AGENT LICENSE FLORIDA 2-20 ACTUAL EXAM REAL
QUESTIONS AND WELL ELABORATED ANNSWERS
(VERIFIED SOLUTIONS) LATEST UPDATED VERSION |
ALREADY GRADED A+ (REVISED EXAM)
Real Property - ANSWER: Generally immovable. Goes with the land.
Personal Property - ANSWER: Generally movable. Goes with the person. Personal
property can be hypothecated, alienated and become real property (a fixture)
Chattel Real - ANSWER: tangible movable personal property
Fixture - ANSWER: Personal property that is now real property- for example, a pool
covering or a painting that has been nailed to the wall.
Trade Fixture - ANSWER: Linked to a business. They are personal- for example, a
hairdresser's chair or a dentist chair.
Riparian Rights - ANSWER: Water rights over a moving body of water- for example, a
river or a stream.
Littoral Rights - ANSWER: Land with abuts a body of static water- for example, a lake,
sea or ocean.
Accretion - ANSWER: An increase in actual land due to natural causes- for example,
from the gradual action of the ocean or river waters.
Avulsion - ANSWER: Land is washed away by water- for example, a dam brake and
the rushing water washes away.
Reliction - ANSWER: Gradual recession of water leaving land permanently uncovered
Appurtenances - ANSWER: include easements, stock in a mutual water company.
They are considered real property and run with the land.
Freehold Estate - ANSWER: Estate where ownership is held for an undefined length
of time.
Fee Simple Estate - ANSWER: Can be sold or inherited, and is not free of
encumbrances (taxes). Is he most interest that one can hold in land.
Fee Simple Defeasible - ANSWER: puts conditions on the use of a property. For
example, if the deed had a condition that no alcohol would be sold on the property.
,Life Estate - ANSWER: An interest in real property that lasts the length of someone's
life. It is a type of freehold estate because it is indefinite in duration.
Life Estate Pur Autrie Vie - ANSWER: An interest in real property that lasts the length
of someone's life (who is not the life tenant). Indefinite in duration.
Less Than Freehold Estate - ANSWER: Estate where ownership is held for a defined
length of time.
Estate for Years - ANSWER: Estate or tenancy lasting a fixed period of time- for
example, a summer rental lasting from April 5th to September 19.
Periodic Tenancy - ANSWER: Estate where tenancy is renewed periodically- for
example, week to week, month to moth or year to year.
Estate at Will - ANSWER: Estate that can be ended at any time by the landlord or the
tenant.
Estate at Sufferance - ANSWER: Estate where a tenant continues to occupy a
property after a lease or rental agreement has ended-for example, a deadbeat
tenant.
Lease - ANSWER: A contract between a lessor and a lessee which give possession but
not ownership, to the lessee.
Percentage Lease - ANSWER: Lease where the amount of rent paid by the lessee is a
percentage of the gross income the lessee's business for example, a commercial
paring lot.
Net Lease - ANSWER: Tenant pays for taxes, insurance and maintenance in addition
to other fees like rent and utilities.
Gross Lease - ANSWER: The tenant pays a fixed amount to the landlord for example,
a standard residential lease.
Sandwich Lease - ANSWER: An existing tenant sub-lets (or leases again) the property
to a third party. The lessee becomes the lessor.
Sale and Leaseback - ANSWER: Seller leases the recently-sold building from the new
owner. The vendor becomes the Lessee.
Tenant Improvement Allowance - ANSWER: The amount a landlord is willing to
spend so the tenant can retrofit or renovate a commercial space.
Abandonment - ANSWER: Voluntarily giving up the rights and responsibilities of
possession of a property.
, Subleases - ANSWER: When an existing tenants-lets (or leases again) the property to
a third party. The lessee becomes the lessor.
Assignment - ANSWER: When one party passes responsibility on to another.
Surrender - ANSWER: Giving up possession of a property.
Constructive Eviction - ANSWER: When a landlord does something, or fails to do
something, that he or she is legally obligated to do.
Estoppel Statement - ANSWER: A signed statement certifying that certain facts are
correct, which cannot be later contradicted by the signer.
Deed - ANSWER: Evidence of property transfer.
Grant Deed - ANSWER: A deed that includes two implied warranties: 1- The grantor
has not already given the title to another person. 2- The estate has no undisclosed
encumbrances.
Quitclaim Deed - ANSWER: A deed that operates as a release. It transfers property
quickly, but without any warranties on the title of any kind.
Warranty Deed - ANSWER: A deed in which a property owner, when transferring the
title, warrants that he owns the property free and clear of all items.
Special Warranty Deed - ANSWER: A deed in which the grantor warrants only against
defects that occurred during their ownership.
General Warranty Deed - ANSWER: a type of deed where the grantor or the seller
guarantees that she/he holds clear title to a piece of real estate and has the right to
sell it.
Bargains and Sale Deed - ANSWER: A deed that "conveys real property without
covenants". The grantor is implied to hold title and possession, but there is no
warranty against encumbrances.
Reconveyance Deed - ANSWER: A deed which indicates that the borrower is released
from a mortgage debt and transfers
Title - ANSWER: Way of holding title to real property. Title means ownership of the
bundle of rights in a property.
Chain of Title - ANSWER: Record of all prior transfers and/or encumbrance for a
particular parcel of land. It is important when deciding to issue the title insurance.
Abstract of Title - ANSWER: A summary that provides details of the title deeds and
documents that land, together with any encumbrances that relate to the property.
