Chapter 08 - Real Property Rights (P04) Flashcards by Joel Rodriguez

Difference between real estate and real property

Real estate is the physical land and improvements. Real property includes the legal rights to own or use the property in addition to the real estate

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Characteristics of real estate

Physical, Tangible, Immobile

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Rights of an owner whose property borders on a flowing waterway such as a river or stream

riparian rights

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Rights of an owner whose property borders on a non-flowing waterway such as an ocean, sea, or lake

Littoral rights

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Increase in land area as a result of moving water that deposits soil in other than its original location

Accretion

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Loss of soil carried away by water

Erosion

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Tangible and intangible items

Something that is tangible has physical existence (such as real estate). Something intangible has no physical existence (it cannot be touched), such as stocks and bonds.

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Soil resulting from accretion

Alluvion

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Exposure of land that was once covered by water when the level in a lake recedes (or when a river or stream changes course)

Reliction

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Something that was once personal property, but has been permanently installed to land or a building in a way that has caused it to be part of the real estate

Fixture (examples: ceiling fan, recessed lighting, garage opener)

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Four legal tests used by courts to decide if an item is part of the real estate or personal property

Memory Aid: IRMA
* Intent of the parties
* Relationship of the parties
* Method of Annexation
* Adaptation of the article

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Articles of personal property that have been attached to real estate that is rented or leased by a tenant and used in the conduct of business

Trade fixtures (the tenant may remove these fixtures during, or at termination of the lease)

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An owner has the right to quiet use and enjoyment of property without disturbance by hostile claimants

Enjoyment

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System upon which the real property laws are based in the United States

The allodial system, which allows private citizens the right to own land

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Five separate transferable ownership rights, that when taken together make up the “bundle of rights”

Possession
Disposition
Enjoyment
Exclusion
Control

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Owner’s right to sell the property, give it away, or leave it in a will

Disposition

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Owner’s right to determine how the property will be used

Control

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Owner’s right to possess or occupy the property

Possession

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Owner’s right to prevent others from entering or using their property

Exclusion

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Degree, nature, and extent of ownership or ownership rights a person has in real property

Estate - The portion of the bundle of rights the individual has determines the extent or type of estate held

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Difference between a freehold estate and a non-freehold estate

A freehold estate involves ownership with no specified time for the rights to expire. A non-freehold (or leasehold) estate is an estate in which the tenant does not have an ownership interest in the property.

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Two types of freehold estates

Fee simple and life estate

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The type of estate where the owner has a complete bundle of rights

Fee simple; The owner has the rights of:

Possession
Disposition
Enjoyment
Exclusion
Control

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Fee simple estate for a husband and wife only

Tenancy (or estate) by the entireties; The marriage is the owner of the property in which each spouse has a right of survivorship

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An estate held by two or more persons, each with equal rights of use and possession, but with the same or different deeds, at the same or different time, or equal or unequal shares of ownership

Estate (or tenancy) in common; rights are inheritable

Fee simple estate held solely by one person with the entire bundle of rights

Estate in severalty

Fee simple estate shared by two or more persons with equal rights of possession, equal and undivided interests, having acquired their ownership at the same time by the same deed or conveyance

Joint tenancy (or estate) - The four unities must exist: * Possession * Interest * Time * Title Memory aid: PITT

Estate that is automatically created when a husband and wife divorce

Tenancy in common; surviving spouse has fee simple ownership

Fee simple estate in which an owner conveys ownership to another, but only for the balance of the lifetime of the party to whom the property is conveyed

Life estate

Party to whom property will be conveyed with a life estate

Life tenant

Estate that gives the grantor of a life estate the right to regain ownership for themselves or their heirs upon the death of the life tenant

Reversion estate; ownership reverts to the grantor or their heirs

Estate that give the grantor of a life estate the right to transfer ownership to another person or entity upon the death of the life tenant

