. (A)</p> Signup and view all the answers

What is an accounting of a sale in an auction?

<p>A report to the seller by the auctioneer about details of the financial aspects of the auction. (A)</p> Signup and view all the answers

How many square feet are in an acre?

<p>43560 (B)</p> Signup and view all the answers

What is an advance fee in a real estate deal?

<p>A fee paid by the buyer to the seller before the sale is complete. (A)</p> Signup and view all the answers

What is an agreement of sale in real estate?

<p>An agreement between the buyer and the seller about the price of the property. (C)</p> Signup and view all the answers

What is alienation in real estate?

<p>The transfer of real property by one person to another. (A)</p> Signup and view all the answers

What is an apprentice auctioneer?

<p>An auctioneer who is in training and operating under the supervision of a licensed auctioneer. (B)</p> Signup and view all the answers

What is an auction listing agreement in real estate?

<p>An agreement between the auctioneer and the seller about the terms of the auction. (A)</p> Signup and view all the answers

What is an auction marketer in real estate?

<p>A person who contracts with the seller for an auction method of marketing property. (B)</p> Signup and view all the answers

What does AS-IS mean in a real estate auction sale?

<p>The buyer is responsible for examining and judging the property for their own protection. (A)</p> Signup and view all the answers

What is an absentee bidder in an auction?

<p>A bidder who submits an absentee bid but does not attend the auction. (A)</p> Signup and view all the answers

What is an absolute auction?

<p>An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. (A)</p> Signup and view all the answers

What is an acceleration clause in a mortgage or land deal?

<p>A clause that states that upon default of a payment due, the balance of the obligation should at once be due and paid in full. (B)</p> Signup and view all the answers

What is an accounting of a sale in an auction?

<p>A report to the seller by the auctioneer about details of the financial aspects of the auction. (D)</p> Signup and view all the answers

How many square feet are in an acre?

<p>43560 (A)</p> Signup and view all the answers

What is an advance fee in a real estate deal?

<p>A fee paid by the buyer to the seller before the sale is complete. (A)</p> Signup and view all the answers

What is an agreement of sale in real estate?

<p>An agreement between the buyer and the seller about the price of the property. (A)</p> Signup and view all the answers

What is alienation in real estate?

<p>The transfer of real property by one person to another. (A)</p> Signup and view all the answers

What is an apprentice auctioneer?

<p>An auctioneer who is in training and operating under the supervision of a licensed auctioneer. (C)</p> Signup and view all the answers

What is an auction listing agreement in real estate?

<p>An agreement between the auctioneer and the seller about the terms of the auction. (C)</p> Signup and view all the answers

What is an auction marketer in real estate?

<p>A person who contracts with the seller for an auction method of marketing property. (D)</p> Signup and view all the answers

What is an AS-IS sale?

<p>Selling property without warranties as to the condition and fitness of the property for a particular use (A)</p> Signup and view all the answers

What is an Absentee Bidder?

<p>A person who does not attend the auction but places a bid (C)</p> Signup and view all the answers

What is an Absolute Auction?

<p>An auction where property is sold to the highest qualified bidder with no limiting conditions or amount (B)</p> Signup and view all the answers

What is an Acceleration Clause?

<p>A clause in a mortgage, land deal or lease stating that upon default of a payment due, the balance of the obligation should at once be due and paid in full (C)</p> Signup and view all the answers

What is an Agreement of Sale?

<p>An agreement between two or more people or companies which creates or modifies a legal relationship (C)</p> Signup and view all the answers

What is Alienation?

<p>The transfer of Real Property by one person to another (A)</p> Signup and view all the answers

What is an Apprentice Auctioneer?

<p>An auctioneer who is in training and operating under the supervision of a licensed auctioneer (A)</p> Signup and view all the answers

What is an Auction?

<p>A method of selling real or personal property in a public forum through an open and competitive bidding (B)</p> Signup and view all the answers

What is an Auction Block?

<p>It is the Podium or raised platform where the auctioneer stands while conducting the auction (A)</p> Signup and view all the answers

What is an Auction Listing Agreement?

<p>A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction, and sets out the terms of the agreement, rights, and responsibilities of both parties (B)</p> Signup and view all the answers

What is an Auction Marketer?

<p>In the case of Real Property; a person who contracts with the Sellers for an auction method of marketing property (A)</p> Signup and view all the answers

What is an AS-1S in a real estate auction sale?

<p>A sale where the property is sold without warranties as to the condition and fitness for a particular use. (A)</p> Signup and view all the answers

What is an absentee bid in an auction?

