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Real Estate Exam > Real Estate Exam 1,009 Q&A #801-1000 > Flashcards

Real Estate Exam 1,009 Q&A #801-1000 Flashcards

1
Q

A trade name must be registed with the ________ ______ ___________ at the department of state.

A

Division of corporation

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2
Q

Sales associates can be stockholder in a brokerage corporation but may not be _______ or _______.

A

Officers or directors.

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3
Q

A real estate brokerage corporation must have atleast ___ active broker serving as an _______.

A

1, Officer

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4
Q

Anyone licensed or not can be a ________ _______ in a real estate brokerage limited partnership.

A

Limited Partner

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5
Q

Two or more brokers that share office space but not not maintain their sperate status as independent brokers could be charged as being a _____ ______.

A

Ostensible Partnership

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6
Q

The party who holds title to corpation sole property is colled the _______ __________.

A

Sole Titleholder

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7
Q

Sales associates and brokers associates must report any change of employer or address change to the DBPR with in _____ day on a form prescibed for such use.

A

10

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8
Q

For a broker to legally be paid a kick back or rebate, he or she must have performed a _______, held an appropriate _________, and all parties must be ______ of the payement.

A

Service, License, Advised

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9
Q

When a broker has conflicting demand for fund held in escrow, he or she must repost such conflict to the FREC within ____ days.

A

15

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10
Q

A Broker who feels he or she is entitled to some or all of the escrowed funds that are the subject of a dispute may submit the dispute to the court by fiuling an action for ________ __________.

A

Declaration Decree.

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11
Q

A broker who intermingles or commingles business or personal fun with escrowed funds has committed a form of fraud called _______.

A

commingling

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12
Q

Licensees that fail to reveal something material to a buyers decision may be charged with ________.

A

concealment

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13
Q

Brokerage firms that operate under a dictitious name are required to register the name with the ______ ______ _______ ______ ______ ________.

A

Department of business and profession regulation.

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14
Q

Fraud can occur _______ or _________.

A

Accidently or Inadvertantly

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15
Q

If rental information is sold to a prospective tenant, and the informaiton is found to be materially incorrect, the applicant may request a refund of ____, provided the request is made with _____ days of the date of the contract.

A

100%, 30 days

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16
Q

Operating in a careless, reckless, excessively negligent manner may result in a broker being charged with ________ _________.

A

Culpable negligence

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17
Q

A Licensee should advise a customer to obtain an __________, or an ______ ________ from an attorney when ever a question of title arises.

A

Abstract, Attorneys Tititle Opinion

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18
Q 
A sales associate licensd with a real estate brokerage corporation can be 
A. an officer
B. A stockholder
C. a Director.
D. An office and a director
A

B. A stockholder

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19
Q

Six individuals decide to form a real estate brokerage partnership. all six individuals are planning to be active in real estate sales. Which best applies?
A. The partnership must be registerd with the commission, and all six partners must be active real estate brokers.
B. At least one partner must be licensed as an active broker.
C. Only two partners must have a real estate license.
D. A partnership cannot be formed as a brokerage business.

A

A. The partnership must be registerd with the commission, and all six partners must be active real estate brokers.

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20
Q

A broker associate licensed with a realm estate broker partnership
A. can be a member of the partnership
B. can make earnest money deposits
C. cannot manage the office
D. cannot supervise licensed sales associates.

A

B. Can make earnest money deposits.

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21
Q 
Which of the business forms listed below CANNOT register to conduct real estate transactions?
A. corporation for profit
B. corporation not for profit
C. corporation sole
D. limited partnership
A

C. corporation sole

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22
Q 
A sales associate is licensed under an owner-developer thagt owns several affiliated organizations. should the employer wish to have the sales associate provide real estate services for these various organizations, which type of license should the sales associate request?
A. Multiple
B. Group
C. Corporate
D. Branch Office
A

B. Group

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23
Q

The idea that the original investment should grow without losing it.

A

conservation of capital

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24
Q

if other people want to buy and sell it for themselves– your investment is _______.

A

liquid

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25
Q

lower rate of return

A

negative leverage

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26
Q

Four of the most important types of investment are investments in m_____, e______, d____, and r___ e____.

