Florida real estate Test with complete updated solutions (2023- 2024

Conversion - answers(or misappropriation) is the intentional, illegal use of the property or funds of
another person for one's own use or other unauthorized purpose.
Partition suit - answersThe dividing of real estate held by two or more people which results in each
of the parties holding individual or severalty ownership. (Tenants in common and joint tenants)
Company Dollar - answersThe amount a broker has left after all commissions have been paid.
Adverse Possession - answers"Squatters" when some occupies the property for more then 5 years
and pays the property taxes. The house becomes there's
quiet title action - answersA court action to determine the actual ownership of real property.
Actual Notice vs Constructive Notice - answersActually notice is being informed directly or
something (a person directly tells you about the sign, what it says, and I've seen you read it)
Constructive you weren't informed directly.. you should know if you do your due diligence. (sign on a
wall that you walk pass at a parking lot)
Insurance for a mortgage loan may be provided by: - answersFHA or private mortgage insurer
Narrative Report (Self contained report) - answersThe most comprehensive and complete appraisal
report
When property is appraised as part of the loan application process, a copy of the appraisal: -
answersMust be provided to the borrower.
The owner of a unit in a cooperative receives a - answersproprietary lease to the unit.
Tenancy by the Entirety - answersa form of joint ownership with the right of survivorship.
(Community property does not have right of survivorship)
Statutes of limitations vs statutes of Frauds - answersStatutes of limitations is a "time" iss