Florida Real Estate Practice Exam

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What is Novation?

  1. A form of constructive notice

  2. Transfer of property to a new owner

  3. Substituting a new obligation for an old one

  4. Relinquishing all interest in a property

The correct answer is: Substituting a new obligation for an old one

Novation is the substitution of a new obligation for an old one. The other options are incorrect because A: "Constructive notice" refers to a legal concept related to property ownership and does not directly relate to novation. B: While novation can involve the transfer of property to a new owner, this is not the main aspect of what novation is. D: "Relinquishing all interest in a property" is not an accurate definition of novation, as the replacement of an obligation is the main aspect of novation.

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