<p>A bid that allows the bidder to participate in the bidding process without being physically present. (C)</p> Signup and view all the answers

What is an absolute auction?

<p>An auction where property is sold to the highest qualified bidder with no limiting conditions or amount. (B)</p> Signup and view all the answers

What is an acceleration clause in a mortgage or land deal?

<p>A clause stating that upon default of a payment due, the balance of the obligation should at once be due and paid in full. (C)</p> Signup and view all the answers

What is an accounting of a sale in an auction?

<p>A report to the seller by the auctioneer about details of the financial aspects of the auction. (B)</p> Signup and view all the answers

How many square feet are in an acre?

<p>43,560 sq. feet. (C)</p> Signup and view all the answers

What is an advance fee in a real estate deal?

<p>A down payment. (B)</p> Signup and view all the answers

What is an agreement of sale in real estate?

<p>An agreement between the buyer and the seller outlining the terms of the sale. (D)</p> Signup and view all the answers

What is alienation in real estate?

<p>The transfer of real property by one person to another. (B)</p> Signup and view all the answers

What is an apprentice auctioneer?

<p>An auctioneer who is in training and operating under the supervision of a licensed auctioneer. (C)</p> Signup and view all the answers

What is an auction listing agreement in real estate?

<p>A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction. (A)</p> Signup and view all the answers

What is an auction marketer in real estate?

<p>In the case of real property, a person who contracts with the sellers for an auction method of marketing property. (C)</p> Signup and view all the answers

What is an Ad Valorem tax?

<p>A tax based on property value (C)</p> Signup and view all the answers

What is an Amortization?

<p>Paying off a mortgage in installments (B)</p> Signup and view all the answers

What is an Annunity?

<p>A sum of money paid in installments (A)</p> Signup and view all the answers

What is an Assignee?

<p>The person to whom a contract or agreement is assigned (C)</p> Signup and view all the answers

What is an Auction Block?

<p>The podium or raised platform where the auctioneer stands during an auction (A)</p> Signup and view all the answers

What is an Auction Listing Agreement?

<p>An agreement between the auctioneer and the seller (A)</p> Signup and view all the answers

What is an Absolute Auction?

<p>An auction where the property is sold to the highest bidder with no limiting conditions or amount (B)</p> Signup and view all the answers

What is an Acceleration Clause?

<p>A clause in a mortgage stating that upon default of a payment due, the balance of the obligation should at once be due and paid in full (C)</p> Signup and view all the answers

What is an Agent?

<p>A person who represents another individual or entity with their authority to do so (B)</p> Signup and view all the answers

What is Alienation?

<p>The transfer of real property by one person to another (D)</p> Signup and view all the answers

What is an Apprentice Auctioneer?

<p>An auctioneer who is in training and operating under the supervision of a licensed auctioneer (A)</p> Signup and view all the answers

What is an Accounting of a Sale?

<p>A report to the seller by the auctioneer about details of the financial aspects of the auction (D)</p> Signup and view all the answers

What is the definition of an acceleration clause in a mortgage or land deal?

<p>A clause that states that upon default of a payment due, the balance of the obligation should be due and paid in full (C)</p> Signup and view all the answers

What is an advance fee in a real estate deal?

<p>A fee paid by the buyer to the seller prior to closing (A)</p> Signup and view all the answers

What is the definition of alienation in real estate?

<p>The transfer of real property by one person to another (C)</p> Signup and view all the answers

What is an appraiser?

<p>A person who estimates the value of a property (C)</p> Signup and view all the answers

What is an annuity?

<p>A sum of money or its equivalent that constitutes one of a series of payments (B)</p> Signup and view all the answers

What is an auction block?

<p>The podium or raised platform where the auctioneer stands while conducting the auction (D)</p> Signup and view all the answers

What is an auction listing agreement in real estate?

<p>A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction (A)</p> Signup and view all the answers

What is an auction marketer in real estate?

<p>A person who contracts with the sellers for an auction method of marketing property (B)</p> Signup and view all the answers

What is an as-is sale in real estate?

<p>Selling the property without warranties as to the condition and/or the fitness of the property for a particular use (A)</p> Signup and view all the answers

What is an absentee bidder in an auction?

<p>A person (or entity) who does not attend the auction, but submits an absentee bid (D)</p> Signup and view all the answers

What is an absolute auction?

<p>An auction where property is sold to the highest qualified bidder with no limiting conditions or amount (B)</p> Signup and view all the answers

What is an administrator in real estate?

<p>A person appointed by the court when no will is left (A)</p> Signup and view all the answers

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