Chapter 8 keywords

Question 1

Condominiums

Answer 1

Consumer demand for condominium ownership is especially popular in areas where desirable land is scarce. Condominium ownership has social and economic advantages over apartment living condominium ownership is compatible with the lifestyles of people who desire time to pursue leisure activities and freedom from the personal responsibility for maintaining the exterior of their properties condominium provide for the ownership of individual units within a multiple unit building each owner owns a three-dimensional airspace within the building and has titled to the airspace within the walls, floor and ceiling of each unit

Question 2

Cooperative(co-op)

Answer 2

Cooperative ownership is legally required. This thing from condominium ownership. A cooperative association is a corporation that buys and owes in multiple unit building shares of stock in the corporation are sold, and the rules of who intern are given a prior release by the corporation which allows the shareholder to occupy specific space within the building

Question 3

Declaration

Answer 3

By law developers of condominiums must file a declaration to create a condominium association and execute, a master deed that conveys the title to the condominium association. The declaration includes the name of the association, the legal description and survey of the land description of the unit owners, membership price, and obligations a copy of the bylaws and other documents associated with the creation operations of a condominium are set for in F that S.718

Question 4

Fee simple estate

Answer 4

In a fee simple estate, the owner has a complete bundle of rights if simple estate is the simplest, and yet the most comprehensive estate in land, it is the most desirable and most common type of estate

Question 5

Fixture

Answer 5

A fixture is an item that was once personal property, but has been installed, or attached the land or building in a permanent way that has caused it to become part of the real estate when a residential tenant has a fixture to a property it cannot be removed at the expiration of the lease and becomes a property of the landlord

Question 6

 freehold estate

Answer 6

A few estate is an estate involving ownership anyone who owns wheel property has a freehold, estate freehold estates have no specified time for the rights to expire. There are two types of freehold, Estates fee, simple, estate, and life estate.

Question 7

Homeowners association

Answer 7

f.S 720 defines a homeowners association HOA or Association as a Florida corporation responsible for the operation of a community or a mobile homes of division in which devoting member membership is made up of property owners HOA membership is a mandatory condition of property ownership the HOA is authorized imposed assessments that if and paid may become a lien on the parcel the term homeowners association does not include the community development district or other similar special Tax and district

Question 8

Homestead property

Answer 8

The Florida constitution defines a homestead or homestead property as any real property owned by the head of a household who resides there in this includes women or men who live alone, either spouse can claim to be the head of household

Question 9

Joint tenancy

Answer 9

A joint tenancy is a fee, a state shared by two or more person who must have equal and divided interest joint tenancy can be created only when the four unities of possession and title are present, in other words, all tenants must have equal rights of use, and possession equal and undivided interest, and have acquired their ownership at the same time by the same deed, or conveyance 

Question 10

Land

Answer 10

The terms were property and real estate are used interchangeably to refer to any interest or estate in land and any interest in business enterprises or business opportunities, including any assignment, leasehold, sublease, hold, or mineral right

Question 11

Leasehold Estates

Answer 11

A non-freehold or leasehold estate is an estate in which the tenant does not have an ownership interest in the property. The tenant only has a right of possession and use.

Question 12

Life estate

Answer 12

A life estate is a freehold estate created, when an owner of a fee, simple estate conveys ownership to another, but only for the balance of the lifetime of the party, to whom the property is conveyed

Question 13

Personal property

Answer 13

Personal propert, personality and chattels are synonyms terms, personal property is movable, which means that is is not permanently attached to land or buildings on the land personal property includes items such as furniture, automobile, stocks, bonds, money, and mortgages

Question 14

A proprietary lease

Answer 14

Owners in a co-op receive a proprietary lease

Question 15

Real estate

Answer 15

Real estate is physical, tangible and immobile. It includes the earth surface sub surface and the air above the surface. It also includes anything growing on the land, anything permanently attached to the land and all improvements on, and to the land there are, however certain exceptions movements are man-made, such as buildings, or other relatively permanent structures attached to or located on the land. The definition of real estate includes everything provided by nature, such as mineral deposits, wildlife timber, fish, water, and soil.

Question 16

Real property

Answer 16

Real property includes the physical land and improvements (real estate)together with legal rights to own or use the property and individuals property rights are guaranteed and protected by government 

Question 17

Remainderman

Answer 17

In life estate, if someone, other than the original owner is to receive the ownership, it is called a remainder estate, the difference between a reversion estate, and a remainder estate simply who is to receive the ownership
If the remainderman a certain to receive the right, they are vested remainderman if there is uncertainty as to whether or not, the rights will pass to the remainder men, they are a contingent, remainderman, example, future children

Question 18

Right of survivorship

Answer 18

Tenancy by the entireties is an estate for spouse is only the marriage is considered to be the owner of the property in which each spouse has a right of survivorship
Also, the distinctive characteristic of a joint tenancy is the right of survivorship

Question 19

Separate property

Answer 19

In Florida spouses are permitted to own property separately from the marriage property owned, and one spouse name before the marriage or acquired by gift or inheritance during the marriage is considered separate property

Question 20

Tenancy at sufferance

Answer 20

A tenancy at sufferance it’s a non-freehold of State that arises when a tenant occupies a landlord‘s real estate, and the absence of any agreement the most common example is when a tenant holes over after the expiration of the lease at tenancy at sufferance may be determined by either landlord or tenant without notice, and this situation the tenant owes the landlord fair market rent for the period of occupancy

Question 21

Tenancy at Will

Answer 21

Tenancy at Will is a non-freehold estate with the tenant in lawful possession of the property and an agreement with the landlord but with no definite time limit for the rights to terminate the agreement can be oral or written and is referred to as a period of period tenancy

Question 22

Tenancy by the entireties

Answer 22

Tenancy by the entireties is an estate for spouses only the marriage is considered to be the owner of the property in which each spouse has a right of survivorship upon the death of one spouse. The surviving spouse will own the property in Fee simple as an estate in severalty.

Question 23

Tenancy estate for years

Answer 23

A tenancy for years is a non-freehold estate with a tenant in lawful possession of the property under an agreement with a landlord, for a specified period of time. There must be a definite beginning, and a definite ending date for the rights to exist, and these dates must be specified.

Question 24

Tenancy in common

Answer 24

At tenancy in common is a fee estate held by two or more purses. Each person has an end divided interest in the whole property at tenancy in common ownership can be created by the same or different deeds at the same or different times would equal or an equal shares of ownership all owners, however, have equal rights of use and possession.

Question 25

Timeshares

Answer 25

Timeshare property is initially organized as a condominium each individual condominium unit is further subdivided into time periods. Typically 51 week time periods per year are sold to individuals with the remaining two weeks reserved for annual maintenance and refurbish and this is known as interval ownership.