Florida Real Estate Exam 2024 QUESTIONS AND COMPLETELY SOLVED ANSWERS

Township - Answer- A square 6 miles on each side (6 miles square) containing 36 square miles (36 sections); also an (east-west) strip of land north and south of a baseline (tier). Section - Answer- A square 1 mile on each side (1 mile square) containing 1 square mile (640 acres). Quarter Section - Answer- One-fourth of a square mile-or 160 acres- of publicly owned land. Government lot - Answer- Fractional piece of land less than a quarter section resulting from geographical features (e.g., lakes, streams) interfering with land surveying. They become specific lot numbers Riparian Rights - Answer- An owner's rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water. Littoral Rights - Answer- The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on. External Obsolescence - Answer- loss of value due to factors beyond the property boundaries Binder Deposit - Answer- credit to the buyer How many sections in a township - Answer- 36 Joint Tenants - Answer- undivided ownership and right of survivorship goes to the surviving owner. Never the heirs FHA Loans - Answer- Federally insured loan (insurance) VA Loans - Answer- Govt guaranteed loans intangible tax - Answer- debit buyer only -- tax on the mortgage tenancy in common - Answer- Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death. Deeds are valid when - Answer- They are voluntarily delivered and accepted. Does NOT need to be recorded Covenant of Seisin - Answer- Grantor has ownership of property and has a right to sell it When selling a rental listing the customer gets a refund on which terms - Answer- within 30 days regardless of reason for 75%, if there is a mistake 100%