***Ch 4. Property Rights*** Flashcards
An item that was once personal property but is now considered to be a part of the real property is called a :
A. Chattel
B. Fixture
C. Intangible assets
D. Appurtenance
B. Fixture
Land, together with all the permanent improvements thereon, is technically called:
A. Land
B. Real estate
C. Real property
D. Tenancy in common
B. Real estate
The physical components of real property include:
A. Subsurface rights
B. Surface rights
C. Air rights
D. All of the above
D. All of the above
Legal rights that affect land that abuts rapid flowing bodies of water such as rivers and streams are called:
A. Littoral rights
B. Aquarian rights
C. Riparian rights
D. Irrigation rights
C. Riparian rights
The following are examples of an interest in real property for an indefinite time period except:
A. Joint estate
B. Estate for years
C. Estate in severalty
D. Tenancy by the entireties
B. Estate for years
Which type of ownership interest includes the right of survivorship?
I. Estate in severalty
II. Tenancy in common
III. Joint tenancy
IV. Tenancy by the entireties
A. I only
B. II and III
C. II and IV
D. III and IV
D. III and IV
Which type of multiple-unit dwelling provides for right of possession through rights granted under a proprietary least?
A. Time share
B. Cooperative
C. Condominium
D. Apartment
B. Cooperative
A purchaser of a new, developer condominium has how many days to rescind the sale and purchase contract after receipt of the condominium documents:
A. 3
B. 7
C. 10
D. 15
D. 15
Rules and regulations for a condominium can be found in the:
A. Bylaws
B. Condo docs
C. Declaration
D. Question and answer sheet
A. Bylaws
All of the following are components of the bundle of rights granted under the allodial system, except:
A. Disposition
B. Enjoyment
C. Possession
D. Construction
D. Construction
Which of the following statements about Florida Homestead laws is incorrect?
A. $25,000 may be deducted from the assessed value of a homestead property for tax purposes
B. Homestead laws will prevent foreclosure by most judgment liens
C. An owner may protect up to 160 acres if the homestead is within a city
D. Homestead laws and protections are provided by the Florida Constitution
C. An owner may protect up to 160 acres if the homestead is within a city
Which type of ownership requires that the property be acquired under the four unities of possession, interest, time, and title (PITI)?
A. Tenancy in common
B. Joint tenancy
C. Tenancy by the entireties
D. All of the above
B. Joint tenancy
An ownership interest in real property that will terminate upon the death of an individual is called a :
A. Estate for years
B. Fee simple estate
C. Life estate
D. Remainder
C. Life estate
Which of the following is an example of tenancy at sufferance?
A. Holdover tenant
B. Life estate
C. Time share
D. Homestead
A. Holdover tenant
A single unity ownership in a multiple dwelling
Condominium
Form of real property ownership where a corporation or association divides a single property into portions, with each user owning stock in the corporation
Cooperative
The recorded document that creates a condominium
Declaration
A lease that has a beginning date, and ending date, and is in writing
Estate for years
Most popular type of estate with the greatest “bundle of rights” available
Fee Simple Estate
Personal property that is permanently attached to real property
Fixture
An estate that consists of ownership rights of an unknown duration, an ownership interest for an indefinite period of time.
Freehold Estate
The dwelling of the head of household that is afforded certain privileges such as protection from judgment leans and a special real estate tax exemption
Homestead
Actual surface of the subject property
Land
All property that is not real property such as a car, a boat, stocks, or mortgage
Personal Property
An interest in real property where ownership or possession is measure in calendar time (non-freehold estate)
Leasehold estate
An ownership in real property that is tied to the death of a pre-determined party
Life estate
A lease that is created for individual use within a cooperative
Proprietary Lease
The land and all improvements permanently attached to the land (tangible)
Real Estate
When a life estate terminates, the property reverts to a pre-determined third party, not the original grantor
Remainderman
Surviving owners in a joint tenancy or tenancy by the entireties absorb all interest and rights in a property
Right of Survivorship
When a lease expires and no agreement has been made as to further occupancy (the tenant is a holdover)
Tenancy at Sufferance
A lease agreement that is not in writing or does not have a beginning date and an ending date or both (month to month tenant)
Tenancy at Will
Ownership of real property whereby the co-owners may or may not have acquired title at the same time, may or may not have the same interest and right of use, and do not have the right of survivorship
Tenancy in common
Selling or leasing a single unit to multiple owners or tenants with specific rights to use.
When someone purchases a home for a specific time every year.
Time Share
Includes the land and everything that is permanently attached theron. ex: trees, buildings, fences and waterway
Surface rights
Includes items that are located below the immediate surface. ex: oil, gas, and minerals
Subsurface rights
Includes the rights that an owner has over the area directly above the property. ex: tree limb that overhangs across another person’s property
Air rights
Rights that affect land and that abut tidal bodies of water such as lakes bays, and oceans.
Littoral rights
What two things are not considered real property?
Cemeteries and Mobile homes
What are the 4 tests used to determine legal fixture conflicts?
Intent of the parties: oral discussion or contract terms
Method of attachment: the more permanent the more likely it is a fixture
Agreement of parties: was it defined in the contract as a fixture
Adaption of the item: if it was custom made to the home it is likely a fixture
an item that has been installed at a business location for business use such as shelving, display cases, or appliances necessary for a business operation, and can be removed at termination of lease is known as what?
Trade fixture
What are the characteristics of the alluvial or “bundle of rights”
DEEP C Disposition- right to sell Enjoyment- no interruptions/ disturbance Exclusion- restrict access to others Possession- occupy premises within law limits Control- use/improve property
what system of property rights provides for individual ownership of real property and you have certain rights that are inherent with that ownership.
Allodial system
When a title reverts back to the original grantor the original grantor has a what?
Reversionary estate
If a married person dies and the family homestead was titiled in that deceased person’s name only, then by operation of law (which supersede a provision in a will) what happens to the title?
the surviving spouse will receive the life estate and the children receive a remainder estate.if there are no children, the surviving spouse receives title to the homestead in fee simple.
Homestead protections are limited to how many acres located outside a city and within a city
160 acres outside a city
1/2 acre within a city
when a property is titled in one persons name
Estate in severalty
Interest is available only to spouses that own property together. In the event that one spouse dies the surviving spouse automatically receives sole ownership of the property regardless of will. Neither spouse can legally sell the property separately.
Tenancy by the Entireties
Anytime a new condo is being sold by a developer the purchaser much be provided with a disclosure stating that the purchaser has how many days right of rescission after the receipt of condo docs?
15 days
When a private owner resells a condo the purchaser must be provided with a disclosure giving how many days rescission period?
3 business days
What are the legal formats for time share projects to follow?
Interval ownership- taking legal title to property (fee simple) as a tenant in common
Right to use- A person leases the time share and sole right of possession is then transferred back to developer
What is the penalty for time share sales while inactive?
revoked
Time share contracts may be cancelled with n how many days signing a sales contract or receipt of public offering statement?
10 days
