Florida Real Estate Exam LATEST CHAPTER

1. Samuel wants to do a 1031 exchange. He sold his investment property and has identified the property he'd like to buy next. Within how many days must he close on this property in order for it to qualify as part of the exchange? 2. In which form of co-ownership is a person's own- ership inheritable? 3. How long do prospective tenants have to request a refund after purchasing a rental list? 4. a. 180 b. 30 c.45 d.60 a. He has 45 days to identify a property he would like to purchase and 180 days to close on it, from time of sale. a. Joint tenancy b. Tenancy by the en- tirety c. Tenancy in common d. Tenancy in severalty c. Tenancy in common allows for a persons share to be inherita- ble, it does not auto- matically pass forth to the rest of the own- ers like in joint tenancy (this is called the right of survivorship). a. 10 days b. 15 days c. 30 days d. 360 days C. 30 days tenants have up to 30 days to request a 75% refund if they do not purchase a rental Which method best describes the foreclosure process in Florida? 5. Which of the following statements about the Flori- da property tax disclosure is NOT true? a. Caveat emptor b. Judicial c. Lis pendens d. Non-judicial b. The state of florida offers a judicial fore- closure process A judicial foreclosure is known as a lien the- ory process. Basical- ly, the homeowner has legal title to the prop- erty... Unlike title theory, where as the owner has equitable title a. It can be included in the sales contract it- self. b. It cautions buyers not to rely on the cur- rent year's tax to pre- dict what they'll have to pay. c. It gives buyers a rough estimate of the property tax they'll pay in the coming year. d. It must be provid- ed to sellers when they sign their agency agreement. c. This disclosure doesn't provide any 6. Which act simplifies, clarifies, and modernizes consumer protection laws and makes them more consistent with federal trade laws? 7. To comply with the statute of frauds, an option contract must be . estimates of future property tax amounts. a. Fair Housing Act b. Federal Dupli- cate Law Condensa- tion Act c. Federal Trade Com- mission Act d. Florida Deceptive and Unfair Trade Prac- tices Act d. The Florida Decep- tive and Unfair Trade Practices Act is the act that simplifies, clari- fies, and modernizes consumer protection laws and makes them more consistent with federal trade laws. a. In writing and signed by the optionee b. In writing and signed by the optionor c. In writing and wit- nessed by an attorney d. On file at the local courthouse b. To comply with the statute of frauds, an option contract must be in writing and signed by the optionor (seller). 8. A cooperative is a(n) . a. limited partnership b. LLC c. not-for-profit corpo- ration d. sole proprietorship c. A cooperative is a joint venture with its shareholders, formed for their benefit and governed by them. It's a not-for-profit corpo- ration. 9. Compared with condominiums, the monthly fees for a cooperative owner are typically .