FLORIDA REAL ESTATE EXAM
2024/2025
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
Covenant of Seisin - CORRECT 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 - CORRECT ANSWER-within 30 days regardless
of reason for 75%, if there is a mistake 100%
What economic indicator adjusts in an adjustable rate mortgage
- CORRECT ANSWER-index
Estate for years - CORRECT ANSWER-Lease for a definite
period of time
USPAP - CORRECT ANSWER-Uniform Standards of
Professional Appraisal Practice
2024/2025
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
Covenant of Seisin - CORRECT 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 - CORRECT ANSWER-within 30 days regardless
of reason for 75%, if there is a mistake 100%
What economic indicator adjusts in an adjustable rate mortgage
- CORRECT ANSWER-index
Estate for years - CORRECT ANSWER-Lease for a definite
period of time
USPAP - CORRECT ANSWER-Uniform Standards of
Professional Appraisal Practice
