Property Ownership
In Florida, a 'remainder interest' in real property is created when:
AA property owner sells part of their land
BA life estate is created — the remainder interest follows the life estate and vests in the remainderman upon the life tenant's death✓ Correct
CA lien is placed on part of a property
DA property is partitioned between co-owners
Explanation
A remainder interest is the future interest created simultaneously with a life estate. The remainderman holds the right to full ownership upon termination of the life estate (the life tenant's death).
People Also Study
Related Florida Questions
- A Florida couple married in 1985 purchases a home together. Upon the death of one spouse, the surviving spouse automatically inherits the full property under what form of ownership?Property Ownership
- Under Florida law, a life estate gives the life tenant the right to:Property Ownership
- In Florida, a 'life estate' grants the life tenant the right to:Property Ownership
- A Florida property owner conveys property 'to my daughter Sarah for life, then to my grandchildren equally.' The grandchildren have which type of future interest?Property Ownership
- A Florida mortgage that allows the borrower to pay interest only for an initial period, then requires full amortization, is called a(n):Finance
- A Florida listing broker receives two offers simultaneously — one full price and one below list. The broker must:Agency
- A Florida buyer pays $350,000 for a property. The buyer pays $70,000 down and finances the remainder. The monthly principal and interest payment is $1,495. After 5 years of payments (60 payments), the loan balance is $260,000. What is the total amount of interest paid in the first 5 years?Real Estate Math
- A Florida buyer gives a personal check for $10,000 as earnest money. The listing broker holds the check at the buyer's request until the offer is accepted. Upon acceptance, the broker must deposit the check:Florida License Law
Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
EasementA non-possessory right to use another person's land for a specific purpose.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Study This Topic
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →