Ch.8 - Estates Flashcards
If a single party owns the fee or life estate
Tenancy in Severalty (sole ownership, ownership in severalty, estate in severalty)
What type of ownership needs the 4 unities
Joint Tenancy
The ownership presumed by law unless otherwise stated is which of these forms?
Tenancy in common
Real property can be converted into personal property by
severance.
How many days does a buyer have to cancel a purchase contract of a cooperative when purchasing from a seller who is NOT a developer?
3
Trees and perennial bushes are considered to be
fructus naturales.
The system of ownership of real property in the United States is
allodial
A property owner owns a condominium. Her interests in the common grounds around her unit are owned by her in what manner?
Tenants in common
Three of the purposes of the _______________ are to: (1) Give statutory recognition to real property timeshare plans and personal property timeshare plans in this state. (2) Establish procedures for the creation, sale, exchange, promotion, and operation of timeshare plans. (3) Provide full and fair disclosure to the purchasers and prospective purchasers of timeshare plans.
Florida Vacation Plan and Timesharing Act
The purpose of the _________________________ is to give statutory recognition to the cooperative form of ownership of real property. It shall not be construed as repealing or amending any law now in effect, except any law in conflict herewith, and any such conflicting laws shall be affected only insofar as they apply to cooperatives.
Florida Cooperative Act
Which is NOT a test for determining if something is a fixture?
Situs
What are the two Estate Types
- Freehold
2. Leasehold
What are the 3 Freehold Types
(DEA)
- Fee Simple Absolute
- Fee Simple Defeasible
- Life Estates
Highest ownership type (only subject to gov’t powers)
Fee Simple Absolute
Conditional ownership type - Ex. I will sell my property to you with the condition alcohol is never sold on it)
Fee Simple Defeasible
Not inheritable ownerhip type
Life Estate
DEA
3 Freehold Estate Types
Defeasible
Life Estate
Absolute
SECT
4 Ownership Types
- Severalty
- Entireties
- Common
- Joint Tenancy
Defined as having one owner (an individual, corporation, partnership, government entity, trust)
Severalty
Defined as having multiple owners
Concurrent Ownership
What are the Concurrent Ownership Types
- In-common
- Entireties
- Joint Tenancy
4 Unities of Joint Tenancy
Time, Tile, Interest, Posession
rights, privileges, improvements that belong and pass with transfer of property
Appurtenance
How many days does a buyer have to cancel a purchase contract of a cooperative when purchasing from seller who isnt a developer
3 days
Tests for Determining a fixture
- Intent of Parties
- Damage
- Adaptability
Personal Property changes to Real Property
Annexation
Types of Natural Rights
- Accretion
- Erosion
- Avulsion
Increase of land created by deposits of sol by NATURAL action of water
Accretion
Decrease of land by GRADUAL wearing away caused by flowing water
Erosion
Sudden loss of land by act of nature
Avulsion
Annual Crops such as wheat/corn (personal property)
Fructus Industiales/Emblements
natural appurtenances
trees, cracks, streams
Transferred by Bill of Sale
Personal Property
Rights associated with non-navigable water (lakes/seas)
Littoral Rights
Rights associated with moving water/stream
Riparian Rights
Ownership extends to where with Naviagable Riparian rights
Ownership extends to waters edge
Ownership extends to where with Non-Navigable Riparian rights
Unrestricted use of the water and land beneath the stream to the streams midpoint