QUESTIONS AND WELL ELABORATED ANNSWERS
(VERIFIED SOLUTIONS) LATEST UPDATED VERSION |
ALREADY GRADED A+ (REVISED EXAM)
Real Property - ANSWER: Generally immovable. Goes with the land.
Personal Property - ANSWER: Generally movable. Goes with the person. Personal
property can be hypothecated, alienated and become real property (a fixture)
Chattel Real - ANSWER: tangible movable personal property
Fixture - ANSWER: Personal property that is now real property- for example, a pool
covering or a painting that has been nailed to the wall.
Trade Fixture - ANSWER: Linked to a business. They are personal- for example, a
hairdresser's chair or a dentist chair.
Riparian Rights - ANSWER: Water rights over a moving body of water- for example, a
river or a stream.
Littoral Rights - ANSWER: Land with abuts a body of static water- for example, a lake,
sea or ocean.
Accretion - ANSWER: An increase in actual land due to natural causes- for example,
from the gradual action of the ocean or river waters.
Avulsion - ANSWER: Land is washed away by water- for example, a dam brake and
the rushing water washes away.
Reliction - ANSWER: Gradual recession of water leaving land permanently uncovered
Appurtenances - ANSWER: include easements, stock in a mutual water company.
They are considered real property and run with the land.
Freehold Estate - ANSWER: Estate where ownership is held for an undefined length
of time.
Fee Simple Estate - ANSWER: Can be sold or inherited, and is not free of
encumbrances (taxes). Is he most interest that one can hold in land.
Fee Simple Defeasible - ANSWER: puts conditions on the use of a property. For
example, if the deed had a condition that no alcohol would be sold on the property.
,Life Estate - ANSWER: An interest in real property that lasts the length of someone's
life. It is a type of freehold estate because it is indefinite in duration.
Life Estate Pur Autrie Vie - ANSWER: An interest in real property that lasts the length
of someone's life (who is not the life tenant). Indefinite in duration.
Less Than Freehold Estate - ANSWER: Estate where ownership is held for a defined
length of time.
Estate for Years - ANSWER: Estate or tenancy lasting a fixed period of time- for
example, a summer rental lasting from April 5th to September 19.
Periodic Tenancy - ANSWER: Estate where tenancy is renewed periodically- for
example, week to week, month to moth or year to year.
Estate at Will - ANSWER: Estate that can be ended at any time by the landlord or the
tenant.
Estate at Sufferance - ANSWER: Estate where a tenant continues to occupy a
property after a lease or rental agreement has ended-for example, a deadbeat
tenant.
Lease - ANSWER: A contract between a lessor and a lessee which give possession but
not ownership, to the lessee.
Percentage Lease - ANSWER: Lease where the amount of rent paid by the lessee is a
percentage of the gross income the lessee's business for example, a commercial
paring lot.
Net Lease - ANSWER: Tenant pays for taxes, insurance and maintenance in addition
to other fees like rent and utilities.
Gross Lease - ANSWER: The tenant pays a fixed amount to the landlord for example,
a standard residential lease.
Sandwich Lease - ANSWER: An existing tenant sub-lets (or leases again) the property
to a third party. The lessee becomes the lessor.
Sale and Leaseback - ANSWER: Seller leases the recently-sold building from the new
owner. The vendor becomes the Lessee.
Tenant Improvement Allowance - ANSWER: The amount a landlord is willing to
spend so the tenant can retrofit or renovate a commercial space.
Abandonment - ANSWER: Voluntarily giving up the rights and responsibilities of
possession of a property.
, Subleases - ANSWER: When an existing tenants-lets (or leases again) the property to
a third party. The lessee becomes the lessor.
Assignment - ANSWER: When one party passes responsibility on to another.
Surrender - ANSWER: Giving up possession of a property.
Constructive Eviction - ANSWER: When a landlord does something, or fails to do
something, that he or she is legally obligated to do.
Estoppel Statement - ANSWER: A signed statement certifying that certain facts are
correct, which cannot be later contradicted by the signer.
Deed - ANSWER: Evidence of property transfer.
Grant Deed - ANSWER: A deed that includes two implied warranties: 1- The grantor
has not already given the title to another person. 2- The estate has no undisclosed
encumbrances.
Quitclaim Deed - ANSWER: A deed that operates as a release. It transfers property
quickly, but without any warranties on the title of any kind.
Warranty Deed - ANSWER: A deed in which a property owner, when transferring the
title, warrants that he owns the property free and clear of all items.
Special Warranty Deed - ANSWER: A deed in which the grantor warrants only against
defects that occurred during their ownership.
General Warranty Deed - ANSWER: a type of deed where the grantor or the seller
guarantees that she/he holds clear title to a piece of real estate and has the right to
sell it.
Bargains and Sale Deed - ANSWER: A deed that "conveys real property without
covenants". The grantor is implied to hold title and possession, but there is no
warranty against encumbrances.
Reconveyance Deed - ANSWER: A deed which indicates that the borrower is released
from a mortgage debt and transfers
Title - ANSWER: Way of holding title to real property. Title means ownership of the
bundle of rights in a property.
Chain of Title - ANSWER: Record of all prior transfers and/or encumbrance for a
particular parcel of land. It is important when deciding to issue the title insurance.
Abstract of Title - ANSWER: A summary that provides details of the title deeds and
documents that land, together with any encumbrances that relate to the property.
