Extra Study QUESTIONS

Question 1

Requirements for a valid deed

Answer 1

…Deed must be in writing

…The grantor and grantee must be named

…A legal description of the property must be provided

…The deed must be signed by the grantor & witnessed by 2 people

….Deed is voluntarily delivered and accepted

Question 2

When an owner may lose title to another person who took control of the property

Answer 2

ADVERSE POSSESSION

Question 3

Assures the grantee there are no Liens or claims against the property not disclosed

Answer 3

Encrumbrances

Question 4

Enjoys possession and uninterrupted use of the property

Answer 4

Warranty Forever

Question 5

The most common easement in gross

Answer 5

Utility easement

Question 6

This deed is used when someone dies intestate

Answer 6

Personal representative deed

Question 7

This deed is the best deed for the grantee and the most common deed

Answer 7

General warranty deed

Question 8

The most common easement in gross

Answer 8

Utility easement

Question 9

This easement involves the right of access by one party onto a parcel of real estate owned by another party

Answer 9

Easement in gross

Question 10

This easement was created in Florida 20 years ago with continuous and uninterrupted use of a portion of another person’s property

Answer 10

Easement by prescription

Question 11

Types of leases

Answer 11

Net lease
Ground lease
Lease to option
Percentage leases
Gross Lease

Question 12

A fixed amount is called

Answer 12

Gross Lease

Question 13

When a tenant transfers lease to another person this is called

Answer 13

Assignment of lease

Question 14

USPAP stands for

Answer 14

Uniform Standards of Professional Appraisal Practice

Question 16

What is the set of administrative rules developed by the Florida Real Estate Commission called

Answer 16

Chapter 61j2

Question 18

The ways in which a Offer can be terminated

Answer 18

Withdrawal
Insanity

Lapse of time
Death
Counteroffer
Acceptance
Rejection
Destruction

Question 19

Ways in which a contract can be terminated

Answer 19

Breach
Renunciation
Revocation

Lapse of time
Abondonment
Performance

Question 20

The 3 basic remedies for a breach contract

Answer 20

Suit for performance
Suit for damages
Suit for cancelation (recision)

Question 21

What contracts can a Licensee legally prepare

Answer 21

Listing contracts
Option contracts
Buyer representation agreements
Sales contracts

Question 22

The three types of residential listing contracts are

Answer 22

Open Listing
Exclusive Agency Listing
Exclusive Right Of Sale Listing

Question 23

The best Listing contract for protection for the broker is

Answer 23

Exclusive Right of Sale Listing

Question 24

When a owner agrees to accept a stipulated amount and no less upon sale of the property this is called

Answer 24

Sellers Net