Real Estate Vocabulary Quiz

<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

<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

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

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

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

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

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

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

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

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

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

<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

<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

<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

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

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

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

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

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

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

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

<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

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

<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

<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

<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

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

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

<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

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

<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

<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

<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

<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

<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

<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

<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

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

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

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

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

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

<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

<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

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

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

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

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

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

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

<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

<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

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

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

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

<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

<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

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

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

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

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

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

<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

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

<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

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

<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

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