Chapter 8 - Real Property Rights Flashcards
What does Real Property include
physical land and improvements (real estate), together with legal rights to own or use the property. Rights are guaranteed and protected by the government
What are the rights an owner has whose property boarders flowing waterway such as a river or stream.
Riparian Rights - the owner doesn’t own the water but has rights to use the water flowing over or past their property
What does the legal right Control mean?
An owner has the right to determine how the property will be used. Not utility.
What is a fee estate held by two or more persons (people who are not married)
Tenancy in common - each person has undivided interest in the whole property
A tenancy in common owner may leave their interest in a will. If the owner dies intestate. the interest will
descend to the owner’s heirs (inherit vs. no right of survivorship)
what is an estate for a husband and wife only. The marriage is considered to be the owner of the property.
Tenancy by the entireties - each spouse has a right of survivorship
What is required to create a life estate for the succession of ownership upon the death of a life tenant
A provision must be made in the deed
The grantor of a life estate may wish to have a property ownership return to them or their heirs
The right to regain ownership is called Reversion Estate
What is a tenancy at will
Also called period-to-period tenancy - this is a non-freehold estate with the tenant in a lawful possession of the property, but with no definite time limit for the rights to terminate. It can be written or oral
An elective share provide how much to the surviving spouse?
30% of the decedent’s real and personal property. - elective share protects the surviving spouse from being harmed by an unfair will.
What does the Florida Constitution exempts homestead property from?
The execution and forced sale of the property to satisfy a personal judgment lien - such as personal loans and credit card debt. However, they can be foreclosed if unpaid mortgage or taxes
In what type of association are owners given a proprietary lease?
Cooperative Association - the owner still must have a real estate license to sell units in a cooperative