A

money, equity, debt, and real estate

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27
Q

Examples of ________ investments are: deposit accounts, certificates of deposit, money funds, and annuities.

A

money

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28
Q

Examples of _______ investments are bonds, notes, mortgages, and bond mutual funds.

A

debt

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29
Q

Examples of _______ investments are stocks and stock mutual funds.

A

equity

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30
Q

Examples of _____ _____ investments are non income & income properties

A

real estate

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31
Q

an agreement between two or more parties who, in a “meeting of the minds,” have pledged to perform or refrain from performing some act.

A

contract

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32
Q

one that is legally enforceable by virtue of meeting certain requirements of contract law. If a contract does not meet the requirements, it is not valid and the parties to it cannot resort to a court of law to enforce its provisions.

A

valid contract

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33
Q 
a court may construe the \_\_\_\_\_\_ \_\_\_\_\_\_ of a contract in one of four ways:
valid
valid but unenforceable
void
voidable
A

legal status

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34
Q

A ______ _______ that is in writing is enforceable within a statutory time period. A _________ ________ that is made orally is also generally enforceable within a statutory period.

A

valid contract

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35
Q

An oral long-term lease and an oral real estate sales

contract are examples of contracts that may be _______ _____ __________.

A

Valid but unenforceable

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36
Q

an agreement that does not meet the tests for validity, and therefore is no contract at all. If a contract is ______, neither party can enforce it. Example: a contract that does not include consideration is _____ & a contract to extort money from a busine

A

Void

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37
Q

Void contracts and instruments are also described as “______ & _______.”

A

null & void

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38
Q

a contract that initially appears to be valid, but is subject to rescission by a party to the contract who is deemed to have acted under some kind of disability. Only the party who claims the disability may rescind the legal effect of the contract. Ex: a party who was the victim of duress, coercion, or fraud in creation of a contract, and can prove it, may disaffirm the contract. (within a time frame.)

A

Voidable

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39
Q

A voidable contract differs from a void contract in that the lvoid contract does not require an act of ___________ to make it unenforceable.

A

disaffirmation

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40
Q

get out of

A

disaffirmation

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41
Q

Capacity to contract is determined by three factors:
l____ a___
m______ c________
l_______ a________

A

legal age, mental competency, legitimate authority

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42
Q

requires that a contract involve a clear and definite offer and an intentional, unqualified acceptance of the offerr; the parties must agree to the terms without equivocation. A court may nullify a contract where the acceptance of terms by either party was partial, accidental, or vague.

A

Mutual consent. (aka meeting of the minds or offer & acceptance)

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43
Q

A contract must contain a two-way exchange of _______ __________ as compensation for performance by the other party. The exchange of considerations must be two-way. The contract is not valid or enforceable if just one party provides _______ _________; can be money or something a party promises to do or not do.

A

Valuable consideration

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44
Q

love and affection,; can serve as a nominal consideration in transferring a real property interest as a gift.

A

Good consideration

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45
Q

The content, promise, or intent of a contract must be lawful. A contract that proposes an illegal act is _____.

A

void

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46
Q

The parties must create the contract in ______ _____ as a free and ________ act. A contract is thus ________ if one party acted under duress, coercion, fraud, or misrepresentation.

A

good faith; voluntary; voidable

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47
Q

If a property seller induces a buyer to purchase a house based on assurances that the roof is new, the buyer may _______ the agreement if the roof turns out to be twenty years old and leaky

A

rescind

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48
Q

a contract that conveys an interest in real estate must:
1 be in _______
2 contain a _______ description of the property
3 be _______ by one or more of the parties

A

writing; legal; signed

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49
Q

restricts the time period for which an injured party in a contract has the right to rescind or disaffirm the contract. A party to a voidable contract must act within the statutory period.

A

Statute of limitations

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50
Q

States that all contracts to buy, sell, exchange, or lease interests in real property must be in writing to be enforceable. With exception of leases that are less than one year.

A

Statute of frauds

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51
Q

The ______ ___ ______ concerns the enforceability of a contract, not its validity. Once the parties to a valid oral contract have executed and performed it, even if the contract was unenforceable, a party cannot use the _____ ____ _______ to rescind the contract. Example, a broker and a seller have an oral agreement. Following the terms of the agreement, the broker finds a buyer, and the seller pays the commission. They have now executed the contract, and the seller can not later force the broker to return the commission based on the______ ____ ________.

