Florida Real Estate License Test Prep Book

Florida real estate license test prep book

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Generally, you can expect that your state real estate agent license exam will consist of multiple-choice questions about general real estate concepts and questions specific to state licensing laws.

Most states administer the tests in two parts, and require that the candidate pass both. The general part of the exam is broken into several categories, similar to the categories you will see in this sample practice test below.

Real estate sales agents must be licensed in every state, and licensure is generally earned with the successful completion of an exam.

Grade Answers as You Go. When personal property is attached to real property to such an extent that a person cannot extract the item from the real property without damaging the real property, the item is a fixture. Another test to determine whether an item is a fixture is whether the item is so adapted to the real property, that to remove the item will diminish the value or utility of the real property.

Of course, if the purchase contract specifically includes a certain item with the sale of the property, that item must be regarded as a fixture, whether it meets the legal definition of fixture or not. Likewise if the purchase contract specifically excludes an item from the sale, it must be regarded as personal property, and should be removed.

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Incorrect answer. Please choose another answer. Land is characterized as immovable because an entire parcel of real estate cannot be moved to another site. Land is considered unique because, at the very least, each parcel of real estate has its own different and distinct place on the planet.

Finally, land is considered scarce because entire new parcels of real estate cannot be manufactured. Test-Taking Tip: Because the words "unique" and "indestructible" are in each answer choice, you do not need to spend valuable exam time considering them. B is incorrect. Land does not depreciate. Why not? Because, in contrast to a house or a building, an entire parcel of land does not wear out and need to be replaced. Test-Taking Tip: Make sure you remember this rule for your exam: Land does not depreciate.

C is incorrect. Despite there being a lot of land, land is considered scarce as brand-new parcels of land cannot be created through human labor. D is incorrect.

Land is not considered moveable. While topsoil or even a building can be moved, an entire parcel of real estate cannot be moved to a new location.

A fee simple estate is ownership that gives a person or entity complete control subject to standard governmental restrictions.

Real Estate Agent License Practice Test

Defeasible estates estates which can be defeated give a person or entity control over a property only so long as certain conditions are met or avoided. This series of words best describes what has happened on Daniel's property.

Florida real estate license test prep book

As it pertains to real estate, "accession" means to acquire more land, even a small amount of land. Here, what happened on Daniel's land is accession by accretion because the natural action of the river's water deposited silt on the shores of Daniel's property.

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A is incorrect. Alienation can occur either through voluntary means e. Here, Daniel is acquiring property, not losing it. Answer Choice "A" is also incorrect because of the word "attachment. For example, if a tenant had rented Daniel's property, constructed a shed on it, and then left the shed after the lease was over, that would have been an example of accession by attachment. Here, Daniel is gaining additional property through the natural action of the river's water i. Littoral has to do with rights of owners who live by standing water, like a lake, a pond, or the ocean.

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There is nothing in the fact pattern to suggest either parcel of property is near a body of standing water. These terms are used by appraisers to describe the increase in value when an owner combines several contiguous or touching parcels into one large parcel.

The act of combining several parcels into one parcel is called "assemblage. Equity is not directly affected by the purchase price for the property; nor is it directly affected by the amount of down payment put forth at the time of the purchase. Many owners are under the misguided belief that a high down payment will always result in high equity. This is only true if the market value of the property remains the same as it is when the down payment is given; or increases after the down payment is given.

If the market value of the property decreases, the equity in the property will decrease also, regardless of the purchase price and down payment amount. The life tenant i.

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However, if only the life tenant life signs the loan documents, then the debt will die with her. In order to protect the lender's security interest in the event of the aunt's death, both the life tenant and the remainderman will need to sign the loan documents.

The same would be true if the property were being sold: Both the life tenant and the remainderman would need to sign the deed in order to ensure that the buyer's ownership interest in the property would continue after the life tenant dies. Test-Taking Tip: Remember a life estate is an estate of ownership aka a "freehold" estate. With a life estate, there is a "present interest" and a "future interest.

