Florida Real Estate Exam 2024
Questions with Verified Answers
Township - ANSWERSA 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 - ANSWERSA square 1 mile on each side (1 mile square) containing 1 square
mile (640 acres).
Quarter Section - ANSWERSOne-fourth of a square mile-or 160 acres- of publicly
owned land.
Government lot - ANSWERSFractional 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 - ANSWERSAn 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 - ANSWERSThe 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 - ANSWERSloss of value due to factors beyond the property
boundaries
Binder Deposit - ANSWERScredit to the buyer
How many sections in a township - ANSWERS36
Joint Tenants - ANSWERSundivided ownership and right of survivorship goes to the
surviving owner. Never the heirs
FHA Loans - ANSWERSFederally insured loan (insurance)
VA Loans - ANSWERSGovt guaranteed loans
intangible tax - ANSWERSdebit buyer only -- tax on the mortgage
tenancy in common - ANSWERSCo-ownership of property in which each party owns an
undivided interest that passes to his or her heirs at death.
, Deeds are valid when - ANSWERSThey are voluntarily delivered and accepted. Does
NOT need to be recorded
Covenant of Seisin - ANSWERSGrantor has ownership of property and has a right to
sell it
When selling a rental listing the customer gets a refund on which terms -
ANSWERSwithin 30 days regardless of reason for 75%, if there is a mistake 100%
What economic indicator adjusts in an adjustable rate mortgage - ANSWERSindex
Estate for years - ANSWERSLease for a definite period of time
USPAP - ANSWERSUniform Standards of Professional Appraisal Practice
Which of the following is a set of administrative rules developed by the FREC, (Florida
Real Estate Commission)? - ANSWERSChapter 61j2
How is the intangible tax typically noted on the Closing Disclosure Statement? -
ANSWERSBuyer debit only - - Tax on a new mortgage
Lien theory - ANSWERSPrinciple in which the mortgagor retains both legal and
equitable title to property that serves as security for a debt. The mortgagee has a lien on
the property, but the mortgage is nothing more than collateral for the loan.
Title Theory - ANSWERSSome states interpret a mortgage to mean that the lender is
the owner of mortgaged land. Upon full payment of the mortgage debt, the borrower
becomes the landowner.
Who is responsible to deliver the HOA, (home-owner's association) disclosure
document to the buyer? - ANSWERSThe seller/owner
When must the no brokerage also called the non-representation disclosure form be
shown? - ANSWERSBefore entering into a listing agreement
In the event that a broker chooses not to have an escrow account, the funds are
typically held at a title company or in an attorney's escrow account. If the funds are held
at a title company or in an attorney's escrow account, what must be included on the
purchase and sale contract regarding the title company or attorney? - ANSWERSName,
address, and phone number of the title company or attorney
Sesin - ANSWERSpromise that the grantor actually owns the property and has a right to
sell it
Easement in Gross - ANSWERSeasement for the use of utlities
Questions with Verified Answers
Township - ANSWERSA 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 - ANSWERSA square 1 mile on each side (1 mile square) containing 1 square
mile (640 acres).
Quarter Section - ANSWERSOne-fourth of a square mile-or 160 acres- of publicly
owned land.
Government lot - ANSWERSFractional 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 - ANSWERSAn 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 - ANSWERSThe 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 - ANSWERSloss of value due to factors beyond the property
boundaries
Binder Deposit - ANSWERScredit to the buyer
How many sections in a township - ANSWERS36
Joint Tenants - ANSWERSundivided ownership and right of survivorship goes to the
surviving owner. Never the heirs
FHA Loans - ANSWERSFederally insured loan (insurance)
VA Loans - ANSWERSGovt guaranteed loans
intangible tax - ANSWERSdebit buyer only -- tax on the mortgage
tenancy in common - ANSWERSCo-ownership of property in which each party owns an
undivided interest that passes to his or her heirs at death.
, Deeds are valid when - ANSWERSThey are voluntarily delivered and accepted. Does
NOT need to be recorded
Covenant of Seisin - ANSWERSGrantor has ownership of property and has a right to
sell it
When selling a rental listing the customer gets a refund on which terms -
ANSWERSwithin 30 days regardless of reason for 75%, if there is a mistake 100%
What economic indicator adjusts in an adjustable rate mortgage - ANSWERSindex
Estate for years - ANSWERSLease for a definite period of time
USPAP - ANSWERSUniform Standards of Professional Appraisal Practice
Which of the following is a set of administrative rules developed by the FREC, (Florida
Real Estate Commission)? - ANSWERSChapter 61j2
How is the intangible tax typically noted on the Closing Disclosure Statement? -
ANSWERSBuyer debit only - - Tax on a new mortgage
Lien theory - ANSWERSPrinciple in which the mortgagor retains both legal and
equitable title to property that serves as security for a debt. The mortgagee has a lien on
the property, but the mortgage is nothing more than collateral for the loan.
Title Theory - ANSWERSSome states interpret a mortgage to mean that the lender is
the owner of mortgaged land. Upon full payment of the mortgage debt, the borrower
becomes the landowner.
Who is responsible to deliver the HOA, (home-owner's association) disclosure
document to the buyer? - ANSWERSThe seller/owner
When must the no brokerage also called the non-representation disclosure form be
shown? - ANSWERSBefore entering into a listing agreement
In the event that a broker chooses not to have an escrow account, the funds are
typically held at a title company or in an attorney's escrow account. If the funds are held
at a title company or in an attorney's escrow account, what must be included on the
purchase and sale contract regarding the title company or attorney? - ANSWERSName,
address, and phone number of the title company or attorney
Sesin - ANSWERSpromise that the grantor actually owns the property and has a right to
sell it
Easement in Gross - ANSWERSeasement for the use of utlities