A

statute of frauds

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52
Q

The exact point at which the offer becomes a contract is when the offeree gives the offeror notice of the __________.

A

acceptance

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53
Q

If an offer contains an expiration date and the phrase “time is of the _______,” the offer expires at exactly the time specified. In the absence of a stated time period, the offeree has “________” time to accept an offer.

A

essence; reasonable

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54
Q

If the communication of acceptance is by mail, the offer is considered to be communicated as soon as ___ ___ _______ __ ___ ______.

A

it is placed in the mail

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55
Q

An offer may be revoked, or withdrawn, at any time before the offeree has ________ ________. The _________ extinguishes the offer and the offeree’s right to accept it.

A

communicated acceptance; revocation

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56
Q 
Situaions that terminate an offer:
a\_\_\_\_\_\_\_\_\_
r\_\_\_\_\_\_\_\_\_
r\_\_\_\_\_\_\_\_\_
l\_\_\_\_\_ of t\_\_\_\_\_
c\_\_\_\_\_\_\_\_\_
d\_\_\_\_\_ or i\_\_\_\_\_\_
A

acceptance, rejection, revocation, lapse of time, counteroffer, death or insanity

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57
Q

the offeree accepts the offer, converting it to a contract.

A

acceptance

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58
Q

the offeree rejects the offer

A

rejection

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59
Q

the offeror withdraws the offer before acceptance

A

revocation

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60
Q

the offer expires

A

lapse of time

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61
Q

the offeree changes the offer

A

counteroffer

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62
Q

Listing agreements are not __________, since they are personal service agreements between agent and principal. Sales contracts, however, are _________, because they involve the purchase of real property rather than a personal service.

A

assignable

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63
Q

oral

A

parol

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64
Q

contract in which all the terms and covenants of the agreement have been manifestly stated and agreed to by all parties, whether verbally or in writing.

A

express contract

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65
Q

an unstated or unintentional agreement that may be deemed to exist when the actions of any of the parties suggest the existence of an agreement.

A

implied contract

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66
Q

contract in which both parties promise to perform their respective parts of an agreement in exchange for performance by the other party. Example: an exclusive listing: the broker promises to exercise due diligence in the efforts to sell a property, and the seller promises to compensate the broker when and if the property sells.

A

bilateral contract

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67
Q

a contract in which only one party promises to do something, provided the other party does something. The latter party is not obligated to perform any act, but the promising party must fulfill the promise if the other party chooses to perform. Ex. contract with option period

A

unilateral contract

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68
Q

contract that has been fully performed and fulfilled: neither party bears any further obligation. A completed and expired lease contract is an executed contract: the landlord may re-possess the premises and the tenant has no further obligation to pay rent.

A

executed contract

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69
Q

a contract in which performance is yet to be completed. A sales contract prior to closing is executory: while the parties have agreed to buy and sell, the buyer has yet to pay the seller and the seller has yet to deed the property to the buyer.

A

executory contract

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70
Q

the substitution of a new contract for an existing one; the new contract must reference the first and indicate that the first is being replaced and no longer has any force and effect.

A

novation

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71
Q

the act of nullifying a contract.

A

rescission

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72
Q

cancellation of the contract by one party without the consent of the other. For example, a seller may revoke a listing to take the property off the market.

A

revocation

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73
Q

occurs when parties fail to perform contract obligations. This situation may allow the parties to cancel the contract.

A

Abandonment

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74
Q

failure to perform according to the terms of the agreement; gives the damaged party the right to take legal action

A

breach of contract (aka default)

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75
Q 
legal remedies for breach of contract:
r\_\_\_\_\_\_\_\_
f\_\_\_\_\_\_\_\_
s\_\_\_\_ for d\_\_\_\_\_\_\_
s\_\_\_\_\_ for s\_\_\_\_\_\_ p\_\_\_\_\_\_\_\_
A

rescission, forfeiture, suit for damages, suit for specific performance

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76
Q

This cancels the contract and returns the parties to their pre-contract condition, including the refunding of any monies already transferred.

