Mini-Review #1 PDF

MINI-REVIEW #1 QUESTION 1 Tangible property refers to property in which the object you touch does not have intrinsic value; rather, it is representative of something that has intrinsic value. ANSWER False Intangible property QUESTION 2 A mobile home is not considered real property. ANSWER...

MINI-REVIEW #1 QUESTION 1 Tangible property refers to property in which the object you touch does not have intrinsic value; rather, it is representative of something that has intrinsic value. ANSWER False Intangible property QUESTION 2 A mobile home is not considered real property. ANSWER True QUESTION 3 Ownership of real property is conveyed by a deed in which the seller is referred to as the grantee. ANSWER False The grantor QUESTION 4 In a transaction between a borrower and a lender, the lender is the mortgagor and the borrower is the mortgagee. ANSWER False The other way around. QUESTION 5 Another name for personal property is chattel. ANSWER True QUESTION 6 A bill of sale is the document that secures personal property as collateral for a loan. ANSWER False UCC-1 Financing Statement QUESTION 7 Surface rights are comprised of land rights and water rights, when applicable. ANSWER True QUESTION 8 Littoral rights refer to rights of landowners whose property abuts a river, brook, or stream. ANSWER False Riparian rights refer to rights of landowners whose property abuts a river, brook, or stream. QUESTION 9 If a landowner has littoral rights, the landowner owns up to the high water mark. ANSWER True QUESTION 10 A fixture is an item of property that started out as personal property but, by the manner in which it has been attached to real property, has transformed and become part of the real property. ANSWER True QUESTION 11 The “P” in “DUPE” stands for the right of privacy. ANSWER False The right of possession QUESTION 12 In most states, but not Florida, someone wanting to claim title to real property by adverse possession is required to pay the real property taxes on the property. ANSWER False QUESTION 13 A fee simple absolute is a freehold estate. ANSWER True QUESTION 14 The words on a deed that indicate a fee simple absolute are “heirs of his body.” ANSWER False “and his/her heirs” QUESTION 15 The holder of a life estate is not given the right of disposition. ANSWER True QUESTION 16 An estate (or tenancy) for years has a definite commencement date but no definite termination date. ANSWER False QUESTION 17 A tenancy at will is a leasehold that starts out as an estate for years, but after the termination date the tenant remains on the property with the landlord’s consent. ANSWER True QUESTION 18 Once an assignment is made, the original tenant no longer is liable on the lease. ANSWER True QUESTION 19 A single or married person may own property in severalty. ANSWER True QUESTION 20 In a joint tenancy with right of survivorship, the concurrent owners must own equal shares. ANSWER True QUESTION 21 If a corporation is a party in a real estate transaction, you need to get a certified copy of its articles of incorporation which is the document that authorizes the sale or purchase of property and gives certain individuals the authority to act on behalf of the corporation. ANSWER False A corporate resolution QUESTION 22 Florida is not a community property state. ANSWER True QUESTION 23 The current amount of the homestead tax exemption in Florida is $50,000. ANSWER True QUESTION 24 The Save Our Homes benefits sets a 10% cap on the annual increase of real property taxes on homestead property. ANSWER False 3% QUESTION 25 If someone filing a Chapter 7 bankruptcy petition in Florida has owned homestead property in Florida for at least 30 months prior to filing, the homestead is exempt from being sold to pay creditors. ANSWER False 40 months QUESTION 26 The Taxpayers Relief Act of 1997 allows a single person to exclude up to $500,000 of gain realized on the sale or exchange of a principal residence. ANSWER False $250,000 QUESTION 27 The capital gains exclusion may not be claimed more frequently than once every three years. ANSWER False Once every two years QUESTION 28 Under the Taxpayers Relief Act of 1997, the property owner is not required to reinvest the sales proceeds in a new residence to claim the exclusion. ANSWER True QUESTION 29 Florida has adopted the Uniform Condominium Act. ANSWER False QUESTION 30 A PUD legally is created when the developer records a subdivision plat and Declaration of Covenants and Restrictions. ANSWER True QUESTION 31 In a condominium resale, the prospective purchaser has fifteen days within which to inspect the condominium documents and rescind the contract. ANSWER False 3 days QUESTION 32 The size limitations for homestead property are ½ acre within a municipality and 120 acres outside a municipality. ANSWER False 160 acres QUESTION 33 When one purchases a cooperative, one is purchasing personal property. ANSWER True QUESTION 34 Real property taxes become overdue on November 1st. ANSWER False They become due on November 1st and become overdue April 1st of the following year. QUESTION 35 The statute of limitations for filing a discrimination suit with HUD is two years. ANSWER False one year QUESTION 36 A lien is a claim or charge against property for the payment of a debt. ANSWER True QUESTION 37 Another name for nonconforming use is preexisting use. ANSWER True QUESTION 38 There is a 15-day cooling off period in the purchase of a time share. ANSWER False 10-day cooling off period QUESTION 39 The Fair Housing Act pertains to all privately owned homes. ANSWER False QUESTION 40 A variance is permission given to a property owner to use property for a use undesignated in that area. ANSWER False Special exception QUESTION 41 Housing in which 80% or more of the units are occupied by persons 55 years of age or older may exist as adult only communities. ANSWER True QUESTION 42 Escheat to the state is the power of the government to take private property for public use. ANSWER False Eminent domain QUESTION 43 Blockbusting is denying a loan or presenting different terms or conditions for a loan based upon the composition of the neighborhood or other discriminatory reasons. ANSWER False Redlining QUESTION 44 An appurtenant easement typically is given to cable and utility companies. ANSWER False Easement in gross QUESTION 45 Steering is the attempt to guide prospective homeowners or prospective renters into one neighborhood as opposed to another based on race, color, religion, sex, national origin, disability, or familial status. ANSWER True QUESTION 46 According to county ordinance, sexual orientation is a protected class in Broward County. ANSWER True QUESTION 47 Florida law guarantees a jury trial in an eminent domain matter. ANSWER True QUESTION 48 In Florida, a homestead tax exemption application must be filed by January 1st of the year in which you want to first claim the exemption. ANSWER False March 1st QUESTION 49 Current alcoholics are included in the definition of “handicap” in the Fair Housing Act. ANSWER False Recovering alcoholics QUESTION 50 Direct condemnation occurs when the government substantially impairs the value of private property. ANSWER False Inverse condemnation