Remainder Estate

Person named by the grantor (creator) of a life estate to inherit the property upon the death of the life tenant

Vested remainderman

Individuals unnamed, such as "future children", by the grantor (creator) of a life estate to inherit the property upon the death of the life tenant

Contingent remainderman

Four ways that a fee simple estate may be held

* Estate in severalty * Estate in common * Joint tenancy * Tenancy by the entireties

Type of estate in which the tenant has the right of possession and use of the property, but does not have an ownership

Non-Freehold (leasehold)

Three types of non-freehold (leasehold) tenancies (estates)

* Tenancy at will * Tenancy for years * Tenancy at sufferance

Non-freehold tenancy that exists when a tenant is in lawful possession of the property with a definite beginning and ending date specified in writing that is signed by the landlord and two witnesses

Tenancy for years; Termination occurs by mutual agreement, reaching lease end date, or by breach of contract

Non-freehold tenancy that exists when the tenant is in unlawful possession, occupying the property without an agreement

Tenancy at sufferance; Example: When a tenant "holds over" after the expiration of a lease

Non-freehold tenancy that exists when a tenant has lawful possession of the property by agreement with the landlord, but with no definite time for the rights to terminate

Tenancy by will Can be oral or written, terminated by death of either party, or by either party giving proper legal notice

Legal method of passing property to heirs under probate law when an individual dies intestate

Law of descent and distribution; The court will appoint a personal representative to administer the affairs of the decedent and distribute assets

The most comprehensive and desirable type of estate with rights that are inheritable

Fee simple estate

Provision for a surviving spouse that protects them from an unfair will by entitling them to 30% of decedent's (deceased spouse) real and personal property owned at the time of death

Elective share; The surviving spouse must file with the courts within four months to receive this right. (Does not apply to tenancy by the entireties or homestead properties)

Term for a deceased individual

Decedent

Someone who died without a will

Intestate

Real property owned separately (in one spouse's name) prior to marriage or acquired by gift of inheritance during the marriage

Separate property, which can be sold without the signature of the non-owner spouse

Someone who dies with a will

Testate

Automatic statutory protection (exemption) provided for homestead property owners

Homestead property is exempt from the execution and forced sale of the property to satisfy personal judgment liens, such as personal loans or credit card debt, which are held against the head of a household. (Either spouse can claim head of household)

Definition of "homestead property" according to the Florida Constitution

"Any real property owned by the head of a household who resides therein." (This includes men and women who live alone.)

Property where the owner has a freehold estate (title and deed) with ownership of the airspace within the walls, floor, and ceiling of their individual unit and a fractional share of common areas

Condominium

Document that Florida condominium developers must file to create a condominium association

Declaration

Document protecting individual condominium units from lawsuits that may arise from accidents that occur in common areas

Master insurance policy

Items contained in a condominium master deed

* Name of the association * Legal description and survey * unit owner's membership rights and obligations * the bylaws

The time period for new and resale condominium buyers to rescind the sales contract after receipt of the condominium documents from the developer

15 days (new) and 3 days (resale)

The term referring to a corporation that buys and owns a multiple-unit property and sells shares of stock to individuals to occupy specified space within the building

Cooperative association

The document that given to an individual who purchases stock in a cooperative association to occupy a specified unit

Proprietary lease

Time period for new and resale co-op buyers to rescind the sales contract after receiving the co-op documents

15 days (new) and 3 days (resale)

Condominium document that conveys the title to the condominium association

Master Deed

"Cooling off" time period for timeshare buyers to cancel the contract without penalty or obligation

10 days, with written notice to the seller (owner-developer)

Homeowners' association disclosures that must be given to buyers when membership in the HOA is required

* Mandatory Membership * Restricted covenants * Failure to pay dues results in possible lien and foreclosure * Other fees * HOA right to amend the restricted covenants

Type of property, initially organized as a condominium, where ownership is divided up into (typically) 1-week time periods

Timeshare