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What are the most important key terms for the Florida Real Estate 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 some of the most important key terms for your Florida Real Estate exam on this week’s episode of Ask the Instructor!
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Having a conversation with someone that you don’t speak the same language with can be very confusing right and may lead to misunderstanding, right? That’s the same scenario that you might encounter once you take your Florida Real Estate Exam and you don’t know the words that you’ll read and what it means in Real Estate language. Maybe you are bright enough to check for context clues, but what if it doesn’t give you any clue at all?—then you are screwed.
Well, let’s avoid that from happening, I’ll unfold most of the important key terms that you might feel lost when you encounter it on your Florida Real Estate Exam.
Stipulation: setting up a deal
Acknowledgement: notarization which is not required
Constructive Notice: recording that was passed the public records
Clause: paragraph or text block
Due on Sale Clause: mortgage due when property sold
Contract: promise, agreement
Note: mortgage contract
Assumption/Assume mortgage: buyer added to seller’s mortgage
Breach: break of contract
Remedies of Breach: liquidated damages, forfeit of deposit
Specific Performance: sue to perform contract
Leasehold Estate: where you are leasing property
Estate for years: lease end date
Tenancy at will: agreement of week-to-week or month-to-month you have to give notice
Tenancy at sufferance: staying beyond the end date
These are the tip of the iceberg vocab that you might want to know before taking your Real Estate Licensing to avoid the language gap. Also, if you want to check for our guides before taking the examination you can check LicenseFL.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.