Chapter 8 - Learning Objectives & Key Terms Flashcards
Community Development District
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.
Condominium
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.
Cooperative
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.
Declaration of a Condominium
The legal document that the developer of a condominium must file and record in order to establish a condominium under state law
Estate For Years
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.
Exempt Property
Property that has been declared to be excluded from taxation or claim by others.
Fee Simple Estate
Fee Simple Estate
Fixtures
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.
Freehold Estate
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
Homeowner Association
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.
Homestead
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.
Joint Tenancy
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
Land
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.
Leasehold Estate
A tenant’s right to occupy real estate during the term of the lease. This is a personal property interest.
Life Estate
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.
Personal Property
Any property which is not real property.
Proprietary Lease
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
Prospectus
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.
Real Estate
Land plus anything permanently attached to land.
Real Property
Land, things affixed to land, appurtenances, plus the bundle of rights
Remainderman
A person who inherits or is entitled to inherit property upon the termination of the estate of the former owner.
Right of Survivorship
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.
Separate Property Right
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.
Tenancy at Sufferance
An estate lawfully acquired for a temporary period of time but retained after a period of lawful possession has expired.
Tenancy at Will
An estate that may be terminated by either party at any time upon proper notice
Tenancy by Entireties
A tenancy created by a husband and wife jointly owning real property with an automatic and complete right of survivorship.
Tenancy In Common
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.
Time-Share
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.
