Floating ground ?

[radio nut]

My wife and I just moved out of a crappy apartment and into a house(rental).
When talking with the landlord he told me that the house was built in 1925 and that currently the wiring while it has a circuit breaker installed it is only a two wire set-up.
One wire is hot and the other neutral, and does not have the third wire for ground.
Talking with a electronics tech. he said that my house could very well have a floating ground.
Well, how do I tell if it does have a floating ground and what would it affect?