Florida Real Estate Sales Associate

A general lien (e.g., a judgment lien) attaches to all of the debtor's real and personal property, while a specific lien (e.g., a mortgage lien or property tax lien) attaches only to one identified parcel.

An easement appurtenant benefits a neighboring parcel (dominant tenement), burdens another (servient tenement), and runs with the land so it transfers automatically on sale, whereas an easement in gross benefits a person or entity and does not automatically transfer with land ownership.

A time-share estate conveys a fee simple ownership interest in the real property along with the right to occupy during recurring periods, while a time-share use grants only the right to use and occupy without any fee simple interest.

Novation substitutes a new party, contract, or obligation with all parties' consent and releases the departing party from liability, while under an assignment the original party may remain secondarily liable unless specifically released; rescission is instead the mutual cancellation returning parties to their original positions.

In a formal assumption the buyer agrees to become personally liable for the debt, but when a buyer takes title 'subject to' an existing mortgage without signing any agreement with the lender, the original seller/borrower remains personally liable on the note even though the lender may still foreclose.

In Florida's lien theory the borrower keeps both legal and equitable title and the lender holds only a lien enforced by judicial foreclosure; in title theory legal title passes to the lender until the debt is paid, and under the hybrid intermediate theory the lender gains the right to possession only after the borrower defaults.

A CMA is an informal value estimate prepared by a licensee (no appraiser certification needed) that does not have to comply with USPAP and cannot substitute for an appraisal in federally related transactions.

External obsolescence is value loss caused by factors outside the property's boundaries (neighborhood decline, nuisances, adverse zoning, environmental hazards), while functional obsolescence results from deficiencies or design flaws within the property itself; physical deterioration is wear, tear, and deferred maintenance.

Reproduction cost is the cost to build an exact replica using the same materials, design, and construction methods, while replacement cost is the cost to build a structure of equivalent utility using modern materials and current standards.

Market value assumes typically motivated buyers and sellers in an arm's-length transaction, whereas a price inflated by a buyer's special motivation (such as a neighbor expanding his yard) reflects investment value to that particular buyer.

Primary market entities (commercial banks, savings associations, credit unions, mortgage bankers/brokers) originate loans directly to borrowers, while secondary market entities (Fannie Mae, Freddie Mac, Ginnie Mae) purchase or guarantee existing loans; Ginnie Mae alone carries the full faith and credit of the U.S. government.

A single agent is a broker who represents either the buyer or seller as a fiduciary, owing loyalty, obedience, confidentiality, and full disclosure in addition to the duties shared with transaction brokers; a transaction broker owes only limited confidentiality (not loyalty) as to the seller's bottom line, buyer's top price, motivation, and financing terms, but still owes affirmative duties such as disclosing all known facts materially affecting the value of residential property that are not readily observable. Licensees are presumed to be transaction brokers unless a single agent or no brokerage relationship is established in writing.

A condominium owner holds fee simple title to the unit plus an undivided share of common elements as tenant in common, while a cooperative buyer receives shares of stock and a proprietary lease, and the co-op board typically retains the right to approve or reject prospective purchasers.

Joint tenancy (any two or more persons) and tenancy by the entireties (married couples only, presumed in Florida) carry the right of survivorship, while a tenancy in common has no survivorship and its interest can be willed or inherited — a buyer of a joint tenant's interest becomes a tenant in common with the remaining joint tenants.

A trade fixture is attached by a commercial tenant as a necessary part of the tenant's business, remains the tenant's personal property, and may be removed at lease end, while an ordinary fixture becomes the landlord's real property.