Bob Hogue Real Estate Exam Vocab Test (Questions And Answers) Updated

Vendor's Lien {Ans: A claim against property giving the seller the right to hold the property as security for any unpaid purchase money.}Remainderman {Ans: The party designated to receive an estate at the end of a life estate.}Second Mortgage {Ans: A loan that is junior or subordinate to a first mortgage, normally taken out when the borrower needs more money. Also called secondary financing.}Blind Advertisement {Ans: An advertisement that provides only a telephone number, a post office box, and/or an address without the licensed name of the brokerage firm.}Active license {Ans: A current, valid license registered with the DPBR. The status required to actively engage in the real estate business.}Leverage {Ans: The use of borrowed funds to finance the purchase of an asset; the use of another's money to make more money.}