FLORIDA REAL ESTATE EXAM 2024 UPDATED QUESTIONS AND
VERIFIED CORRECT ANSWERS BY EXPERT GARDED A++
Township
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
A square 1 mile on each side (1 mile square) containing 1 square mile (640 acres).
Quarter Section
One-fourth of a square mile-or 160 acres- of publicly owned land.
Government lot
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
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
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
loss of value due to factors beyond the property boundaries
Binder Deposit
credit to the buyer
How many sections in a township
36
, Joint Tenants
undivided ownership and right of survivorship goes to the surviving owner. Never the
heirs
FHA Loans
Federally insured loan (insurance)
VA Loans
Govt guaranteed loans
intangible tax
debit buyer only -- tax on the mortgage
tenancy in common
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
They are voluntarily delivered and accepted. Does NOT need to be recorded
Covenant of Seisin
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
within 30 days regardless of reason for 75%, if there is a mistake 100%
What economic indicator adjusts in an adjustable rate mortgage
index
Estate for years
Lease for a definite period of time
USPAP
Uniform Standards of Professional Appraisal Practice
Which of the following is a set of administrative rules developed by the FREC,
(Florida Real Estate Commission)?
Chapter 61j2
How is the intangible tax typically noted on the Closing Disclosure Statement?
Buyer debit only - - Tax on a new mortgage
Lien theory
VERIFIED CORRECT ANSWERS BY EXPERT GARDED A++
Township
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
A square 1 mile on each side (1 mile square) containing 1 square mile (640 acres).
Quarter Section
One-fourth of a square mile-or 160 acres- of publicly owned land.
Government lot
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
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
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
loss of value due to factors beyond the property boundaries
Binder Deposit
credit to the buyer
How many sections in a township
36
, Joint Tenants
undivided ownership and right of survivorship goes to the surviving owner. Never the
heirs
FHA Loans
Federally insured loan (insurance)
VA Loans
Govt guaranteed loans
intangible tax
debit buyer only -- tax on the mortgage
tenancy in common
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
They are voluntarily delivered and accepted. Does NOT need to be recorded
Covenant of Seisin
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
within 30 days regardless of reason for 75%, if there is a mistake 100%
What economic indicator adjusts in an adjustable rate mortgage
index
Estate for years
Lease for a definite period of time
USPAP
Uniform Standards of Professional Appraisal Practice
Which of the following is a set of administrative rules developed by the FREC,
(Florida Real Estate Commission)?
Chapter 61j2
How is the intangible tax typically noted on the Closing Disclosure Statement?
Buyer debit only - - Tax on a new mortgage
Lien theory
