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Florida Real Estate > Chapter 4: Property Rights > Flashcards

Chapter 4: Property Rights Flashcards

1
Q

Condominium

A

Single unit ownership in a multiple unit dwelling

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2
Q

Cooperative

A

Form of real property ownership where a corporation or association divides a single property into portions, with each user owning stock in the corporation

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3
Q

Declaration

A

The recorded document that creates a condominium

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4
Q

Elective Share

A

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.

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5
Q

Estate for Years

A

A lease that has a beginning date, and ending date, and is in writing

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6
Q

Fee Simple Estate

A

The most popular type of estate with the greatest “bundle of rights” available

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7
Q

Fixture

A

Personal property that is permanently attached to real property

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8
Q

Freehold Estate

A

An estate that consists of ownership rights of an unknown duration

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9
Q

Homestead

A

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

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10
Q

Joint Tenancy

A

Ownership by two or more persons with the “unities” of time, title, interest, and possession present plus the right of survivorship

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11
Q

Land

A

Actual surface of the subject property

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12
Q

Leasehold Estate

A

An interest in real property where ownership or possession is measured in calendar time (non-freehold estate)

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13
Q

Life Estate

A

An ownership in real property that is tied to the death of a pre-determined party

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14
Q

Personal Property

A

All property that is not real property such as a car, a boat, stocks, or a mortgage

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15
Q

Proprietary Lease

A

A lease that is created for individual use within a cooperative

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16
Q

Real Estate

A

The land and all improvements permanently attached to the land (tangible)

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17
Q

Real Property

A

Real estate plus the legal “bundle of rights” that a person acquires by having an interest in real estate

18
Q

Remainderman

A

When a life estate terminates, the property reverts to a pre-determined third party, not the original grantor

19
Q

Right of Survivorship

A

Surviving owners in a Joint Tenancy or Tenancy by the Entireties absorb all interest and rights in a property

20
Q

Separate Property

A

Any property owned separately prior to marriage or properties acquired by gift or inheritance during the marriage

21
Q

Tenancy at Sufferance

A

When a lease expires and no agreement has been made as to future occupancy (the tenant is a holdover)

22
Q

Tenancy at Will

A

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)

23
Q

Tenancy by the Entireties

A

Ownership of real property by husband and wife only

24
Q

Tenancy in Common

A

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

25
Q

Time-Share

A

Selling or leasing a single unit to multiple owners or tenants with specific rights to use

26
Q

An ownership interest in real property that will terminate upon the death of an individual is called a(n):

A

Life Estate

27
Q

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
A

B Estate for years

28
Q

Land, together with all the permanent improvements thereon, is technically called:

A

Real estate

29
Q

What is the difference between real estate and real property?

A

Real Estate is defined as the land plus all permanent improvements, such as buildings or trees. Real Property however, includes the physical components of real estate plus the intangible assets (“bundle of rights”) inherent with ownership.

30
Q

Which of the following statements about Florida Homestead laws is incorrect?

    A     Homestead includes a partial exemption from 
            the property's assessed value for tax 
            purposes
B	Homestead laws will prevent foreclosure by 
            most judgment liens
C	An owner may protect up to 160 acres if the 
            homestead is within a city
D	Homestead laws and protections are 
            provided by the Florida Constitution
A

C An owner may protect up to 160 acres if the
homestead is within a city. The limit is 1/2 acre within
city limits and 160 acres outside the city.

31
Q

Rules and regulations for a condominium can be found in the:

A

Bylaws

32
Q

The physical components of real property include all of the following except:

A

Mineral rights

33
Q

Legal rights that affect land that abuts rapid flowing bodies of water such as rivers and streams are called:

A

Riparian rights

34
Q

Which type of ownership requires that the property be acquired under the four unities of possession, interest, time, and title (PITT)?

A

Joint tenancy

35
Q

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-third interest, and Ed is an owner as a Tenant in Common with a one third interest

36
Q

All of the following are components of the bundle of rights granted under the allodial system, except:

    A     Disposition
B	Enjoyment
C	Possession
D	Construction
A

Construction.

37
Q

Which type of multiple-unit dwelling provides for right of possession through rights granted under a proprietary lease?

A

Cooperative

38
Q

A purchaser of a new, developer condominium has how many days to rescind the sale and purchase contract after receipt of the condominium documents?

A

15 days

39
Q

An item that was once personal property but is now considered to be part of the real property is called a:

A

Fixture

40
Q

Which of the following is an example of tenancy at sufferance?

    A     Holdover tenant
B	Life estate
C	Time share
D	Homestead tenant
A

Holdover tenant

41
Q

Under a Tenancy at will lease, if a lessee is month to month, how many days notice of proper notice must be given? Week to week?

A

15 days for month to month and 7 days for week to week

42
Q

The County Property Appraiser is limited to what percentage annual maximum increase in the property’s assessed value for property tax purposes?

A

3%

Florida Real Estate (21 decks)

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