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Real Estate State Test > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

Define land, real estate, and real property

A

Land- the surface of earth and to everything attached to it by nature, such as trees and lakes. Also includes nature beneath the surface such as oil and limestone.
Real estate- refers to land and all human-made improvements permanently attached to the land such as homes and factories, fences, streets, ect.
Real property- includes all real estate plus the bundle of legal rights inherent in the ownership of real property.

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2
Q

Explain surface rights, subsurface rights, and air rights.

A

An owners rights to use the physical components of surface, subsurface, and air.

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3
Q

Explain riparian rights and littoral rights

A

Riparian rights- rights associated with land baiting a flowing waterway such as a banks of a river or stream. Property owner does not own river or stream but has the right to use water for things such as boating or fishing.
Littoral rights- rights associated with land abutting water that is not flowing such as pond or lakes and includes ocean front and gulf front property.

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4
Q

Define accretion, alluvion, erosion, reliction

A

Accretion- the process of land buildup from waterborne-rock, sand, and soil.
Alluvion- new deposits of land as a result of accretion (land owner is entitled to all new soil deposits).
Erosion- gradual loss of land due to erosion
Reliction- receding of water, uncovering additional land (new land usually belongs to the landowner of the area that was previously covered by water)

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5
Q

Subsurface rights consist of rights to _________ minerals, petroleum, natural gas, and so forth often called _______ rights

A

Underground, mineral

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6
Q

Air rights involve that space ______ a tract, extending up to a height established by law.

A

Above

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7
Q

Explain real and personal property

A

Real property- land and any improvements to land
Personal property- items usually easily moveable with a limited life span. Doesn’t stay with property after sale

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8
Q

Explain fixture and trade fixture

A

Fixture- Item of personal property converted to real property by Attaching it to the real property With the intention it becomes a permanent part of the property.
Trade fixture- item or personal property attached to real property owned by the tenant and is used as a business. Legally removable by tenant.

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9
Q

Legal test for a fixture

A

Intent of the parties (what statements were made)
Relationship or agreement of parties (landlord and tenant or buyer and seller)
Method or degree of attachment (how it is attached and will there be damage if removed)
Adaption of the item(how important it is to the function of the property)

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10
Q

List the basic property rights (bundle of legal rights)

A

Disposition- ability to sell, mortgage, dedicate, give away, or otherwise dispose of all or a portion of the property
Enjoyment- the right to enjoy and use the property without interference
Exclusion- the right to keep others from trespassing or enter and use the property without permission
Possession- right to occupy the property in privacy
Control- right to uninterrupted use of the property consistent to local law

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11
Q

True or false? A trade fixture is is personal property that is included in sale

A

False, it is not included in sale

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12
Q

An estate refers to the ________, _________, ________, and __________ of interest (ownership rights) a person can have in real property

A

Degree, quantity, nature, and extent

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13
Q

Estate and _______ are used interchangeably

A

Tenancy

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14
Q

Estates are divided into what 2 general groups? What do these mean?

A

Freehold estates- indefinite length of time (unknown duration
Leasehold estates- a fixed term (known duration)

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15
Q

True or false? Freehold estates are estates of ownership

A

True

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16
Q

True or false? Fee, fee simple, and fee simple absolute all identify an ownerships interest in with complete power to use, dispose of, and to allow the property to descend to heirs

A

True

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17
Q

Most title to property is held in ____

A

Fee

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18
Q

An estate (ownership) in real property that is limited in duration to the life span of its owner or the life of some other person is what form of estate?

A

Life estate

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19
Q

True or false? A conventional life estate can be granted to someone so that in the event the property owner dies, the title can be conveyed to someone else

A

True

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20
Q

Give examples of life estate

A

If a sister wants to care for her brother she can execute a deed that transfers ownership of the title to her brother until his death, thus returning ownership to her.
In the same sense she can execute a deed that transfers title to the property to her brother after her death.

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21
Q

If the title to property will be returned to the grantor, is is considered an _______ __ _______

A

Estate in reversion

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22
Q

Define life estate

A

The largest bundle of ownership legal rights of interest in property

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23
Q

If the title will be conveyed to a third party, called the remainderman, the remainderman owns a _________ _________

A

Remainder estate

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24
Q

The deed that established the _____ _____ also designated the remainderman

A

Life estate

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25
Q

When the life estate ends, the remainderman receives a ____ _____ ______

A

Fee simple estate

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26
Q

Give an example of a life estate created by law. What is this called?

A

It’s called a legal life estate. For example, in Florida, if a homestead property is owned by only one spouse, and that spouse dies, the surviving spouse receives a life estate, and any children receive a remainder estate.

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27
Q

What protections and benefits does the Florida constitution grant to homesteads.