Provided that both the life tenant and the remainderman sign the loan documents, the lender's security interest in the real estate will be protected if the life tenant dies during the term of the loan.

Florida real estate license test prep book

If the remainderman does not sign the loan documents, the lender's security interest in the real estate will terminate upon the death of the life tenant.

A nonfreehold estate is a leasehold estate. A life estate, by contrast, is a freehold estate i. Ownership in severalty occurs when there is only one owner of a parcel of real estate. The owner can be, for example, an individual, a corporation, a governmental entity, a trust, or a partnership. As long as it is sole ownership, it is an ownership in severalty aka "an estate in severalty".

Florida real estate license test prep book

Test-Taking Tip: This is frequently tested because of the word "several" in "severalty. Concurrent ownership occurs when there are multiple owners of the same parcel of real estate holding title together at the same time. If there are multiple owners e.

Florida real estate license test prep book

If two owners hold title with a right of survivorship, and one owner dies, then the survivor acquires the decedent's interest in the property automatically, through operation of law. A metes and bounds legal description begins at a well-defined point point of beginning or POB and follows the boundaries of a parcel of land, using directions and distances around the tract, and ends at the point of beginning.

When properly written, it is acceptable and enforceable in all court jurisdictions, and can be created for any parcel of property. Oftentimes, a deed will contain two types of land description. Generally, a metes and bounds description is accompanied by a rectangular survey or government survey description or lot, block and tract description.

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An easement appurtenant allows the holder of one property to benefit from another's. In this case, your property is servient because it is the one burdened by the easement while your neighbor's is dominant since it is the one that benefits.

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If you would have given permission to the neighbors to use your driveway, you would have effectively licensed the neighbors, not the property. The word "license" is not typically used as an adjective for the word property.

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The easement described in the test question is an easement appurtenant. The old owner, who split his large parcel in two, created the easement by reserving it in the deed to the individual who first purchased Parcel South. In an easement appurtenant, there is a dominant tenement i. Here, the parcel that benefits from the easement is Parcel North because the easement allows the owner to cross over the westerly 8 feet of Parcel South to get access to the road.

Parcel South is burdened with the easement because people who don't even own the land are allowed to use the westerly 8 feet of Parcel South for ingress and egress purposes. The owner of a parcel of real estate burdened with a servient tenement cannot unilaterally terminate an easement appurtenant.

An easement appurtenant "runs with the land" and transfers with the deed. Therefore, by fencing in Parcel South, the new owner of Parcel South will most likely be found to have violated the easement conditions and will lose the lawsuit. An easement in gross only has one parcel of land a servient tenement. The classic example of an easement in gross is a public utilities easement. The public utility does not need to own a contiguous parcel in order to have an easement in gross.

This test question states that there are two parcels of land, a dominant and a servient tenement. Therefore, this fact pattern does not describe an easement in gross. A landlocked property is one without access to a street or road. An easement by necessity is created by the courts when a property is landlocked--provided that the owner of the landlocked parcel did not create the problem.

Key considerations

Here, when the old owner split the large parcel into two, the old owner carefully reserved an easement over Parcel South, preventing Parcel North from becoming landlocked. Because the old owner reserved an easement in the deed, there was no need to go to court and ask for an easement by necessity.

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This answer choice states the general rule, but the owner of Parcel South purchased the property subject to the easement. Because easements appurtenant run with the land, the easement is binding on the new owner of Parcel South.

Florida real estate license test prep book

Test-Taking Tip: Pay close attention when you see answer choices that are almost identical like "A" and "B. As stated in the Fifth Amendment to the U.

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Constitution, governmental entities have the right to "take" private property for public purposes. This power is called eminent domain.

Taking private property to widen a highway is a classic example of when the government e. However, the Fifth Amendment to the U. Constitution does state that government entities exercising this power must pay the private property owners just or fair compensation. Condemnation is the name for the legal proceeding to determine what just or fair compensation is for each parcel of real estate taken by the government.

It is not the name of the government power itself. The government's police power is the right of the government to establish and enact laws to promote public health, public safety, public welfare, and morals. Two classic examples of police power are zoning and building codes.