In a Ocala transaction, a buyer wants the Florida rule on lot-and-block. Which statement is correct?
Correct Answer
C) A lot-and-block legal description refers to a recorded plat or subdivision map.
A lot-and-block legal description refers to a recorded plat or subdivision map. This follows Florida surveying/title practice; Pearson VUE Florida Sales Associate CIB.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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A Florida HOA can foreclose for unpaid assessments:
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Thomas purchases a timeshare week in a Key West resort but wants to cancel after reading the contract at home. Under Florida timeshare law, how long does Thomas have to cancel without penalty?
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