Chapter 8 - Learning Objectives & Key Terms

Question 1

Community Development District

Answer 1

An independent special district created pursuant to Florida law to service long-term detailed needs of its community. A CDD constructs, operates, and maintains communitywide services and infrastructure for the benefits of the residents. CDD’s provide an alternate way to fund and construct capital infrastructure to service projected growth.

Question 2

Condominium

Answer 2

An estate in real property wherein there is an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map or condominium plan.

Question 3

Cooperative

Answer 3

An apartment building, owned by a corporation and in which tenancy in an apartment unit is obtained by purchase of shares of stock of the corporation and where the owner of such shares is entitled to occupy a specific apartment in the building.

Question 4

Declaration of a Condominium

Answer 4

The legal document that the developer of a condominium must file and record in order to establish a condominium under state law

Question 5

Estate For Years

Answer 5

An interest in lands by virtue of a contract of a contract for the possession of them for a definite and limited period of time. Can be for a year or less. A lease may be said to be an estate for years.

Question 6

Exempt Property

Answer 6

Property that has been declared to be excluded from taxation or claim by others.

Question 7

Fee Simple Estate

Answer 7

Fee Simple Estate

Question 8

Fixtures

Answer 8

Appurtenances attached to the land or improvements, which usually cannot be removed without agreement as they become real property; examples – plumbing fixtures, store fixtures built into the property, etc.

Question 9

Freehold Estate

Answer 9

A tenancy in real property with no set end date that can be measured by the lifetime of an individual or can be inherited by heirs

Question 10

Homeowner Association

Answer 10

An organization in a subdivision, planned community or condominium that makes and enforces rules for the properties and their residents. Those who purchase property within an HOA’s jurisdiction automatically become members and are required to pay dues, known as HOA fees.

Question 11

Homestead

Answer 11

In Florida this is a legal life estate for the homeowner’s principal residence protecting it from certain creditors. It is however not protected from property taxes, a purchase mortgage or financing for making improvements.

Question 12

Joint Tenancy

Answer 12

Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant

Question 13

Land

Answer 13

He materials of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as well as downwards.

Question 14

Leasehold Estate

Answer 14

A tenant’s right to occupy real estate during the term of the lease. This is a personal property interest.

Question 15

Life Estate

Answer 15

An estate or interest in real property, which is held for the duration of the life of some certain person. It may be limited by the life of the person holding it or by the life of some other person.

Question 16

Personal Property

Answer 16

Any property which is not real property.

Question 17

Proprietary Lease

Answer 17

A lease given by a corporation to another. It is often used in a co-op context, where the owner is given a certain number of shares in the co-op, along with a proprietary lease for one of the residences in the building

Question 18

Prospectus

Answer 18

A document prepared by a developer of 20 or more new condominium units that summarizes some of the major points contained in the condominium documents.

Question 19

Real Estate

Answer 19

Land plus anything permanently attached to land.

Question 20

Real Property

Answer 20

Land, things affixed to land, appurtenances, plus the bundle of rights

Question 21

Remainderman

Answer 21

A person who inherits or is entitled to inherit property upon the termination of the estate of the former owner.

Question 22

Right of Survivorship

Answer 22

The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant; the distinguishing feature of a joint tenancy.

Question 23

Separate Property Right

Answer 23

The beneficial interests associated with real property include the rights to Possession, Enjoyment, Disposition, Control and Exclusion. Each right is separate and distinct and can be sold collectively or individually.

Question 24

Tenancy at Sufferance

Answer 24

An estate lawfully acquired for a temporary period of time but retained after a period of lawful possession has expired.

Question 25

Tenancy at Will

Answer 25

An estate that may be terminated by either party at any time upon proper notice

Question 26

Tenancy by Entireties

Answer 26

A tenancy created by a husband and wife jointly owning real property with an automatic and complete right of survivorship.

Question 27

Tenancy In Common

Answer 27

A form of ownership by two or more persons each having an equal or unequal interest and passing the interest to heirs, not to surviving tenants.

Question 28

Time-Share

Answer 28

A form of subdivision of real property into rights to the recurrent, exclusive use or occupancy of a lot, parcel, unit, or segment of real property, on an annual or some other periodic basis, for a specified period of time.