A

rescission

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77
Q

this requires the breaching party to give up something, according to the terms of the contract. For example, a buyer who defaults on a sales contract may have to forfeit the earnest money deposit.

A

forfeiture

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78
Q

the total amount stated in a contract that is due to a damaged party in the even of a breach of contract.

A

liquidated damages

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79
Q

the unspecified amount of money a damaged part may sue for in the event of a breach of contract.

A

unliquidated damages.

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80
Q

an attempt to force the defaulting party to comply with the terms of the contract; occurs when it is difficult to identify damages because of the unique circumstances of the real property in question.

A

suit for specific performance

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81
Q

someone who possesses all ownership interests owns ______ _______ to the property.

A

legal title (aka title)

82
Q

the interest or right to obtain legal title to a property in accordance with a sale or mortgage contract between the legal owner and a buyer or creditor.

A

equitable title

83
Q

During the contractual period of time when ownership of legal title is contingent upon the contract, the buyer or lender owns _______ title to the property.

A

equitable

84
Q

Transfer of title to real estate

A

alienation

85
Q

transfer of real estate using a written instrument

A

conveyance

86
Q

Execution of a valid deed in itself does not convey title. It is necessary for the deed to be ________ to and ________ by the grantee for title to pass.

A

delivered; accepted

87
Q

Recording is _____ necessary to make a deed valid. However, it is in the grantee’s best interests to do so. Recording the deed gives the public ________ notice of the grantee’s ownership.

A

not; constructive

88
Q

conveyance clause - the only required clause; contains the conveyance intentions; names the parties; describes the property; indicates nominal consideration.

A

Granting clause (or premises clause)

89
Q

conveyance clause - describes the type of estate being conveyed (fee simple, life, etc.)

A

Habendum clause

90
Q

conveyance clause - recites restrictions and limitations to the estate being conveyed, e.g., deed restrictions, liens, easements, encroachments, etc.

A

Reddendum clause (or reserving clause)

91
Q

conveyance clause - identifies property being conveyed in addition to land

A

Tenendum clause

92
Q

clauses present the grantor’s assurances to the grantee. A deed of conveyance usually contains one or more of these covenants, depending on the type of deed.

A

Covenant (or warrant) clauses.

93
Q

warrant clause that assures that the grantor owns the estate to be conveyed, and has the right to do so

A

seizen

94
Q

assures that the grantee will not be disturbed by third party title disputes

A

quiet enjoyment

95
Q

assures that the grantor will assist in clearing any title problems discovered later

A

further assurance

96
Q

assures that the grantee will receive good title, and that grantor will assist in defending any claims to the contrary

A

forever (warranty of title)

97
Q

assures that there are no encumbrances on the property except those expressly named

A

encumbrances

98
Q

states the assurance of a trustee, acting as grantor on behalf of thestates the assurance of a trustee,

A

against grantor’s acts

99
Q

special purpose deed used by an executor to convey a decedent’s estate; also called an executor’s deed

A

Personal representative’s deed

100
Q

special purpose deed used by a court-appointed guardian to transfer property of minors or mentally incompetent persons

A

Guardian’s deed

101
Q

special purpose deed used to convey foreclosed property sold at public auction

A

sheriff’s deed

102
Q

special purpose deed used to convey property to a third party trustee as collateral for a loan

A

Deed of trust

103
Q

special purpose deed used on satisfaction of the loan terms, the trustee uses this type of deed to convey the property back to the borrower

A

reconveyance deed

104
Q

special purpose deed used to convey property to the trustee of a land trust.

A

Deed in trust

105
Q

special purpose deed used to convey land to a condominium developer; accompanied by the condominium declaration when recorded

A

master deed

106
Q

special purpose deed used to convey co-owned property in compliance with a court order resulting from a partition suit

A

partition deed

107
Q

special purpose deed used to transfer government property to private parties

A

patent deed

108
Q

special purpose deed used to convey property sold at a tax sale

A

tax deed

109
Q

tax required on all deeds or other documents ussed as conveyances. The charge is based on the face value of the note.

A

documentary stamp tax

110
Q

A will takes effect only after the testator’s death. It is an ________ instrument, meaning that it can be changed at any time during the maker’s lifetime.

