Real Estate-Unit 8 Exam Questions & Correct Solutions

The bundle of legal rights associated with real property does NOT include a. control. b. possession. c. disposition. d. utility. {Ans: d. utility.}In Florida, cooperatives and time-shares are regulated by the a. Division of Real Estate. b. Division of Florida Condominiums, Timeshares, and Mobile Homes. c. Department of Housing and Urban Development. d. Florida Real Estate Commission. {Ans: b. Division of Florida Condominiums, Timeshares, and Mobile Homes.}The homestead tax exemption is deducted 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. {Ans: b. assessed value of a property.}The MOST comprehensive interest in real property that an individual may possess is a. an estate for years. b. a life estate. c. a remainder estate. d. a fee simple estate. {Ans: d. a fee simple estate.}Chapter 475, F.S., defines real property as any interest or estate in a. land, improvements, leaseholds, subleaseholds, mineral rights, cemetery lots, or any assignment thereof. b. land, improvements, business enterprises and business opportunities, leaseholds, subleaseholds, mineral rights, mobile homes, or any assignment thereof. c. land, business enterprises and business opportunities, leaseholds, subleaseholds, mineral rights, cemetery lots,