Chapter 4 Property Rights Flashcards
Condominium
Single unit ownership in a multiple unit dwelling
Cooperative:
Form of real property ownership where a corporation or association divides a single property into portions, with each user owning stock in the corporation
Declaration:
The recorded document that creates a condominium
Elective Share:
The right that a surviving spouse has to claim 30% of the net estate of the deceased spouse that has been willed to another party. The surviving spouse has 120 days to file a claim of elective share.
Estate for Years:
A lease that has a beginning date, and ending date, and is in writing
Fee Simple Estate
The most popular type of estate with the greatest “bundle of rights” available
Fixture:
Personal property that is permanently attached to real property
Freehold Estate
An estate that consists of ownership rights of an unknown duration
Homestead
The dwelling of the head of household that is afforded certain privileges such as protection from judgment liens and a special real estate tax exemption
Joint Tenancy
Ownership by two or more persons with the “unities” of time, title, interest, and possession present plus the right of survivorship
Land
Actual surface of the subject property
Leasehold Estate
Interest in real property where ownership or possession is measured in calendar time (non-freehold estate)
Life Estate
An ownership in real property that is tied to the death of a pre-determined party
Personal Property
All property that is not real property such as a car, boat, stocks or a mortgage
Proprietary Lease
A lease that is created for individual use within a cooperative
Real Estate
The land and all improvements permanently attached to the land (tangible)
Real Property
Real estate plus the legal “bundle of rights” that a person acquires by having an interest in real estate
Remainderman
when a life estate terminates, the property reverts to a pre-determined third party, not the original grantor
Right of Survivorship
Surviving owners in a joint Tenancy or Tenancy by the Entireties absorb all interest and rights in a property
Separate Property
Any Property owned separately prior to marriage or properties acquired by gift or inheritance during the marriage
Tenancy at Sufferance
When a lease expires and no agreement has been made as to future occupancy (the tenant is a holdover)
Tenancy at Will
A lease agreement that is not in writing or does not have a beginning date and an ending date or both ( a month-to-month tenant)
Tenancy by Entireties
Ownership of real property by husband and wife only
Tenancy in Common
Ownership of real property whereby 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
Time Share
Selling or leasing a single unit to multiple owners or tenants with specific rights to use
Surface Rights
Includes the land and everything that is permanently attached thereon. For example: trees, buildings, fences and waterways
Subsurface Rights
Includes items that are located below the immediate surface. For example: oil, gas, and minerals
Air Rights
Includes the rights that an owner has over the area directly above the property. For example: if a tree limb overhangs across another person’s property, this is considered an encroachment
Riparian rights
are those rights that affect land that abuts more rapid flowing bodies of water such as rivers and streams
Littoral Rights
rights that affect land that abut tidal bodies of water such as lakes, bays, oceans, and gulfs
Personal Property
all other types of tangible items that have typically have a limited lifetime and are movable from one place to another
Fixture
an item that was once personal property but is legally considered to be real property after attachments. For example, a ceiling fan that has been installed.
Intent of the parties
the law seeks evidence of the parties’ intent on whether an item is classified as a fixture.
Examples: contract terms, oral discussions
Method of Attachment
More permanent and substantial attachment to the real estate, the more likely the item will be classified as a fixture
Agreement of Parties
If the parties have specifically defined in their contract that certain items are fixtures, the terms of the contract will control.
Adaption of the Item
If an article is custom made for a particular use, or built and installed to particular specifications and dimensions, the article will likely be considered a fixture
“Bundle of Rights” (D.E.E.P.C.)
Disposition:The right to sell, give, or transfer after death
Enjoyment: Right to quiet enjoyment without interruption or disturbance by others
Exclusion: Right to restrict access to others
Possession: Right to occupy the premises within limits of the law
Control: Right to use and/or improve the property, subject to private and governmental restrictions/
Fee Simple Estate
Most common type of ownership. Contains entire bundle of rights that is available for private ownership under the allodial system. (type of Freehold estate)
Life estate
similar to the fee simple estate except the duration of the estate ends when a named person dies. Owner has the entire bundle of rights, except there is no right to transfer that estate after death. That means a person with a life estate can sell, lease, or mortgage it, subject to the terms and conditions of the life estate
Estate for Years
lease that has a definite beginning date, termination date, and must be in writing. No duration requirements
A type of Leasehold estate
Tenancy at Will
lease that has a beginning date but no fixed termination date, such as a month-to-month rental agreement. Can be oral or in writing. As long as tenant pays rent, the landlord accepts rent, relationship continues.
