Florida Real Estate Exam Terms (Part 2)

Florida Real Estate Exam Terms (Part 2)

Live Every Wednesday at 12 Noon EST

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!
For more episodes of Ask the Instructor visit http://TampaSchool.com/success
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To learn more about how you can obtain your Florida Real Estate License visit http://LicenseFL.com
You can also call or text us at (813) 928-0106

Tune in and send us your questions. For more exam prep tools or to enroll an a Florida real estate license course visit TampaSchoolofRealEstate.com or call us at (813) 928-0106

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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



Estate Terminologies

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.

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