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
An 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, a 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 the 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
An ownership interest in real property that will terminate upon the death of an individual is called a(n):
Life Estate
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
Land, together with all the permanent improvements thereon, is technically called:
Real estate
What is the difference between real estate and real property?
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.
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
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.
Rules and regulations for a condominium can be found in the:
Bylaws
The physical components of real property include all of the following except:
Mineral rights
Legal rights that affect land that abuts rapid flowing bodies of water such as rivers and streams are called:
Riparian rights
Which type of ownership requires that the property be acquired under the four unities of possession, interest, time, and title (PITT)?
Joint tenancy
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?
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
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
Construction.
Which type of multiple-unit dwelling provides for right of possession through rights granted under a proprietary lease?
Cooperative
A purchaser of a new, developer condominium has how many days to rescind the sale and purchase contract after receipt of the condominium documents?
15 days
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 is an example of tenancy at sufferance?
A Holdover tenant B Life estate C Time share D Homestead tenant
Holdover tenant
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?
15 days for month to month and 7 days for week to week
The County Property Appraiser is limited to what percentage annual maximum increase in the property’s assessed value for property tax purposes?
3%
