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What key terms should you be fluent with to pass your Florida Real Estate License exam? What real estate vocabulary will help you ace the state exam? How do the key terms show up on the exam? What is the best way to study the real estate vocab so you’re fluent in the language of real estate?
Review more of the most important key terms for your Florida Real Estate exam on this week’s follow up episode of Ask the Instructor!
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Traveling to a country where you don’t know the language can be a shitty experience. This experience will happen if you jump into the real estate business without knowing most used real estate language or terminologies. Knowing the keywords help you understand and make you well-versed with real estate businesses.
We have carefully handpicked the key terms that we are going to discuss today from contract element terminologies, Breaching of Contract Terminologies, and Estate Terminologies that you wanted to know for sure!
CONTRACT TERMINOLOGIES - here we are going to unfold the element of contracts and easiest 1 to 3 words definition of it to help you easily memorize and understood.
Elements of contracts - is abbreviated to COLIC which you can see below
Competent - sane, sound mind, 18+
Offer & Acceptance - no acceptance, no contract
Legal Purpose - legal, doesn’t break law
In writing & sign - statute of frauds
Consideration - what is being given / what’s is being exchange (valuable=money/property or good=love,friendship)
Void of Contract - missing one of the COLIC,
Unenforceable - cannot go to court
Enforceable - able to enforce in court
Prima Facie - proof or evidence
Terminologies in breaching of contract
Breach - break of contract
Remedies of Breach - liquidated damages,
Liquidated Damages - keep deposit
Compensatory Damages - compensation / actual financial loss
Rescission of Contract - to cancel
Freehold Estates - full-rights ownership of the property
Life Estate - lifetime-rights ownership of the property
Non-freehold / Leasehold Estates - possession rights of the property
Estate For Years - end date of lease
Tenant at will - week to week notice, month-to-month notice
Tenant at Sufferance - staying beyond the end date
Perfect! Now we just added new lists of terminologies to your real estate vocabulary mind-book. We will be adding more so be sure to check our blog post so you can catch all the real estate word factory terminologies ready for you! If you want to attend our prep class, you can check the link here at weekendprepclass.com.
This information is brought to you by the Success Center at TSRE | Tampa School of Real Estate.
TSRE was founded upon the idea of being MORE than a required class. When starting a real estate career, there's so much more than just passing a class. At TSRE your success is our success, and one of the ways we're here to help you every step of the way is the TSRE Success Center. Whether you're just starting out or are trying to take your business to the next level, we're here to help you build your real estate empire.