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A1 Florida Real Estate Sales Associate License > Chapter 8: Real Property Rights > Flashcards

Chapter 8: Real Property Rights Flashcards

1
Q

_____ is physical, tangible, and immobile. It includes the earth’s surface, subsurface, and air above the surface.

A

Real estate

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2
Q

_____ includes anything growing on the land, anything permanently attached, and all improvements.

A

Real estate

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3
Q

_____ includes real estate, plus legal rights to own or use the property.

A

Real property

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4
Q

Riparian rights are rights of an owner whose property borders on _____ water.

A

flowing: riparian = river

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5
Q

Littoral rights are rights of an owner whose property borders on _____ water.

A

non-flowing: littoral = lake

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6
Q

_____ is the loss of soil that is carried away by moving water.

A

Erosion

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7
Q

_____ is an increase in land area caused by the erosion of other areas.

A

Accretion

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8
Q

_____ soil is soil resulting from accretion.

A

Alluvion

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9
Q

_____ is a sudden loss of or addition to land, usually caused by violent flooding or changes in rivers.

A

Avulsion

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10
Q

Personal property can also be called _____ or _____.

A

personalty

chattels

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11
Q

A _____ is an item that was once personal property, but has since been installed and become part of the real estate.

A

fixture

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12
Q

The process of attaching fixtures to real estate is called _____, removing it would be _____.

A

attachment

severance

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13
Q

Courts use 4 tests to determine whether something is real or personal property (IRMA):

  1. _____
  2. _____
  3. _____
  4. _____
A

Intent of the parties
Relationship of the parties
Method of annexation (attachment)
Adaptation (necessary to the property?)

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14
Q

The bundle of rights to a property is referred to as _____.

A

title

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15
Q

_____ are items of personal property that have been attached to the property to perform a certain trade.

A

Trade fixtures

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16
Q

The “sticks” in the full bundle of rights to a property are:

  1. _____
  2. _____ - _____
  3. _____
  4. _____
  5. _____
A 
Disposition
Use - Enjoyment
Possession
Exclusion
Control

The legal bundle of rights specifies how a property may be used and or transferred. It includes the following: the right of possession, the right of enjoyment, the right of disposition, the right of control, and the right of exclusion.

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17
Q

A(n) _____ is an individual’s rights in a property; an interest in a property that identifies the quality and quantity of rights held.

A

estate

The word Estate refers to the degree, quantity, nature, and extent of the interest (ownership rights) a person can have in real property. Estates are divided into two groups. Freehold and leasehold estates. A freehold estate is ownership for an indefinite length (unknown) duration. A leasehold or a (nonfreehold) estate is for fixed (known) duration.

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18
Q

A party entitled to rights in a property is a(n) _____. This includes property owners.

A

tenant

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19
Q

A _____ is an estate involving ownership. Anyone who owns real property has this.

A

freehold estate

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20
Q

In a(n) _____, the owner has the complete bundle of rights. Most desirable and most common.

A

fee simple estate

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21
Q

In which type of fee simple estate is there a sole owner?

A

Estate/tenancy in severalty

sever all ties = by yourself

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22
Q

In which type of fee simple estate do multiple people share an estate, and the estate is inheritable or may be left in a will?

A

estate/tenancy in common

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23
Q

In which type of fee simple estate do multiple people share an estate, and a right of survivorship applies (upon the death of a tenant, interest passes to the surviving tenants)?

A

Joint estate/tenancy

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24
Q

In a joint tenancy, if a tenant sells his/her interest, it is converted to a _____.

A

tenancy in common

25
Q

In which type of fee simple estate does a marriage hold estate?

A

Tenancy/estate by the entireties

26
Q

In an tenancy by the entireties, divorce converts the ownership to a _____.

A

tenancy in common

27
Q

In a(n) _____, one person conveys ownership to another for the remainder of their lifetime.

A

life estate

28
Q

In a life estate, the right to regain ownership to yourself or your heirs is called a _____.

A

reversion estate

29
Q

In a life estate, if someone other than the original owner is to receive rights upon death the current owner, it’s called a _____.

A

remainder estate

30
Q

A remainderman who is certain to receive rights is called a _____.

A

vested remainderman

31
Q

A remainderman who is uncertain to receive rights is called a _____.

A

contingent remainderman

32
Q

A life tenant would have an estate in _____ whereas a remainderman would have an estate in _____.

A

possession

expectancy

33
Q

An estate in which the tenant does NOT have ownership of the property is called a _____.

A

nonfreehold estate/tenancy

34
Q

A tenancy _____ has no definite time limit and can be terminated at any time by the landlord or the tenant.

A

at will

35
Q

A _____ or lease hold estate is a lease for a specific period of time.

A

tenancy/estate for years

36
Q

A tenancy for years must be _____ by all parties and _____ by 2 people.

A

signed

witnessed

37
Q

tenancy = _____

A

estate

38
Q

In a ______, a tenant occupies real estate in the absence of any agreement, such as when a tenant “holds over” after lease expiration.

A

tenancy at suffrance

39
Q

_____ provides that a surviving spouse receive 30% of the decedent’s real and personal property owed at the time of death.

A

Elective share

40
Q

Elective share is not automatic and must be filed within _____ months of the date of first public notice.

A

4

41
Q

If someone dies without a will, they’ve died _____.

A

intestate

42
Q

Without a will, a surviving spouse receives approximately _____ of the property after their spouse’s death, with the remaining divided among all lineal descendants.

A

one half

43
Q

A _____ is any property owned by the head of a household who resides therein.

A

homestead

44
Q

Superior liens _____ cause forced foreclosure of a homestead property.

A

can

45
Q

Homestead property can be sold at foreclosure for nonpayment of any lien except a _____ against the head of the household.

A

judgement lien

46
Q

Homestead protection is limited to _____ acre(s) within municipalities, and _____ acre(s) outside of municipalities.

A

1/2

160

47
Q

Upon the death of a married owner of a homestead property with children, the surviving spouse is entitled to a _____ and lineal descendants would become _____.

A

life estate

vested remaindermen

48
Q

By law, a developers of condos must file a ______ to create a condo association and execute a _____ conveying title to the association.

A

declaration

master deed

49
Q

Ownership of a condo includes _____ ownership of the common areas.

A

fractional

50
Q

true/false: Ownership of a condo can be in any estate type in real property recognized by law.

A

true

51
Q

New condo buyers are allowed a _____ rescission period. Resale condo buyers are allowed a _____ rescission period.

A

15 day

3 business day

52
Q

Co-op owners buy shares of stock which in turn gives them a _____to the real property.

A

proprietary lease

53
Q

A timeshare is a condo further subdivided into ______.

A

time periods

54
Q

Timeshare owners who own in fee simple have a ______ with the other owners.

A

tenancy in common

55
Q

Timeshare ownership is also known as _____ ownership.

A

interval

56
Q

Timeshares can also be conveyed as _____, converting into a tenancy in common after X years.

A

tenancy for years

57
Q

A _____ day cooling off period must be provided for the purchase of new timeshares during which the contract can be cancelled by giving written notice to the seller.

A

10

58
Q

Salaried managers of condos, timeshares, and co-ops are required to have _____ licenses.

A

Community Association Manager (CAM)

A1 Florida Real Estate Sales Associate License (20 decks)

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