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Florida Real Estate Exam

Category - Florida

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A residence that is being sold under a contract of sale is destroyed by an earthquake. Under the Uniform Vendor and Purchaser Risk Act of 1947, the party responsible for the loss would be the:

Vendor
Vendee
Party in possession
Owner of record

Explanation

Answer C - According to this act, the party in possession is responsible for any physical damage to the improvements, whether it be by flood, fire or earthquake.

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