Chapter 4 Areas of Concern

Question 1

Define real property based on the definition in Chapter 475, F.S.

Answer 1

Real property includes both the physical components of real estate (land and improvements) plus the intangible assets known as the “bundle of rights”.

Question 2

List and explain the physical components of real property

Answer 2

The physical components of real property include surface rights, sub-surface rights, and air rights.

Question 3

Explain the four tests courts use to determine if an item is a fixture

Answer 3

The law will utilize four separate tests to determine if an item is a fixture. They are 1) Intent of the parties, 2) Method of Attachment, 3) Agreement of the parties, and 4) Adaptation of the article.

Question 4

Distinguish between real and personal property

Answer 4

Real property includes both the physical components of real estate (land and improvements) plus the intangible assets known as the “bundle of rights”.

Personal property is considered to be all properties other than real property.

Question 5

Describe the bundle of rights associated with real property ownership

Answer 5

The basic property rights (“bundle of rights) can be remembered as “DEEPC” (Disposition, Enjoyment, Exclusion, Possession, Control)

Question 6

List the principal types of estates (tenancies) and describe their characteristics

Answer 6

The principle types of estates include 1) Estate in Severalty (individual), 2) Tenancy by the Entireties (husband and wife), 3) Joint Tenancy (Right of Survivorship/ “PITT”), 4) Tenants in Common.

Question 7

Describe the features associated with the Florida homestead law

Answer 7

Florida homestead laws provide certain types of protection and benefits. Homestead property is exempt from judgment foreclosure, is limited in size depending on geographical location, and provides a $25,000 tax exemption from the assessed value of the property.

Question 8

Distinguish between cooperatives, condominiums and time-shares and describe the four main documents associated with condominiums

Answer 8

Cooperatives are corporations owned by stockholder/residents with a proprietary lease for occupancy and use.

Condominiums are individual ownership within a multiple unit dwelling.

Time Shares are an expanded condominium ownership with multiple owners of a single unit with an agreement to the right of use.