Section 8 TF Quiz

Question 1

Disclosures required by The Cooperative Act when a new property is sold by a developer includes the fact that the buyer has a right to cancel the contract within 3 business days after signing a contract and having received the cooperative documents.

Answer 1

A. True
[A] B. False

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[Section 8D, Slides 14 & 15]; The buyer of a new cooperative has the right to cancel within 15 calendar days of signing the contract and receipt of cooperative documents. A buyer of a resale cooperative may cancel within 3 business days.

Question 2

Riparian rights relate to the ownership of the property that abuts an ocean, sea, or lake and is concerned with the use and enjoyment of the shore.

Answer 2

A. True
[A] B. False

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[Section 8A, Slides 61-63]; This describes littoral rights. Riparian Rights are those involved with land bordering upon navigable waters. They are rights of ingress, egress, boating, bathing, and fishing and such others as may be or have been defined by law.

Question 3

A life estate is use of property which is always granted based on the life of the holder.

Answer 3

A. True
[A] B. False

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[Section 8C, Slides 12 & 13]; The use of the property is granted during the life of the holder or whoever’s life the interest is based on. It is often used by a husband (spouse) for a wife (spouse) with children as remaindermen.

Question 4

The Florida Statute 720 requires that a disclosure summary be included with a purchase and sale agreement for property that is subject to mandatory Homeowner Association membership, fees and assessments, and restrictions.

Answer 4

[A] A. True
B. False

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[Section 8D, Slide 74]

Question 5

A Community Development District is a Special Tax District created to take care of long-term needs of a community. A CDD may impose taxes and/or assessments on property for public facilities, construction operations and maintenance of such.

Answer 5

[A] A. True
B. False

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[Section 8D, Slide 96]

Question 6

Accretion is the process of land being increased from the water depositing rock, sand and soil.

Answer 6

[A] A. True
B. False

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[Section 8A, Slide 67]

Question 7

Real property is defined as the land including the sky above, the trees (etc.), the ground, what is below the ground plus man made attachments such as buildings. Real estate is defined as including all of these things described in real property plus the legal bundle of rights that goes with ownership.

Answer 7

A. True
[A] B. False

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[Section 8A, Slides 28 & 31]; These words are reversed

Question 8

The four unities of joint tenancy includes that the property must have been acquired on the same deed, at the same time and gives the holder an undivided, equal share.

Answer 8

[A] A. True
B. False

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[Section 8C, Slides 73 & 74]

Question 9

The word Estate refers to the degree, quantity, nature, and extent of the interest (ownership rights) a person can have in real property.

Answer 9

[A] A. True
B. False

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[Section 8C, Slide 9]

Question 10

Trade fixtures, unless otherwise designated within the lease agreement, will remain owned by the tenant and can be removed upon the end of the lease.

Answer 10

[A] A. True
B. False

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[Section 8B, Slide 55]