Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > Ch. 8 Property Rights: Estates, Tenancies, and Multiple Ownership Interests > Flashcards

Ch. 8 Property Rights: Estates, Tenancies, and Multiple Ownership Interests Flashcards

This chapter begins with a description of the physical components of real property. It goes on to discuss various types of estates and the rights that are included in each type of estate. It describes multiple ownership interests as well as special ownership interests, including the constitutional homestead. The chapter concludes with a thorough presentation of cooperatives, condominiums, and time-shares.

1
Q

The parts of a multiple-ownership property not included in the units; those parts in which each unit owner holds an undivided interest.

A

common elements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Ownership by two or more persons at the same time, such as joint tenants, tenants by the entirety, or tenants in common.

A

concurrent ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A multiunit project consisting of individual ownership of a dwelling unit and undivided ownership of common areas.

A

condominium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

1

A

condominium documents

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A multiunit project consisting of individual dwelling units owned by the corporation in which the individual apartment tenants own stock rather than owning their respective units.

A

cooperative

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

1

A

declaration of condominium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

An estate defined as consisting of 30 percent of the decedent’s personal property and Florida real property, except homestead-exempt property and claims.

A

elective share

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

A tenancy measured from a starting date to a termination date (may be for a few days or longer than any natural life: e.g., a leasehold is an estate for years).

A

estate for years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Ownership of property vested in one person alone, also known as sole ownership.

A

estate in severalty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The most comprehensive and complete interest one can hold in real property; freehold estate. Also known as fee or fee simple absolute.

A

fee simple estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

An object that was once considered to be personal property but has become real property becasue of attachment to, or use in, improvements to real property.

A

fixtures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A tenancy in real property with no set termination date that can be measured by the lifetime of an individual or can be inherited by heirs.

A

freehold estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Term used to describe three separate but related situations: (1) a tax exemption, (2) a tract of land limited in size, and (3) a statutory condition designed to protect the interests of a spouse and lineal descendants.

A

homestead

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

An estate or interest owned by more than one person, each having equal rights to possession and enjoyment; the interest a deceased tenant conveys to surviving tenants by specific wording in the deed establishing the joint tenancy.

A

joint tenancy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The surface of the earth and everything attached to it by nature.

A

land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A tenancy in real property held under a lease arrangement for a denote number of years: nonfreehold.

A

leasehold estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Tenancies whose duration are limited to the life of some person; freehold.

A

life estates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Legal rights related to land abutting an ocean, sea, or lake, usually extending to the high-water mark.

A

littoral rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Real and personal property acquired during marriage.

A

marital assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

An estate in real property in which ownership is for a determinable time period, as in a lease.

A

nonfreehold estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Tangible and movable property (transferred by bill of sale); property not classified as real property. Also known as personalty or chattel.

A

personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

A written agreement between the owner-corporation and the tenant-stockholder in a cooperative apartment.

A

proprietary lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

A document prepared by a developer of 20 or more new condominium units that summarizes some of the major points contained in the condominium documents.

A

prospectus

24
Q

Land, including the air above and the earth below, plus any permanent improvements affecting the utility of the land; real property; property that is not personal property.

A

real estate

25
Q

Any interest or estate in land, including leaseholds, subleaseholds, business opportunities and enterprises, and mineral rights; real estate.

A

real property

26
Q

The party designated to receive an estate at the end of a life estate.

A

remainderman

27
Q

A situation by which the remaining joint tenant succeeds to all right, title, and interest of the deceased joint tenant without the need for probate proceedings.

A

right of suvivorship

28
Q

Private ownership rights extending to the normal high-water mark along a river or stream and including access rights to water, boating, bathing and dockage in accordance with state and federal statues.

A

riparian rights

29
Q

Real property owned b a husband or wife prior to the marriage with the spouse having no present rights in such property; property owned individually.

A

separate property

30
Q

An estate lawfully acquired for a temporary period of time but retained after a period of lawful possession has expired; nonfreehold estate.

A

tenancy at sufferance

31
Q

An estate that may be terminated by either party at any time upon proper notice; nonfreehold estate.

A

tenancy at will

32
Q

An estate created by husband and wife jointly owning real property with instant and complete right of survivorship.

A

tenancy by the entireties

33
Q

A form of ownership by two or more persons each having an equal or unequal interest and passing the interest to heirs, not to surviving tenants.

A

tenants in common

34
Q

An individual interest in a real property unit together with a right of exclusive use for a specified number of days or weeks per year.

A

time-share

35
Q

An article that is attached by a commercial tenant as a necessary part of the tenant’s business and is personal property.

A

trade fixture

36
Q

An interest in the entire property, rather than ownership of a particular part of the property.

