Goes to heirs - Study guides, Class notes & Summaries

1 FLORIDA REAL ESTATE EXAM 2024/25 EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+ Township - -A square 6 miles on each side (6 miles square) containing 36 square miles (36 sections); also an (east-west) strip of land north and south of a baseline (tier). Section - -A square 1 mile on each side (1 mile square) containing 1 square mile (640 acres). Quarter Section - -One-fourth of a square mile-or 160 acres- of publicly owned land. Government lot - -Fractional piece of land less than a quarte...

Fee simple - Also called fee simple absolute or indefeasible fee, this fee estate is the most complete form of ownership without limitations or conditions Life estate - Grants possession and limited ownership of the property to a person for the duration of the recipients life or the life of another person Fee simple qualified estate - Also called fee simple defeasible estate. 3 different types Few simple precedent - Ownership (title) won't pass from one person to another until a partic...

COLIBRI REAL ESTATE FINAL EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ land contract Correct Answer: buyer pays seller to occupy and use property net lease Correct Answer: buyer pays rent and other expenses gross lease Correct Answer: buyer pays only rent goes to heirs Correct Answer: Tenants in common, 2 of 3 people die. Who gets the property of those who died? Tenant owns it in severality Correct Answer: Joint Tenancy, 3 of 4 people die. Who get...

land contract - ANS buyer pays seller to occupy and use property net lease - ANS buyer pays rent and other expenses gross lease - ANS buyer pays only rent goes to heirs - ANS Tenants in common, 2 of 3 people die. Who gets the property of those who died? Tenant owns it in severality - ANS Joint Tenancy, 3 of 4 people die. Who gets property of those who died? Client - ANS Another word for principal race, nat. origin, sex, color, religion, disability, familial st...

buyer pays seller to occupy and use property → land contract buyer pays rent and other expenses → net lease buyer pays only rent → gross lease Tenants in common, 2 of 3 people die. Who gets the property of those who died? → goes to heirs Joint Tenancy, 3 of 4 people die. Who gets property of those who died? → Tenant owns it in severality Another word for principal → Client Protected by Fair Housing Act → race, nat. origin, sex, color, religion, disability, familial sta...

HECM Exam questions and correct answers A reverse mortgage is... - ANSWERS a loan against the value of a home that provides cash advances to a borrower, requiring no repayment until a future time. A reverse mortgage is different from a home equity loan because - ANSWERS You do not have to make monthly repayments on a reverse mortgage A reverse mortgage must be repaid - ANSWERS When the last eligible borrower dies, sells, or permanently moves away The purpose of a reverse mortgage is mo...

Virginia Code - When Intestate Succession Rules Apply correct answers i. decedent left no will; ii. decedent's will is denied probate (will not properly executed/will successfully contested by decedent's heirs); or iii. decedent left a will but the will does not make a complete disposition of the estate (partial intestacy) The omitted spouse statute correct answers spouse who marries testator after will's execution takes intestate share the predetermined child statute correct answers...

Louisiana Real Estate License Already Verified A+ General Warranty Deed A deed which gives the buyer the MOST protection is: The best form of deed in common law When a seller rejects a prospective purchaser's offer to buy, and makes a new offer of his own, this is known as a(an): Counteroffer Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:01 / 0:15 Full screen Brainpower Read More Counteroffers a rejection of the offer Federal Natio...

HECM Exam questions and correct answers A reverse mortgage is... - ANSWERS a loan against the value of a home that provides cash advances to a borrower, requiring no repayment until a future time. A reverse mortgage is different from a home equity loan because - ANSWERS You do not have to make monthly repayments on a reverse mortgage A reverse mortgage must be repaid - ANSWERS When the last eligible borrower dies, sells, or permanently moves away The purpose of a reverse mortgage is mo...

A person works for an owner-developer and is paid on a salary basis. Along with that, they also earn a bonus for each lot sold in the development. Are they required to hold an active real estate license? - Yes. Anyone who makes a commission from sales must hold an active RE license. A prospective buyer of an existing condo (resale) unit just receive what document(s)? - 1. Most recent year-end financial report 2. Rules of the assocation 3. Governance form A sales associate receives an earn...