A

Protection of the family- if title to homestead is in one spouses name, and that spouse dies, the surviving spouse receives a life estate and any children receive a remainder estate.
If no children the surviving spouse receives a fee simple estate.
Protection of the homestead- protected from forced sale to satisfy judgement for a personal loan, credit card debt, ect. Does not protect against foreclosure for failure to pay property taxes, special assessments, mortgages, HOA fees, condominium association fees, vendors Liens, or construction Leon’s secured with the homestead property.
Tax exemption- allowed tax exemption from assessed property value. Current exemption is up to 50,000 dollars
Size of property- restricted to 160 acres contiguous land and improvements outside the city, or up to half an acre within the city
Person property- protects up to 1,000 dollars personal property.

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28
Q

True or false? Signatures of both spouses is required on all contracts, deeds, and mortgages on homestead even if the title is in only one spouses name.

A

True

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29
Q

What is a municipality?

A

A city or town that has corporate status and local government.

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30
Q

Explain an estate for years, a tenancy at will, and a tenancy at sufferance. These are examples of what

A

Estate for years- a written lease with a specified start and end date.
Tenancy at will- either an oral agreement or one with no end date.
Tenancy at sufferance- a tenant stays in possession of a property beyond the ending date of a legal tenancy without consent of the landlord.
These are examples of non freehold estate

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31
Q

Explain a freehold and nonfree hold estates

A

Freehold shows ownership and interest in real property

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32
Q

What is the time frame for a tenancy at will

A

Week to week- 7 days
Month to month- 15 days

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33
Q

Estate in severalty or sole ownership is when title to property is held by ____ person.

A

One

34
Q

Explain Separate property

A

Property the spouse owns in the spouses name before marriage, or property inherited to one spouse during the marriage.

35
Q

Property acquired during a marriage by inheritance or gift, is considered and referred to as _______ ________.

A

Marriage assets

36
Q

List the three forms of concurrent ownership. As well as their features.

A

Tenancy in common- 2 or more people, undivided possession, equal or unequal percentage, same or different time and title, no right of survivorship
Tenancy by entireties- married couple, undivided possession(interest), each spouse 100%, same time and title, right of survivorship(surviving spouse inherits)
Joint tenancy - 2 or more people, undivided possession, equal percentage, same time and title, right of survivorship (surviving owner inherits).

37
Q

What is the most frequent used form of co-ownership outside of ownership by a married couple?

A

Tenancy in common

38
Q

Tenancy by entireties is a form of __-________ and is created by a _______ _______

A

Co-ownership, married couple

39
Q

In a tenancy by entireties, at death of either spouse, ownership interest automatically goes to the surviving spouse through _____ __ ______ where as in homestead if their are children, the surviving spouse receives a ____ ______

A

Right of survivorship, life estate

40
Q

A deed in joint tenancy to insure right of survivorship must include what wording?

A

“As joint tenants with right of survivorship and not as tenants in common”

41
Q

Joint tenancy prevents the disposition of property by ____ or _____ __ ______.

A

Will, descent time heirs

42
Q

The person who wishes to sell their share of property in a joint tenancy may do so, however the person who buys the share Connot be a joint tenant because?

A

A title in joint tenancy must be acquired on the same date and time for both parties.

43
Q

In tenancy by entireties, When one spouse dies, that spouses ownership interest is automatically conveyed to the surviving spouse through ________ __ ________.

A

Right is survivorship

44
Q

In the event of a divorce, a tenancy by entireties automatically becomes a _______ ___ ________.

A

Tenancy in common

45
Q

True or false? a married couple wishes to purchase property, they must do it as tenants by entireties.

A

False.

46
Q

What is the exception to a married couple choosing be a tenancy in common?

A

If the property is homestead

47
Q

What are the 4 unities of joint tenancy?

A

Joint tenanants have equal ownership interest, acquire title on same instrument (deed), acquire interest at same time, and same right of undivided possession.

48
Q

What is a deed?

A

A document signed to transfer ownership of property from a grantor, to a grantee.

49
Q

What is a lease?

A

A contract for a person to pay a select amount in exchange to use property.

50
Q

What is a mortgage?

A

An agreement between a mortgagor(borrower) and a mortgagee (lender) to borrow money to purchase a home and gives the lender the right to take your property if you default on payments.

51
Q

What is a lien?

A

A monetary claim against property intended to insure payment of a loan

52
Q

What is a title to property

A

The name that describes a persons legal position regarding real property.

53
Q

In Florida, the cooperative act, the condominium act, and the Florida vacation plan and time sharing act establish the rights and obligation of what parties? What do these all mandate?

A

The developer, the association, and unit buyers and sellers.
Requires that before the sale of developer residential shared housing, buyers be given certain disclosure statements such as, “property description, form of title-interest, description of common areas and amenities, existence of judgment or liens, ect.

