Practice Quiz

Florida Real Estate Exam - Question List

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176.
Mrs. Gross, without her husband's knowledge, homesteaded their family dwelling.  No prior homestead had been recorded by either spouse.  The property had a first trust deed with a balance of $19,000 and was worth $33,000.  A general creditor later obtained a judgment for $2,000.  The judgment was:

  1. Collectible because the wife was not the head of family and therefore, could not record a valid homestead
  2. Collectible the because wife's homestead gave only $10,000 exemption from execution and the judgment lien would be paid out of the balance of the equity
  3. Not collectible since the wife's homestead was valid and the homestead exemption left no equity upon which to levy
  4. Not collectible since a general creditor's judgment is always inferior to a homestead exemption
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177.
If the owner of real property carries proper fire insurance coverage, that insurance policy will protect the owner in the event of loss.  In such a case, the insured:

  1. Might gain, but definitely will not lose money
  2. Should neither gain nor lose
  3. Might lose, but certainly will not gain
  4. None of the above
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178.
Smith purchased an older apartment house as her first real estate investment.  This property had several owners and they all claimed depreciation deductions on their federal income tax returns because of the subject property.  When Smith files her return, she can depreciate the property:

  1. Based on the purchase price of the land and improvements
  2. Without regard to the total depreciation deducted in the past
  3. If she makes allowance for the depreciation taken by prior owners
  4. Provided she uses the same economic life as the first owner of the property
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179.
Comstock has a fee simple estate, and transfers possession for a term less than his fee simple estate.  The grantor has:

  1. A vested sufferance
  2. An estate in remainder
  3. An estate in reversion
  4. A lease
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180.
Of the following, which would be the least likely place to acquire a loan on a single family residence?

  1. Bank
  2. Savings and loan
  3. Insurance company
  4. Mortgage company
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