Chapter 8 Real property rights Flashcards
Which of the following statements most accurately describes a distinction between real estate and real property?
Real estate is physical, tangible, and immobile; real property includes the physical land and improvements (real estate), together with the rights to own or use the property.
What is the opposite of erosion?
Accretion is the increase in land area as moving water deposits soil in other than its original location
All of the following are examples of personal property, except
An Installed kitchen sink
NOT personal property since it is permanently attached to the building
Which of the following is intangible?
Stocks and bonds
If a court uses the four tests to determine whether or not an item is personal or real property, which of the following items would most likely be determined to be part of the real estate?
A ceiling fan in the family room
Removal of the fan would require tools for removal thus it is considered to be part of the real estate
Real property laws in the United States are based on the allodial system. What does this mean?
Private citizens have the right to own and to enjoy a bundle of rights associated with ownership of the land
The owner of the house has the right to occupy that house. This is an example of which right?
Possession
provides the owner with a right to occupy the house
The owner of a house has the right to will that house to his or her heir. This is an example of which right?
Disposition
The right to sell the property, give it away, or leave it in a will
What is a freehold estate?
An estate in which the tenant has an ownership interest
What is an estate in severalty?
Ownership of the entire bundle of rights by one person
What for unities are required for the creation of a joint tenancy?
Possession, interest, time, and title
All of the following statements about tenancy by the entireties are accurate, except:
If the husband and wife divorce the estate becomes a joint tenancy unless the court states otherwise, not true the ownership converts to a tenancy in common
The party who receives ownership of a life estate is called what?
Life tenants
The rights of a grant her to regain ownership of the estate upon the death of the life tenant is called what?
Reversion estate
What is the difference between a reversion estates and a remainder estate?
Upon death of the life tenant, a reversion estate returns to the grantor, whereas the remainder is state passes to a party other than the grantor
What is a non-freehold estate?
An estate in which the tenant does not have an ownership interest
All of the following statements about tenancy at will or accurate, except:
 tenancy I was terminated upon the time limit specified in the lease agreement between the landlord and the tenant, not true has no definite time limit
All of the following are ways by which a tenancy for years can be ended, except:
At will by the landlord, not true
All of the following statements about elective share are accurate, except
 Elective share is automatic, not true
it must be elected by filing with the court within four months of the date of first public notice
What does it mean if a person dies intestate?
The person did not have a will
What is a descendent
The person who has died
What is a Homestead?
Real property that is owned by the head of the household who resides there in
Homestead law protects the homestead property against foreclosure or forced sale for all of the following, except:
 that’s of the head of the household that are related to the homestead property are not protected
All of the following are included in the ownership of a condominium unit, except:
Insurance coverage for the interior of the unit is not included
All of the following documents associated with condominiums, except:
A proprietary lease, is associated with co-ops not condominiums
What is unique about ownership in a co-op association?
A cooperative association is a corporation where unit owners are stockholders of the corporation
What is the required cooling off period for purchases of timeshares?
10 days
Which energy regulates condominiums, cooperative, mobile home parks and timeshare facilities?
The division of Florida condominiums, timeshares, and mobile homes
All of the following persons are required to have a real estate license, except:
A person who sells condominium units as a salaried employee of an owner developer, not required
All of the following must be disclosed to a buyer when membership is required in a homeowners association, except:
The financial status of the HOA, including the prior years association tax returns and financial accounting records
these are not part of the require disclosures
Key terms
Community development districts, condominium, cooperative, declaration, fee-simple estate, fixture, freehold estate, homeowners association, homestead property, joint tenancy, land, leaseholder state, life estate, personal property, proprietary lease, real estate, real property, remaindermen, right of survivorship, separate property, tenancy at sufferance, tenancy at will, tenancy by the entireties, tenancy for years, tenancy in common, timeshare
