Practice Quiz

Florida Real Estate Exam - Question List

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136.
Under federal income tax law, the “basis” of real property is the property’s:

  1. Purchase price minus any existing assumed loans
  2. Assessed value prior to sale
  3. Fair market value
  4. Cost
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137.
If you hold an undivided interest in the common areas, and a separate interest in a specific unit of an industrial, commercial or residential building, you would own a:

  1. Stock Cooperative
  2. Condominium
  3. Community Apartment Project
  4. Land Project
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138.
Which of the following is an “interest” but not an “estate” in real property?

  1. Remainder
  2. Mortgage
  3. Reversion
  4. Leasehold
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139.
Which of the following is most correct concerning delinquent taxes and redemption rights?

  1. The important effect of a “sale to the state” by the tax collector is to start the redemption period running, but the delinquent owner’s possession remains undisturbed
  2. The homeowner is required to make monthly installment payments to liquidate the delinquent property taxes and accrued penalties which are owed
  3. In the event the delinquent owner transfers or otherwise alienates the property the redemption period is automatically terminated
  4. The property is automatically deeded to the state if the property is not redeemed within one year
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140.
The majority of money used for loans on real estate comes from:

  1. Individual savings
  2. Federal reserves
  3. Co-op savings
  4. Government bonds
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