ownership of a particular part of the property. For example,

FL Real Estate Unit 8 Flashcards Land refers to the surface of the earth and everything attached to it by nature.Real estate refers to the land and improvements.Tenancy in CommonIt is the most frequently used form of co-ownership, except for husband-and-wife ownership. Tenants in common may acquire title on the same or different deeds, at the same or different times, and with equal or unequal shares of ownership. As tenants in common, each owns an "undivided interest" in the whole property. An undivided interest is interest in the entire property, rather than ownership of a particular part of the property. For example, Sally and Kathy own a house as tenants in common. Sally holds two-thirds interest in the entire property, and Kathy owns one-third interest in the entire property. When Sally and Kathy die, their interest in the property will descend to their heirs. On Sally's death, for example, her two-thirds interest in the property will descend to her legal heirs (or as instructed in her will).An elective share consists of what percentage of a decedent's net estate other than homesteaded property?a.10b. 20c. 25d. 30 Correct D The right of exclusion recognizes that an owner is considered to have the right to control entry onto the owner's land without interference and to collect damages for certain forms of trespass.

TRUE Three individuals want to develop and sell a parcel of land.Each of the individuals has a spouse and children. The three individuals want to take title to the property in such a way that an owner's family would inherit part of the property if that property owner died. How should the individuals take title to the land?A)Separate propertyB)Designated beneficiary estateC)Tenants in commonD)Joint tenants C AccretionThe process of land buildup from water-borne rock, sand, and soil A man owns a condominium for his lifetime. Upon his death, the property will convey to his sister. Which term applies to the sister?A)DeviseeB)Vested remaindermanC)Contingent remaindermanD)Dower B The real estate protected by homestead rights is limited to?A. 640 acres outside a city or town and 1 acre in town.B.160 acres outsife a city or town and 1/2 acre in town.C. 40 acres outside a city or town and 1/2 acre in town.D. 160

acres outside a city or town or 1/2 acre in town.D Remainder estateproperty goes to third party Developers of condominium projects with 20 or more units must give buyers?A. A copy of the prospectus.B. The

names and business adresses of real estate sales associates assigned.C. The names of all current unit owners.D. The names of unit owners, unit numbers, and amounts due from unit owners delinquent in monthly assessment fees.Previous Next A

A woman paid cash for a 60-acre lemon grove in Citrus County. The estate is for an indefinite period of time. The woman does NOT own which type of estate in the property?A. Fee simple estate.B. Freehold estate.C.Leasehold estate.D. Estate in severalty C Developers of 20 or more residential condo units must give purchasers a copy of the prospectus.There is a three-business-day cooling off period to cancel a condominium contract for sale from a property owner.There is a 15-calendar-day notice to cancel a condominium contract for sale from a developer.The homestead tax exemption is deduced from the?A.Market value of a property.B. Assessed value of a property.C. Sale price of a property.D. Total cost, including all improvements.B Tenants in common have an undivided interest in the entire property. This interest can be left in a will or passed to heirs if there is no will.The four unities of a joint tenancy are (1) possession, (2) interest, (3) title, and (4) time. Joint tenancies are characterized by right of survivorship (when one co-owner dies, the deceased's share goes to the surviving co-owner).Contingent remaindermanlegal name NOT specified A condominiun unit buyer has how long to cancel the purchase contract following the singning of an agreement with a developer?A. 3 days.B. 10 days.C. 15 days.D. 20 days.C To create a tenancy by the entireties, the co-owners must be married to each other at the time they take title. The share of a deceased spouse automatically transfers to the surviving spouse by right of survivorship.The primary Florida residence of a homeowner qualifies for certain benefits and protections. These benefits include protection of the family, protection of the homestead, and a tax exemption from the assessed value.A husband and 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 and one adult son. The husband dies. Which is MOST

correct?Select one:a. The widow owns all of the home and

may claim 30 percent of the two farms. Correctb. The widow owns a life estate in all property.c. The property is split equally among the widow and the children.d. The widow owns 30 percent of all of the real estate.A A husband and wife own a home with title in both names.They have one minor child and one adult son. The husband dies. Which is MOST correct?A. The widow owns a life estate in the home.B. The property is split equally among the widow and the children.C. The widow owns the entire home through right of survivorship.D. The children own the home in fee simple.C A constitutional homestead is owned by a man who is head of a family consisting of himself, his wife, and their 3 children. The man dies unexpectedly. After his death,?A.