54
Q

Explain a co-op, cooperative association, or cooperation

A

A multiunit building owned by a corporation. The corporation owns title to land and it’s improvements. Unit owners purchase shares of stock in the corp. ownership of the stock entitles the person to a proprietary lease(right to occupy).

55
Q

The division of Florida condominiums, timeshares, and mobile homes of the DBPR is the state agency charged with ensuring compliance with the ____ regulating all three of these multiple ownership-ownership forms.

A

Laws

56
Q

The cooperative act stipulates that the property taxes and special assessments be assessed against what?

A

Each cooperative unit and not the corporation.

57
Q

Share holders in a co- op pay a ___ _____ share of property taxes and the corporation pays the property tax bill

A

Pro rata

58
Q

The buyer of a residential co-op unit may cancel the contract within __ days of signing the contract and receipt of all items required by FS 719. The developer is required to give you this disclosure in sale contract.

A

15

59
Q

Cooperative, condominium, and time share rescission periods. (Backing out of deal

A

Resale residential cooperative apartments and condominium units- 3 days
Timeshare sold by developer or resale- 10 day
Residential cooperative apartments and condominium units sold by developer- 15 days

60
Q

True or false? The condominium Act provides that an association (usually non-profit) is responsible for operating the condominiums.

A

True

61
Q

What makes an apartment building, townhouse, ect. Condominium is how the developer _______ the association. The condominium association is run by a ______ __ ______, initially appointed by the developer and than turned over to elected directors

A

Organized, board of directors

62
Q

Common elements are?

A

Are those portions of the condominium property that are not included in the units but are legally attached to each unit and are transferred with the unit when it is sold.

63
Q

In condominiums, property taxes are levied on ______ _____.

A

Individual units

64
Q

What 4 condominium documents are required to be given to the buyers of residential units sold and to buyers of resale condominium units.

A

Declaration-creates the condominium, occurs when the declaration of the condominium is recorded in the records of the county where the property is located
Articles of incorporation- creates the corporate entity responsible for operating the condominium
Bylaws- rules n regulations of the association
Frequently asked question and answer sheet

65
Q

What are the 2 additional disclosures required to be given to prospective buyers when purchasing residential units from a developer, in addition to the 4 condominium disclosures?

A

Prospectus- summary of important points if more than 20 units
Estimated operating budget- detailed estimate of expenses to be shared by unit owner

66
Q

In addition to the 4 condominium disclosures given to buyers, unit owners of resale condominium units must be given what 3 additional disclosures

A

Most recent year end financial report.
Rules of the association
Governance form- educate prospective purchasers on the rights and responsibilities of the condominium board and unit owners

67
Q

In a time share, units are divided into _____ _______ usually 52 weeks. If 1 week is purchased, that purchaser owns ____ interest of the unit.

A

Time intervals, 1/52

68
Q

Buyers of time share Units are protected by what act(s)? What Florida statute chapter deals with time share plans in Florida consisting of more than 7 time-share periods over a span of 3 years

A

Condominium act and the Florida vacation plan and time sharing act. Chapter 721

69
Q

True or false? A real estate license is not necessary to sell time-share units and receive a commission.

A

False

70
Q

True or false? Owners of time share periods who own the time share for their own use and occupancy are exempt from licensee

A

True

71
Q

The Commission requires licensees who advertise, list, or sell
time-share periods to provide disclosures in the listing contract, advertisements, and _____ ______.

A

Sale contract.

72
Q

Any broker engaged in the resale of a time-share period, as well as any written advertisement material used by a broker or sales associate in connection with soliciting of a listing agreement of the resale of a time-share period must include what disclosure?

A

“Their is no guarantee that your time-share period can be sold at any particular price or in any particular time period.”

73
Q

The 2 forms of time share ownership are

A

Interval ownership- “deeded interest”. Fee simple ownership in specific time increments.
Right to use- ability to use unit for specified number of years, usually 20-40

74
Q

Freehold estate is a form of ______

A

Ownership

75
Q

The most comprehensive estate with the largest bundle of legal rights is the_____ ______ estate

A

Fee simple

76
Q

Leasehold estates are estates of ________ and are also called ______ _________ estates

A

Possession, non freehold

77
Q

Stock ownership in the corporation entitles the purchaser to the right of occupancy through a ________ _____.

A

Proprietary lease

78
Q

Transfer of condominium ownership is accomplished by transfer of ______

A

Deed

79
Q

True or false? Freehold estates include fee simple and life estates

A

True

80
Q

Explain a freehold estate

A

type of estate where the person has a right or owns title to real property for an unspecified amount of time.

Real Estate State Test (18 decks)

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