Florida Real Estate Exam!! A+ GRADED ANSWERS

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? - Answer- 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. In which form of co-ownership is a person's ownership inheritable? - Answer- a. Joint tenancy b. Tenancy by the entirety c. Tenancy in common d. Tenancy in severalty c. Tenancy in common allows for a persons share to be inheritable, it does not automatically pass forth to the rest of the owners like in joint tenancy (this is called the right of survivorship). How long do prospective tenants have to request a refund after purchasing a rental list? - Answer- 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? - Answer- a. Caveat emptor b. Judicial c. Lis pendens d. Non-judicial b. The state of florida offers a judicial foreclosure process A judicial foreclosure is known as a lien theory process. Basically, the homeowner has legal title to the property... Unlike title theory, where as the owner has equitable title Which of the following statements about the Florida property tax disclosure is NOT true? - Answer- a. It can be included in the sales contract itself. b. It cautions buyers not to rely on the current year's tax to predict 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 provided to sellers when they sign their agency agreement. c. This disclosure doesn't provide any estimates of future property tax amounts. Which act simplifies, clarifies, and modernizes consumer protection laws and makes them more consistent with federal trade laws? - Answer- a. Fair Housing Act b. Federal Duplicate Law Condensation Act c. Federal Trade Commission Act d. Florida Deceptive and Unfair Trade Practices Act