A

amendatory

111
Q

will in the testator’s handwriting, dated and signed

A

Holographic

112
Q

will on pre-printed forms meeting the requirements of state law

A

approved

113
Q

will made orally, and written down by a witness; generally not valid for the transfer of real property

A

nuncupative

114
Q

state laws that stipulate who inherits and what share they receive, without regard to the desires of the heirs or the intentions of the deceased.

A

descent and distribution (or succession)

115
Q

title free of undesirable encumbrances.

A

marketable title

116
Q

an ownership interest for an indefinite period of time

A

freehold estate

117
Q

an interest in real property that is measured in calendar time

A

leasehold estate (or nonfreehold)

118
Q

Both leasehold and freehold estates are referred to as _______

A

tenancies

119
Q

freehold tenant

A

freehold tenant

120
Q

renter or lessee

A

leasehold tenant

121
Q

the highest form of ownership interest one can acquire in real estate. It includes the complete bundle of rights, and the tenancy is unlimited, with certain exceptions indicated below.

A

fee simple freehold

122
Q

owner of the fee simple interest

A

fee tenant

123
Q

a perpetual estate that is not conditioned by stipulated or restricted uses. It may also be freely passed on to heirs.

A

Fee Simple Absolute Estate

124
Q

perpetual, provided the usageconforms to stated conditions. Essential characteristics are :•the property must be used for a certain purpose or under certain conditions •if the use changes or if prohibited conditions are present,the estate reverts to the previous grantor of the estate

A

Fee Simple Defeasible Estate

125
Q

a type of fee simple defeasible estate that states usage limitations. If the restrictions are violated, the estate automatically reverts to the grantor or heirs.

A

Determinable

126
Q

a type of fee simple deafeasible estate in which If any condition is violated, the previous owner may repossess the property. reversion of the estate is not automatic: the rantor must re-take physical possession within a certain time frame

A

Condition subsequent

127
Q

a freehold estate that is limited in duration to the life of the owner or other named person. Upon the death of the owner or other named individual, the estate passes to the original owner or another named party

A

life estate

128
Q

the holder of a life estate

A

life tenant

129
Q

third party to receive title to the property upon termination of the life estate, the party enjoys a future interest called a remainder interest or a remainder estate.

A

Remainderman

130
Q

the portion of the net proceeds from the sale of the property that represents the return of the investor’s capital.

A

reversion

131
Q

by grant from a fee simple property owner to the grantee, the life tenant. Following the termination of the estate, rights pass to a remainderman or revert to the previous owner.

A

conventional life estate

132
Q

an ordinary life estate ends with the death of the life estate owner and may pass back to the original owners or their heirs (reversion) or to a named third party (remainder).For example, John King grants a life estate in a property to Mary Brown, to endureover Mary’s lifetime. John establishes that when Mary dies, the property will revert to himself.

A

Ordinary life estate

133
Q

life estate endures over the lifetime of a thirdperson, after which the property passes from the tenant holder to the original grantor (reversion) or a third party (remainderman) For example, Yvonne grants a life estate to Ryan, to endure over the lifetime of Yvonne’s husband Steve. Upon Steve’s death, Yvonne establishes that her mother, Rose, will receive the property

A

Pur autre vie

134
Q

created by state law as opposed to being created by a property owner’s agreement. Provisions vary from state to state. The focus of this type of estate is defining and protecting the property rights of surviving family membersupon the death of the husband or wife

A

legal life estate

135
Q

one’s principal residence. The laws protect family members against losing their homes to general creditors attempting to collect on debts.

A

homestead

136
Q

wife’s life estate interest in the husband’s property.

A

Dower

137
Q

husband’s life estate interest in the wife’s property.

A

curtesy

138
Q

To transfer property within dower and curtesy states, the husband (or wife) must obtain a release of the ______ interest from the other spouse in order to convey

A

dower

139
Q

a state-level statute enabling a surviving spouse to make a minimum claim to the deceased spouse’s real and personal property in place of the provisions for such property in the decedent’s will. For example, if a husband’s will excludes the wife from any property inheritance, the wife may, upon the husband’s death make the _____ ______ claim.

A

Elective share

140
Q

a leasehold estate for a definite period of time, with a beginning date and an ending date

A

estate for years

141
Q

estate from period-to-period; this period automatically renews for an indefinite period of time, subject to timely payment of rent.

