Chapter 4 Flashcards
Single unit ownership in a multiple unit dwelling
Condominium
Form of real property ownership where a corporation or association divides a single property into portions, with each user owning stock in a corporation
Cooperative
The recorded document that creates a condominium
Declaration
The right that is surviving spouse has to clean 30% of the net estate of the deceased spouse that has been will do another party. The surviving spouse has 120 days to file a claim
Elective share
A lease that has a beginning date, and ending date, and is in writing
Estate for years
Most popular type of a state 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
Freehold estate
The drawing of the head of household that is afforded certain privileges such as protection from judgment liens in a special real estate tax exemption
Homestead
Ownership by two or more persons with the “unities” of time, title, interest, and possession present plus the right of survivorship
Joint tenancy
Actual surface of the subject property
Land
An interest in real property where ownership or possession is measured in calendar time ( non- freehold estate)
Leasehold estate
an ownership in real property that is tied to the death of a predetermined party
Life estate
all property that is not real property such as a car, a boat, stocks, or mortgage
Personal property
A lease that is created for individual use with a cooperative
Proprietary lease
The land and all improvements permanently attached to the land (tangible)
Real estate
Real estate plus the legal “bundle rights“ that a person acquires by having an interest in real estate
Real property
When a life estate terminates, the property reverts to predetermine third private party, not the original grantor
Remainderman
Surviving owners in a joint tenancy or tenancy by the entireties absorb all interest and rights and property
Right of survivorship
Any property owned separately prior to marriage or properties acquired by a gift or inheritance during the marriage
Separate property
When a lease expires and no agreement has been made as to future occupancy (the tenant is a holdover)
Tenancy at sufferance
A lease agreement that is not in writing or does not have a beginning date in an ending date or both (a month-to-month tenant)
Tenancy at will
Ownership of real property by husband and wife only
Tenancy of entireties
Ownership of real property where by 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
Time-share
Three physical components that describe real property:
Surface rights
Subsurface rights
Air rights
The rights that affect land that abuts more rapid flowing bodies of water such as rivers and streams
Riparian rights
The rights that affect land that abut boat tidal bodies of water such as lakes, bays, oceans and gulfs
Littoral rights
The land can gradually increase in size due to a build up of displaced land from another location this process is known as
Accreation
Personal property also known as
Chattel
What occurs when the real property is converted to personal property
Severance
Bundle of rights
Disposition, enjoyment, exclusion, possession, control
D.E.E.P.C.
Homestead protections are limited to _____ acres if the property is located outside the city or up to _____ acre if the property is located within a city
160 acres , 1/2 acre
Homestead properties are provided with a tax exception that allows ______ of assessed value to be exempt from real property taxation
$25,000
The elective share is not automatic. They’re surviving spouse must file with the court within _____ days of the date of the first public notice of the ministration of the estate. If the well is contested, they’re surviving spouse must file within _____ days following the close of litigation
120 days, 40 days
The joint tenancy with right of survivorship interest requires that the property be if I had under the four unities of
Possession, interest, time, and title (PITT)
