Florida Real Estate Exam 2024/2025 With Correct Answers

Florida Real Estate Exam 2024/2025 With Correct Answers Township - Correct 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 - Correct Answer A square 1 mile on each side (1 mile square) containing 1 square mile (640 acres). Quarter Section - Correct Answer One-fourth of a square mile-or 160 acres- of publicly owned land. Government lot - Correct 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 - Correct 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 - Correct 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 - Correct Answer loss of value due to factors beyond the property boundaries Binder Deposit - Correct Answer credit to the buyer How many sections in a township - Correct Answer 36 Joint Tenants - Correct Answer undivided ownership and right of survivorship goes to the surviving owner. Never the heirs FHA Loans - Correct Answer Federally insured loan (insurance) VA Loans - Correct Answer Govt guaranteed loans intangible tax - Correct Answer debit buyer only -- tax on the mortgage tenancy in common - Correct 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 - Correct Answer They are voluntarily delivered and accepted. Does NOT need to be recorded