A

periodic tenancy

142
Q

has no definite expiration date and hence no “renewal” cycle. The landlord and tenant agree that the tenancy will have no specified termination date, provided rent is paid on time and other lease conditions are met. For example, a son leases a house to his father and mother “forever,” or until they want to move. terminated by proper notice, or by the death of either party.

A

tenancy at will (aka estate at will)

143
Q

a tenant occupies the premises without consent of the landlord or other legal agreement with the landlord. Usually such an estate involves a tenant who fails to vacate at the expiration of the lease, continuing occupancy without any right to do so. For example, a tenant violates the provisions of a lease and is evicted. The tenant protests and refuses to leave despite the eviction order.

A

estate at sufferance

144
Q

a transaction involving a cooperating subagent. Commission is typically split on a 50-50 basis.

A

co-brokerage

145
Q

an organization of brokers who have agreed to cooperate with member brokers in marketing listings.

A

multiple listing service

146
Q

critical brokerage skills:

  1. o_______ a client listing
  2. m_______ a listing
  3. f_________ the closing of a transaction
  4. m________ market information
A

obtaining, marketing, facilitating, managing

147
Q

a fundamental part of maintaining market expertise is o_______ & m_______ an information system.

A

organizing & managing

148
Q

Examples of a______ services:

  1. providing an estimate of value
  2. prfroming market analysis
  3. managing property
A

advisory

149
Q

business owned by a single individual.

A

sole proprietorship

150
Q

a legal entity owned by stockholders.

A

corporation for profit

151
Q

a corporation is ________ if it is headquartered in the state where the articles of incorporation were filed. Otherwise, the corporation is a _________ corporation.

A

domestic; foreign

152
Q

a corporate entity which is not legally entitled to generate profit. This type of corporation may not broker real estate.

A

non-profit corporation

153
Q

a for-profit business consisting of two or more co-owners who have agreed to share business profits.

A

general partnership

154
Q

consists of general partners and limited partners.

A

limited partnership

155
Q

a partnership formed to complete a specific business endeavor, such as real estate development.

A

joint venture

156
Q

a group of investors who invest in a pooled trust fund managed by their elected trustee. this type of trust may not broker real estate, but it may buy and sell its own real estate assets.

A

business trust

157
Q

a non-profit, tax-exempt alliance of individuals or compaines formed to promote common goods or services. this type of association may not broker real estate.

A

cooperative association

158
Q

a brokerage that is not affiliated with a franchise.

A

Independent brokerage

159
Q

an idependently-owned company that enters into a licensing arrangement with a franchisor to participate in various benefits offered in exchange for compensation.

A

franchised brokerage

160
Q

the act of mixing the broker’s personal or business funds with escrow funds.

A

commingling

161
Q

the act of misappropriating escrow funds for the broker’s business or personal use. considered an act of theft.

A

conversion

162
Q

This act was enacted in 1890 and it prohibits resraint of interstate and foreign trady by consiracy, monopolistic pratice, and certai forms of business combinatins or mergers; it empowers the federal government to proceed against antitrus violators.

A

Sherman Antitrust Act

163
Q

This act was enacted in 1914, and it reinforces and broadens the provisions of the Sherman Act. Among its prohibitions are certain exclusive contracts, predatory price cutting to eliminate competitors, and inter-related boards of directors and stock holdings between same-industry corporations

A

Clayton Antitrust Act

164
Q

the illegal practice of two or more businesses joining forces or makng joint decisions which have the effect of putting another business at a competitive disadvantage.

A

collusion

165
Q

the pratice of two or more brokers agreeing to charge certain commission rates or fees for their services, regardless of market conditions or competitors.

A

price fixing

166
Q

the practice of colluding to restrict competitive activity in portions of a market in exchange for a reciprocal restriction from a competitor. example “we won’t compete against you here if you won’t compete against us there.”

A

market allocation

167
Q

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

A

fee simple estate

168
Q

Physical components of real property include _______, ________, & ____ ______.

A

surface; subsurface; air rights

169
Q

________ are items that are fixed, or attached to real property; were once personal property but are now real property; have been incorporated as a part of real property.

A

fixtures

170
Q

Frank & 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? The lot is a ______ ____ & will be distributed _______.