Type of Leasehold Estate
Tenancy at Sufferance
Type of non-freehold estate exists when a tenant’s rental agreement has expired but the tenant remains in possession without an agreement. Tenant at sufferance are also referred to as “holdover” tenants and their occupancy can be terminated without notice
Homestead
Under FL Constitution, every head of household owning a principal residence is entitled to declare that property as a HOMESTEAD. Declaring property as such, entities property to certain legal protections and benefits.
Estate in Severalty
When property is titled in one’s name
Tenancy by the Entireties
interest available only between husbands and wives that own property together. Property titled as such, is actually owned by the marriage rather than the individuals
Joint Tenancy
type of ownership interest between two or more parties with the right of SURVIVORSHIP. Right to survivorship must be stated specifically in the deed by expressly using the words “Joint Tenants with Right of Survivorship”
Tenants in Common
an interest in real property owned by two or more persons that may or may not have equal interests or may or may not have taken title at the same time. Ownership may be equal or unequal. Tenants in common have equal rights to possession and use of property, regardless of ownership share. A co-tenant may sell or transfer their interest.
Cooperative
multi-unit dwelling that is owned by a corporation comprised of residents/stockholders.
Proprietary Lease
when a person owns shares of stock in a cooperative, they obtain a Proprietary Lease, which entitles the shareholder to possession and quiet enjoyment of a particular unit.
All of the following are components of the bundle of rights granted under the allodial system, except:
Please select one of the following answers:
A. Disposition B Enjoyment C Possession D Construction
D. Construction
Land, together with all the permanent improvements thereon, is technically called:
Please select one of the following answers:
A. Land B Real estate C Real property D Tenancy in common
B. Real Estate
Al, Barbara, Charlie, and Donna acquire title together as Joint Tenants with Right of Survivorship. If Al dies one month later, and two months later, Donna sells her ownership to Ed, who are the owners and what is the description of each ownshership interest after Donna sells?
A Barbara and Charlie are the owners as Joint Tenants, each with a one-half interest B Barbara, Charlie, and Ed are the owners as Joint Tenants, each with a one-third interest C Barbara and Charlie are the owners as Joint Tenants, each with a one-third interest, and Ed is an owner as a Tenant in Common with a one third interest D Barbara, Charlie, and Ed are the owners as Tenants in Common
C. Barbara and Charlie are owners as Joint Tenants, each with one-third interest, and Ed is an owner as a tenant in common with a one-third interest.
The following are examples of an ownership interest in real property for an indefinite time period except:
A. Joint Estate
B. Estate for years
C. Estate in severalty
D. Tenancy by the entireties
B. Estate for years
An ownership interest in real property that will terminate upon the death of an individual is called a(n)
Estate for years
Fee simple estate
Life estate
Remainderman
Life Estate
The physical components of real property include all of the following except:
Subsurface rights
Surface rights
Air Rights
Mineral Rights
Mineral rights
Which of the following is an example of tenancy at sufferance?
Holdover tenant
Life Estate
Time Share
Homestead tenant
holdover tenant
A purchaser of a new, developer condominium has how many days to reside the sale and purchase contract after receipt of condominium documents?
15 days
Legal rights that affect land that abuts rapid flowing bodies of water such as rivers and streams are called
riparian rights
An item that was once personal property but is now considered to be part of the real property is called a
Fixture
Which of the following statements about Florida Homestead laws is incorrect?
Homestead includes a partial exemption from the property’s assessed value for tax purposes
Homestead laws will prevent foreclosure by most judgement liens
An owner may protect up to 160 acres if the homestead is within a city
Homestead laws and protections are provided by the FL constitution
An owner may protect up to 160 acres if homestead is within a city
Which type of ownership requires that the property be acquired under the four unities of possession, interest, time and title (PITT)?
Joint Tenancy
Which type of multiple unit dwelling provides for right of possession through rights granted under proprietary lease?
Cooperative
Rules and Regulations for a condominium can be found in the:
Bylaws
