Gold Coast Real Estate 63HR Actual
Exam Questions With Reviewed
100% Correct Detailed Answers
Guaranteed Pass!!
1. Cooperatives (co-ops) - ANSWER legally quite distinct from
condominium ownership. A cooperative association is a corporation that
buys and owns a multiple-unit building. Shares of stock in the corporation
are sold to individuals who in turn are given a proprietary lease by the
corporation, which allows the shareholder to occupy specified space within
the building.
*Even though owners receive a proprietary lease, a real estate license is
required to sell units in a cooperative.
2. Constitutional homestead rights - ANSWER The Florida constitution
exempts homestead property from the execution and forced sale of the
property to satisfy personal judgement liens such as personal loans or credit
card debt, which are held against the head of a household. homestead
property can be sold at foreclosure for nonpayment of any lien, except a
judgment lien against the head of the household.
3. Protected homestead rights - ANSWER Homestead rights are protected
but limited to one-half acre if the homestead is located within a
municipality or to 160 acres if located outside of a municipality.
,4. Homestead Rules - ANSWER The homestead rules override any
attempted disposition in a will, with only one exception. The homestead
property may be left in fee simple to the surviving spouse if there are no
minor children.
5. Elective Share - ANSWER Provides for a surviving spouse to be entitled
to 30% of the dependents real and personal property owned at the time of
death. Prevents the spouse from being harmed by an unfair will.
6. Tenancy (estate) for years (non-freehold or leasehold) - ANSWER Non-
freehold estate with the tenant in lawful possession of the property under
an agreement with the landlord for a specified period of time. There must
be a definite beginning and end for the rights to exist, and these dates must
be specified.
7. Tenancy at will (non-freehold or leasehold) - ANSWER A non-freehold
estate with a tenant in lawful possession of the property under an
agreement with the landlord, but with no definite time for the rights to
terminate. Period to period tenancy. Can be oral or written.
8. Life Estate - ANSWER Provision must be made in the deed that creates a
life estate for the succession of ownership upon the death of the life tenant.
The Party who created the life estate, grantor, may wish to have the
property ownership returned to them (reversion) OR the grantor may wish
to have the property passed onto another person or entity. This is
considered retainer estate.
, 9. Tenancy by the Entirety - ANSWER In the case of a divorce, the
ownership is converted to a tenancy in common, unless otherwise dictated
by a court.
10.Also spouses are permitted to own property separate from the marriage
11.Tenancy by the entireties - ANSWER An estate for spouses only. The
marriage is considered to be the owner of the property in which each
spouse has the right of SURVIVORSHIP. this is the most common estate
ownership.
12.Joint tenancy - ANSWER A fee estate shared by 2 or more persons who
must have equal and undivided interests. This contains the right of
survivorship.
13.Tenancy in common (2nd most common) - ANSWER A fee estate held by
2 or more persons. Undivided interest in the property. Can be created by
the same or different deeds at the same time or different times with equal
or unequal shares of ownership. If owner dies intestate, the interest will
descend upon the owner's heirs.
14.Freehold Estate - ANSWER fee simple = complete bundle of rights.
15.Estate in severalty - ANSWER sole ownership of the entire bundle of
rights. if dies intestate, property will descend to heirs.
Exam Questions With Reviewed
100% Correct Detailed Answers
Guaranteed Pass!!
1. Cooperatives (co-ops) - ANSWER legally quite distinct from
condominium ownership. A cooperative association is a corporation that
buys and owns a multiple-unit building. Shares of stock in the corporation
are sold to individuals who in turn are given a proprietary lease by the
corporation, which allows the shareholder to occupy specified space within
the building.
*Even though owners receive a proprietary lease, a real estate license is
required to sell units in a cooperative.
2. Constitutional homestead rights - ANSWER The Florida constitution
exempts homestead property from the execution and forced sale of the
property to satisfy personal judgement liens such as personal loans or credit
card debt, which are held against the head of a household. homestead
property can be sold at foreclosure for nonpayment of any lien, except a
judgment lien against the head of the household.
3. Protected homestead rights - ANSWER Homestead rights are protected
but limited to one-half acre if the homestead is located within a
municipality or to 160 acres if located outside of a municipality.
,4. Homestead Rules - ANSWER The homestead rules override any
attempted disposition in a will, with only one exception. The homestead
property may be left in fee simple to the surviving spouse if there are no
minor children.
5. Elective Share - ANSWER Provides for a surviving spouse to be entitled
to 30% of the dependents real and personal property owned at the time of
death. Prevents the spouse from being harmed by an unfair will.
6. Tenancy (estate) for years (non-freehold or leasehold) - ANSWER Non-
freehold estate with the tenant in lawful possession of the property under
an agreement with the landlord for a specified period of time. There must
be a definite beginning and end for the rights to exist, and these dates must
be specified.
7. Tenancy at will (non-freehold or leasehold) - ANSWER A non-freehold
estate with a tenant in lawful possession of the property under an
agreement with the landlord, but with no definite time for the rights to
terminate. Period to period tenancy. Can be oral or written.
8. Life Estate - ANSWER Provision must be made in the deed that creates a
life estate for the succession of ownership upon the death of the life tenant.
The Party who created the life estate, grantor, may wish to have the
property ownership returned to them (reversion) OR the grantor may wish
to have the property passed onto another person or entity. This is
considered retainer estate.
, 9. Tenancy by the Entirety - ANSWER In the case of a divorce, the
ownership is converted to a tenancy in common, unless otherwise dictated
by a court.
10.Also spouses are permitted to own property separate from the marriage
11.Tenancy by the entireties - ANSWER An estate for spouses only. The
marriage is considered to be the owner of the property in which each
spouse has the right of SURVIVORSHIP. this is the most common estate
ownership.
12.Joint tenancy - ANSWER A fee estate shared by 2 or more persons who
must have equal and undivided interests. This contains the right of
survivorship.
13.Tenancy in common (2nd most common) - ANSWER A fee estate held by
2 or more persons. Undivided interest in the property. Can be created by
the same or different deeds at the same time or different times with equal
or unequal shares of ownership. If owner dies intestate, the interest will
descend upon the owner's heirs.
14.Freehold Estate - ANSWER fee simple = complete bundle of rights.
15.Estate in severalty - ANSWER sole ownership of the entire bundle of
rights. if dies intestate, property will descend to heirs.
