An Ocala real estate agent is explaining legal description requirements to new agents. All of the following are required elements for a legally sufficient property description in Florida EXCEPT:
Correct Answer
D) The current market value of the property
The current market value of the property is correct as the exception because market value is not part of a legal description - it's an appraisal or valuation matter. Sufficient detail to locate boundaries is essential for any legal description. Reference to recorded plats or surveys provides the necessary legal foundation. Closure returning to the point of beginning is required for metes and bounds descriptions to be complete.
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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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