A

undivided interest

37
Q
  1. The most comprehensive interest in real property that an individual may possess is a(n)
    a. estate for years.
    b. life estate.
    c. remainder estate.
    d. fee simple estate.
A

D

38
Q
  1. Physical components of real property do NOT include
    a. surface.
    b. air space.
    c. equitable rights.
    d. subsurface.
A

C

39
Q
  1. Fixtures are items that
    a. are fixed, or attached, to real property.
    b. were once personal property but are now real property.
    c. have been incorporated as a part of real property.
    d. are all of the above.
A

D

40
Q
  1. A husband and wife decide to get a divorce. In addition to their Florida homesteaded property, they own a vacant lot in the same subdivision acquired in both of their names during the marriage. How will the lot be distributed?
    a. The lot is considered to be separate property and will be distributed equally between the husband and wife.
    b. Because the real estate is community property, each spouse is entitled to a one half interest in the lot.
    c. The interest in the lot will revert to a life estate and will be distributed to the lineal descendants.
    d. The lot is a marital asset and will be distributed equitably.
A

D

41
Q
  1. The bundle of rights associated with real property does NOT include
    a. use.
    b. possession.
    c. disposition.
    d. utility.
A

D

42
Q
  1. A man and a woman were recently wed. The woman owns a residential lot that was purchased before the marriage. The lot is considered to be
    a. separate property.
    b. a marital asset.
    c. a tenancy in common.
    d. an estate by the entireties.
A

A

43
Q
  1. At the expiration of the lease period and before renegotiation of the lease, a tenant continued to occupy the apartment. The tenant’s position is called
    a. a tenancy at will.
    b. a tenancy at sufferance.
    c. a freehold estate.
    d. an estate in reversion.
A

B

44
Q
  1. A woman received a new microwave for Christmas. The microwave was installed above her range by screwing the unit to the kitchen cabinets and venting it through the attic. The microwave would be considered
    a. a fixture.
    b. a chattel.
    c. separate property.
    d. personal property.
A

A

45
Q
  1. The homestead tax exemption is deducted from the
    a. market value of a property
    b. assessed value of a property.
    c. sale price of a property.
    d. total cost, including all improvements.
A

B

46
Q
  1. A husband and wife own a home with title in both names. The husband owns two small famrs in his name only, acquired before the marriage. They have one minor child and one adult son. The husband dies. Which is MOST correct?
    a. The widow owns a life estate in all property.
    b. The property is split equally among the widow and the children.
    c. The widow owns all of the home and may claim 30 percent of the two farms.
    d. The widow owns 30 percent of all of the real estate.
A

C

47
Q
  1. The real estate protected by homestead rights is limited to
    a. 640 acres outside a city or town and one ace in town.
    b. 160 acres outside a city or town and one-half acre in town.
    c. 40 aces outside a city or town and one-half acre in town.
    d. 160 acres outside a city or town or one-half acre in town.
A

D

48
Q
  1. A constitutional homestead is owned by a man, who is head of a family consisting of himself, his wife, and their three children. The man dies unexpectedly. After his death, the widow
    a. owns the homestead.
    b. owns a life estate in the homestead, and the children are vested remaindermen.
    c. may claim elective share rights of 30 percent of the homestead, and the children divide the remainder.
    d. may claim all of the above.
A

B

49
Q
  1. Which estate features right of survivorship?
    a. Leasehold estate
    b. Estate by the entireties
    c. Tenancy at will
    d. Tenancy in common
A

B

50
Q
  1. Chapter 475, F.S., defines real property as any interest or estate in
    a. land, improvements, leaseholds, subleaseholds, mineral rights, cemetery lots, or any assignment thereof.
    b. land, improvements, business enterprises and business opportunities, leaseholds, subleaseholds, mineral rights, mobile homes, or any assignment thereof.
    c. land, business enterprises and business opportunities, leaseholds, subleaseholds, mineral rights, cemetery lots, mobile home lots, or any assignment thereof.
    d. land, business enterprises and business opportunities, including any assignment, leasehold, subleasehold, or mineral rights.
A

D

51
Q
  1. In Florida, cooperatives and time-shares are regulated by the
    a. Division of Real Estate.
    b. Division of Florida Condominiums, Timeshares, and Mobile Homes.
    c. Department of Housing and Urban Development.
    d. Florida Real Estate Commission.
A

B

52
Q
  1. A condominium unit buyer has how long to cancel the purchase contract following the signing of an agreement with a developer?
    a. 3 days
    b. 10 days
    c. 15 days
    d. 20 days
A

C

53
Q
  1. Developers of condominium projects with 20 or more units must give buyers
    a. a copy of the prospectus.
    b. the names and business addresses of real estate sales associates assigned.
    c. the names of all current unit owners.
    d. the names of unit owners, unit numbers, and amounts due from unit owners delinquent in monthly assessment fees.
A

A

54
Q
  1. Which characteristic applies to condominium ownership?
    a. The corporation holds title to land and improvements.
    b. The purchaser receives shares of stock in the corporation.
    c. A proprietary lease entitles the purchaser to occupy a unit.
    d. The purchaser receives a deed to a particular unit.
A

D

55
Q
  1. All these apply to the constitutional homestead exemption EXCEPT
    a. protection from forced sale for non payment of certain debts.
    b. deduction of up to $50,000 from the assessed value of the homesteaded property, if claimed.
    c. claimants must hold title to the property and use the home as their principal residence.
    d. it automatically creates a tenancy by the entireties if the person filing for homestead is married.
A

D

56
Q
  1. A woman paid cash for a 60-acre lemon grove in Citrus County. The estate is for an indefinite period of time. The woman does NOT own which type of estate in the property?
    a. Fee simple estate
    b. Freehold estate
    c. Leasehold estate
    d. Estate in severalty
A

C

Real Estate (21 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions