Chapter 8 & 11 Flashcards
Estate in severally has how many owners
1
The 2 types of freehold estates are
Fee simple estates and Life Estate
The 4 unities required to create a joint tenancy are
Possession..Interest…Time…Title
Dying without a will is called
Intestate
An owner of a property is called
Tenant
Tenancy in common is a fee estate held by how many people
2 or more
Anything physical, tangible & immobile and includes the earth’s surface ,subsurface & the air above land this is called
Real Estate
The four tests used to decide real or personal properties are as follows
Intent
Relationship
Method of annexation
Adaptation or Article
Property rights taken together are called
Bundle of rights
The 5 large sticks in the bundle of rights are callec
Possession
Disposition
Enjoyment
Control
Exclusion
An estate for spouses only is called
Tenancy by the entireties
The party who receives ownership in a life estate is called a
Life Tenant
The party who creates a life estate is called a
Grantor
The right to regain ownership is called
Reversion Estate
When someone other than the original owner takes ownership they are called
Remainder Man
Not having an ownership interest in property is called
Non-Freehold
When a party is to receive rights in the future
Estate in Expectancy
A period to period tenancy is called
Tenancy at will
When a tenant is in lawful possession of the property under an agreement with the landlord for a specified period of time this is called
Tenancy Estate For Years
Elective share provides a surviving spouse to be entitled up to how much of the descendant real & personal property
30%
Passing on a property to legal heirs is called
Descent & Distribution
The 2 common laws which establish the rights in a property of widows/widower is called
Dower & Curtesy laws
Any real property owned by a head of household who resides there in is called
Homestead Property
Leaving with a will is called
Testate
Elective share must be filed within a court in how many days
40 days
A developer must file what to create a condominium association
Declaration
New condominium buyers are allowed how many days right if recession
15
When Jodiann buys & own multiple unit building this will be called
Cooperative Association
The only lien a Homestead property can be sold for at foreclosure is callec
Judgment Lien
The amount of property protected by Homestead rights is limited to how many acres. And if the Homestead is located within a municipality or how many acres
One half
160 acres
How many weeks remained are reserved for annual maintainence
and refurbishing ..and this is called
Two weeks
Interval ownership
The sale transfer or subjugation in a contract is called an
Assignment
How many people perform in a unilateral contract
1
When a tenant is in lawful possession of the property under an agreement with the landlord for a specified period of time this is called
Tenancy Estate for Years
When a tenant has a landlord property in the absence of any agreement this is called
Tenancy at sufferance
The 2 water rights are
Riparian
Litorial
Increase in in land area as water deposits soil is called
Accretion
Loss of soil .carried away by water is called
Erosion
Exposure of dry land once covered by water is called
Reliction
An estate involving ownership is called
Freehold Estate
The right to regain ownership is called
Reversion Estate
The party who receives ownership in a life estate is called
Life Tennant
Who creates a life estate
Grantor
Passing on property to legal heirs
Descent & Distribution
A timeshare property is sold for this period
50 one week time periods per year
The florida timeshare act was created in
1981