A

marital asset; equitably

171
Q

The bundle of right of real property include (DUPE) _________, ________, ___________, & ____________.

A

Disposition; use; possession; exclusion

172
Q

Mary & John were recently wed. Mary owns a residential lot that was purchased before the marriage. The lot is considered to be ____________ ___________.

A

separate property

173
Q

At the expiration of the lease period & before negotiation of the lease, a tenant continued to occupy the apartment. The tenant’s position is called ______ __ ________.

A

tenancy at sufferance

174
Q

Lucy received a new microwave for Christmas. The microwave was installed above her range by screwing the unit to the kitchen cabinets & venting it through the attic. The microwave would be considered ___________.

A

a fixture

175
Q

The homestead tax exemption is deducted from the_______ _____ ___ _ ______.

A

assessed value of a property

176
Q

A husband & 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 & one adult son. The husband dies. What happens: The _______ owns all of the home & may claim ______ percent of the two farms.

A

widow; thirty

177
Q

The real estate protected by homestead rights is limited to ______ acres outside of a city or town & ________ acre in town

A

160; 1/2

178
Q

A constitutional homestead is owned by Ralph, who is head of the family consisting of himself, his wife, & their three children. Ralph dies unexpectedly. After his death, the widow owns a _____ _____ in the homestead, & the children are ________ _________.

A

life estate; vested remaindermen

179
Q

Which estate features right of survivorship?

A

estate by the entireties

180
Q

In Chapter 475 F.S., _______ ________is defined any interest or estate in land, busness enterprises & business opportunities, including any assignment, leasehold, subleasehold, or mineral rights.

A

real property

181
Q

In Florida, cooperatives & time-share are regulated by the Division of Florida ____ ____, ______ & _____ ______. (LS, C, MH)

A

land sales; condominiums; mobile homes

182
Q

A condo unit buyer has how long to cancel the purchase contract following the signing of an agreement with a developer?

A

3 business days

183
Q

Developers of condominium projects must give buyers a copy of the ___________.

A

prospectus

184
Q

Which type of easement gives an electric company the authority to install and maintain electric power lines?

A

Easement in gross

185
Q

Title to real property legally transfers from grantor to grantee when the deed is voluntarily __________ and __________.

A

delivered; accepted.

186
Q

Courts at various levels have ruled that constructive notice & actual notice have ________ legal priority

A

equal

187
Q

A 92-year old man is being forced from his home because of a governmental taking. The home has been in his family for four generations. What recourse, if any, does he have? He may request a _________ ________ to protest the amount of ___________ being offered by the governmental body.

A

condemnation proceeding; compensation

188
Q

For a deed to be valid, a competent ___________ & ______ witnesses must sign the instrument.

A

grantor; two

189
Q

The type or form of deed most commonly used to clear clouds in the title of real property is the

A

quitclaim deed

190
Q

If the sales contract does not specify the type of deed to be delivered, the seller is required to provide a

A

general warranty deed

191
Q

The process of taking property under the power of eminent domain is called

A

condemnation

192
Q

The type of deed in which the grantor does not warrant the title in any manner except against his or her acts or the acts of his or her representatives is called a

A

special warranty deed

193
Q

The covenant against encumbrances in a deed is designed to guarantee that the __________ has not encumbered the property in any manner _______ as noted in the deed.

A

grantor; except

194
Q

The purpose of recording a deed is to give ________ _______ of ownership

A

constructive notice

195
Q

A valid instrument of conveyance of real property must be signed by a competent

A

grantor

196
Q

The __________ ________ in a deed specifies that the grantor actually owns the property and has the right to sell it.

A

seizin clause

197
Q

The deed that contains the covenant in which the grantor guarantees that he or she will forever be responsible for warranting title and will defend the title and possession is a __________ ________ _______

A

general warranty deed

198
Q

The provision in a deed that names the parties and contains the granting clause is the _________.

A

premises

199
Q

An owner placed a condition in the deed that stipulated that a commercial building could not be erected on the property until at least the year 2010. This is an example of a ________ _________.

A

deed restriction

200
Q

Three examples of an encumbrance on title to real property an ___________, a______ _________, & a ________

A

easement; deed restriction; lien

Real Estate Exam (6 decks)

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