Property Ownership
In Florida, a 'mortgage' gives the lender which interest in the property?
AFee simple ownership until the loan is repaid
BA lien on the property as security for repayment of the debt✓ Correct
CThe right to occupy the property during the loan term
DConcurrent ownership with the borrower
Explanation
Florida is a 'lien theory' state — a mortgage gives the lender a lien (security interest) in the property as collateral for the debt, not actual ownership. The borrower (mortgagor) retains fee simple title and possession throughout the loan term.
Related Florida Property Ownership Questions
- Under Florida law, a homestead is protected from forced sale to satisfy judgments. This protection does NOT apply to which of the following creditors?
- Which of the following correctly distinguishes real property from personal property in Florida?
- Florida's homestead exemption provides protection to:
- Florida's Save Our Homes (SOH) amendment limits the annual increase in assessed value of a homestead property to:
- A 'deed restriction' or 'restrictive covenant' in Florida runs with the land, meaning:
- Under Florida's constitutional homestead protection, a married person cannot sell or mortgage the family homestead without:
- Florida's 'Uniform Commercial Code' (UCC) governs transactions involving:
- A 'covenant, condition, and restriction' (CC&R) in a Florida subdivision is typically enforced by:
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