Florida Real Estate Sales Associate Examination Content Outline

A form of concurrent ownership available only to married couples, offering rights of survivorship and protection from individual creditors.

• Requires the four unities plus the unity of marriage.
• Property automatically passes to the surviving spouse.
• Cannot be partitioned by one spouse alone.

Annually cultivated crops that are considered personal property of the tenant farmer, with the right to harvest them even after the lease expires.

• Result of human labor and industry (fructus industriales).
• Considered personal property.
• Tenant has the right to re-enter and harvest after lease termination.

An estate in land created by a grantor (owner) for the lifetime of a specific individual (the life tenant/grantee).

• Terminates upon the death of the designated life tenant.
• Often includes a remainder or reversionary interest.
• Life tenant has rights of possession and use, but cannot waste the property.

One of the key tests to determine if an item is a fixture (real property) or personal property, focusing on the annexor's original intention.

• Primary test in disputes.
• Determined by actions and circumstances, not just stated desire.
• Can be overridden by written agreements.

A method of legal description that identifies a parcel of land by reference to a lot and block number on a recorded subdivision plat (map).

• Used for properties within subdivisions.
• References a plat map filed in public records.
• Often includes the county and state where the plat is recorded.

A legal description that defines property boundaries by describing distances (metes) and directions (bounds) from a point of beginning.

• Uses monuments (physical markers) as reference points.
• Must close, meaning it returns to the point of beginning.
• Commonly used for irregular parcels and in older states.

An involuntary, specific lien placed on real property by local government for unpaid property taxes.

• Superior lien: takes priority over almost all other liens.
• Specific lien: attaches only to the property taxed.
• Involuntary lien: created by law, not owner's consent.

The process of determining the number of usable lots that can be created from a larger parcel of land, accounting for reserved areas and individual lot size requirements.

• 1 acre = 43,560 square feet.
• Must account for non-buildable areas (e.g., roads, common spaces).
• Final lot count always rounds down.

The amount of two-dimensional space occupied by a trapezoidal shape, calculated using the lengths of its parallel sides and its perpendicular height.

• Formula: A = 0.5 × (base1 + base2) × height.
• Units are always square units (e.g., sq ft, sq meters).
• Used for irregularly shaped land parcels.

An easement that grants a personal right to an individual or entity (e.g., utility company) to use another's land, independent of owning an adjacent parcel. It benefits the holder, not a specific dominant estate.

• Benefits a person or entity, not land.
• No dominant tenement.
• Common for utilities, railroads, billboards.

A real estate valuation method that estimates a property's value based on the income it is expected to generate, using a capitalization rate.

• Value = NOI / Cap Rate.
• Primarily used for income-producing properties.
• Cap rate reflects investor's required return.

The division of property taxes between the buyer and seller at closing, based on the portion of the year each party owns the property.

• Calculated daily or monthly.
• Determines who owes whom at closing.
• Seller usually credited for prepaid period, buyer for unpaid.

An interest in real property that is held for the duration of the life of a designated person (the life tenant). Upon the death of the life tenant, the property reverts to the original grantor or passes to a designated third party (remainderman).

• Limited by a person's life.
• Life tenant has possession and use.
• Future interest held by grantor (reversion) or third party (remainder).

In the sales comparison approach, adjustments are made to the comparable properties (never the subject) to account for differences in features. If the comparable is superior, subtract; if inferior, add.

• Always adjust the comparable property, not the subject.
• C-S-A: If Comparable is Superior, Subtract.
• C-I-A: If Comparable is Inferior, Add.

Real estate commission is a percentage of the sale price, often split between the listing and buyer's brokers.

• Calculated on the sale price.
• Expressed as a percentage.
• Can be split between multiple brokers.

A form of concurrent ownership available only to married couples, offering the right of survivorship and protection from individual creditors.

• Only for married couples.
• Includes right of survivorship (automatic inheritance by surviving spouse).
• Protects property from individual debts of one spouse.

Fees paid to the lender at closing to reduce the interest rate on a loan. One point equals 1% of the loan amount.

• Paid upfront at closing.
• Reduces the interest rate over the loan term.
• Each point is 1% of the loan principal.

A permanent marker of known elevation and location used as a reference point in surveying.

• Establishes a fixed, reliable reference for measurements.
• Often a brass or bronze plate embedded in concrete or rock.
• Used to ensure accuracy and consistency in surveys.

The amount of money a seller receives from a property sale after all expenses, including commissions and closing costs, have been deducted.

• Calculated from the sale price.
• Seller's expenses are subtracted.
• Buyer's expenses do not affect seller's net proceeds.

A lien created by an agreement between the property owner and a creditor, attaching only to a particular piece of property.

• Voluntary: created by the property owner's choice (e.g., mortgage, deed of trust).
• Specific: attaches only to a single, identified property.
• Contrasts with involuntary (e.g., tax) or general (e.g., judgment) liens.

An appraisal method that estimates the value of a property by calculating the cost to build a new replacement, subtracting depreciation, and adding the land value.

• Best for new construction and special-purpose properties.
• Relies on estimating replacement or reproduction cost.
• Requires accurate depreciation calculations.

Private agreements, usually written into deeds or subdivision declarations, that limit the use of real property, often to maintain property values and aesthetics.

• Private, not governmental, restrictions.
• Often called deed restrictions or CC&Rs (Covenants, Conditions, and Restrictions).
• Enforceable by homeowners' associations or other property owners.

To find the acreage of a parcel described by fractional parts of a section, divide 640 acres by the denominator of each fraction.

• One section = 640 acres.
• Multiply denominators of fractions together and divide 640 by the product.
• Alternatively, divide 640 sequentially by each denominator.

The most complete form of ownership in real estate, granting the owner maximum rights without any conditions or limitations.

• Indefinite duration.
• Freely transferable and inheritable.
• Subject only to government powers (police power, eminent domain, taxation, escheat).