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20 Cards in this Set

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The most comprehensive interest in real property that an individual may possess is a(n)

A. estate for years.
B. life estate.
C. remainder estate.
D. fee simple estate.
D. fee simple estate.
Physical components of real property do NOT include

A. surface.
B. air space.
C. equitable rights.
D. subsurface.
C. equitable rights.
Fixtures are items that

A. are fixed, or attached, to real property.
B. were once personal property but are now real property.
C. have been incorporated as a part of real property.
D. are all of the above.
D. are all of the above.
Frank and Lucille decide to get a divorce. In addition to their Florida homesteaded property, they own a vacant lot in the same subdivision acquired in both of their names during the marriage. How will the lot be distributed?

A. The lot is considered to be separate property and will be distributed equally between Frank and Lucille.
B. Because the real estate is community property, each spouse is entitled to a one-half interest in the lot.
C. The interest in the lot will revert to a life estate and will be distributed to the lineal descendants.
D. The lot is a marital asset and will be distributed equitably.
D. The lot is a marital asset and will be distributed equitably.
The bundle of rights associated with real property does NOT include

A. use.
B. possession.
C. disposition.
D. utility.
D. utility.
Mary and John were recently wed. Mary owns a residential lot that was purchased before the marriage. The lot is considered to be

A. separate property.
B. community property.
C. a tenancy in common.
D. an estate by the entireties.
A. separate property.
At the expiration of the lease period and before renegotiation of the
lease, a tenant continued to occupy the apartment. The tenant's
position is called a(n)

A. tenancy at will.
B. tenancy at sufferance.
C. freehold estate.
D. estate in reversion.
B. tenancy at sufferance.
Lucy received a new microwave for Christmas. The microwave was
installed above her range by screwing the unit to the kitchen
cabinets and venting it through the attic. The microwave would be
considered

A. a fixture.
B. a chattel.
C. separate property.
D. personal property.
A. a fixture.
The homestead tax exemption is deducted from the

A. market value of a property.
B. assessed value of a property.
C. sale price of a property.
D. total cost, including all improvements.
B. assessed value of a property.
A husband and wife own a home with title in both names. The husband owns two small farms in his name only, acquired before the marriage. They have one minor child and one adult son. The husband dies. Which is most correct?

A. The widow owns a life estate in all property.
B. The property is split equally among the widow and the children.
C. The widow owns all of the home and may claim 30 percent of the two farms.
D. The widow owns 30 percent of all of the real estate.
C. The widow owns all of the home and may claim 30 percent of the two farms.
The real estate protected by homestead rights is limited to

A. 640 acres outside a city or town and one acre in town.
B. 160 acres outside a city or town and one-half acre in town.
C. 40 acres outside a city or town and one-half acre in town.
D. 160 acres outside a city or town or one-half acre in town.
D. 160 acres outside a city or town or one-half acre in town.
A constitutional homestead is owned by Ralph, who is head of a family consisting of himself, his wife, and their three children. Ralph dies unexpectedly. After his death, the widow

A. owns the homestead.
B. owns a life estate in the homestead, and the children are vested remaindermen.
C. may claim elective share rights of 30 percent of the homestead, and the children divide the remainder.
D. may claim all of the above.
B. owns a life estate in the homestead, and the children are vested remaindermen.
Which estate features right of survivorship?

A. Leasehold estate
B. Estate by the entireties
C. Tenancy at will
D. Tenancy in common
B. Estate by the entireties
Chapter 475, F.S., defines real property as any interest or estate in

A. land, improvements, leaseholds, subleaseholds, mineral rights, cemetery lots, or any assignment thereof.
B. land, improvements, business enterprises and business opportunities, leaseholds, subleaseholds, mineral rights, mobile homes, or any assignment thereof.
C. land, business enterprises and business opportunities, leaseholds, subleaseholds, mineral rights, cemetery lots, mobile home lots, or any assignment thereof.
D. land, business enterprises and business opportunities, including any assignment, leasehold, subleasehold, or mineral rights.
D. land, business enterprises and business opportunities, including any assignment, leasehold, subleasehold, or mineral rights.
In Florida, cooperatives and time-shares are regulated by the

A. Division of Real Estate.
B. Division of Florida Land Sales, Condominiums, and Mobile Homes.
C. Department of Housing and Urban Development.
D. Florida Real Estate Commission.
B. Division of Florida Land Sales, Condominiums, and Mobile Homes.
A condominium unit buyer has how long to cancel the purchase
contract following the signing of an agreement with a developer?

A. 3 days
B. 10 days
C. 15 days
D. 20 days
C. 15 days
Developers of condominium projects must give buyers

A. a copy of the prospectus.
B. the names and business addresses of real estate sales associates assigned.
C. the names of all current unit owners.
D. the names of unit owners, unit numbers, and amounts due from unit owners delinquent in monthly assessment fees.
A. a copy of the prospectus.
Which characteristic(s) is (are) unique to cooperatives as opposed to condominiums and time-share plans?

A. The corporation holds title to land and improvements.
B. The purchaser receives shares of stock in the corporation.
C. A proprietary lease entitles the purchaser of a cooperative
to occupy a unit.
D. All of the characteristics listed above are unique
to cooperatives.
D. All of the characteristics listed above are unique
to cooperatives.
All these apply to the constitutional homestead exemption EXCEPT

A. protection from forced sale for nonpayment of certain debts.
B. deduction of $25,000 from the assessed value of the
homesteaded property, if claimed.
C. claimants must hold title to the property and use the home as their principal residence.
D. it automatically creates a tenancy by the entireties if the person filing for homestead is married.
D. it automatically creates a tenancy by the entireties if the person filing for homestead is married.
Ms. Lee Dade paid cash for a 60-acre lemon grove in Citrus County. The estate is for an indefinite period of time. Ms. Dade does NOT own which type of estate in the property?

A. Fee simple estate
B. Freehold estate
C. Leasehold estate
D. Estate in severalty
C. Leasehold estate