FL Property

Question 1

When will a Seller be liable for defects

Answer 1

> A seller of real property has an affirmative duty to disclose.
(residential only not commercial)

> If they don’t the K could be rescinded.

(1) Failure to disclose
- seller knows of a defect
- defect cant be found through ordinary inspection
- buyer wouldn’t by if they knew

(2) Active concealment
- seller liable if they took steps to conceal the defect

(3) Misrepresentation or fraud
- false statement to buyer that seller knew was false/or made it recklessly
- buyer lied on it
- the defect materially affects the value of the property

Versus Commercial property:
> buyer beware; buyer responsible for examine property before buying

Question 2

What type of jurisdiction is FL w regarding to recording acts?

Answer 2

FL is a notice jurisdiction
> This means the last BFP with no notice wins

Question 3

The creation of a tenancy by the entirety generally must satisfy the five unities—time, title, possession, interest, and marriage—at the time the property interest is created. In Florida, when a spouse holds title to property and conveys the property to both spouses, a tenancy by the entirety is created even though the unity of time is not met.

Question 4

What is required to create a tenancy by the entirety with respect to personal property?

Answer 4

To create a tenancy by the entirety in personal property, 5 unities (time, title, possession, interest, and marriage) must exist at the time the property interest is created.

There must also be:
(i) the intent that the tenants have the right of survivorship AND
(ii) the intent to create a tenancy by the entirety.

Question 5

Fill in the blank. A nonresidential periodic tenancy is called a _______________. The notice requirements to terminate such a tenancy are determined by the periods at which the rent is payable.

Answer 5

tenancy at will

Question 6

True or False: Florida permits the use of extrinsic evidence to identify property that is inadequately described in a land sales contract when the contract indicates that the parties were contemplating a particular piece of property.

Answer 6

TRUE

Question 7

What must a landlord do before terminating a residential lease as a result of the tenant’s failure to pay rent?

Answer 7

The landlord must provide the tenant a written demand to pay rent or vacate the premises within three days, excluding Saturday, Sunday, and legal holidays.

Question 8

True or False:
Florida treats an installment land contract as a mortgage

Answer 8

TRUE. And for this reason, the seller must adhere to foreclosure procedures in order to acquire clear title.

Question 9

What words of limitation are required to create a fee simple absolute?

Answer 9

None. Words of limitation (i.e., to B “and heirs”) are not required to convey a fee simple.

Question 10

True or False: Florida has statutorily adopted the rule in Shelley’s Case.

Answer 10

FALSE:
By statute, an instrument that purports to create a life estate in a person with the remainder to her heirs instead creates:
(1) a life estate with
(2) a remainder per stirpes to the life tenant’s lineal descendants in being when the life estate began. The remainder is subject to open during the life estate.

Question 11

When can it be presumed that a tenant has abandoned the premises?

Answer 11

if the tenant is absent from the premises for a period of time equal to one-half the time for periodic rental payments (30 consecutive days for nonresidential leases).

The presumption does not apply if the rent is current or the tenant notified the landlord in writing of any intended absence.

Question 12

Fill in the blank. A judicially supervised public sale of the mortgaged property is the _______ method of foreclosure in Florida.

Answer 12

Only. Although more than half of the states also permit foreclosure via a privately conducted public sale of the mortgages property (and a few states permit strict foreclosure via an equity action in court), Florida requires all foreclosures to be by judicial sale.

Question 13

Does Florida permit the mortgagee to bring a deficiency action against the mortgagor if the foreclosure sale proceeds are insufficient to satisfy the mortgage obligation?

Answer 13

Yes. Florida generally allows, at the court’s discretion, the mortgagee to seek a judgment for the deficiency as part of foreclosure action

In the case of owner-occupied residential property, the amount of the deficiency is limited by the fair market value of the property when it is less than the amount of the deficiency.

Question 14

In Florida, restrictive covenants are subject to the Marketable Record Titles Act (MRTA) and as encumbrances on real property may be rendered unenforceable and extinguished ______ years after the date recorded if not properly preserved or reaffirmed.

Answer 14

30

Question 15

With respect to recording acts, is Florida a Race, Race-Notice, or Notice jurisdiction?

Answer 15

Notice. The notice statute does not include “in good faith” language.

Question 16

When may a party seek specific performance of an oral land sales contract?

Answer 16

Florida applies the doctrine of part performance when there is evidence that a land sales contract exists-i.e., evidence of:

1) payment of all or part of the purchase price
2) possession by the purchaser AND*
3) substantial improvement of the property by the purchaser.

*All three elements must exist.

Question 17

If a residential tenancy for years contains a provision requiring the tenant to notify the landlord within a specified period before vacating the premises at the end of the agreement, what else must it contain?

Answer 17

The residential tenancy for years must also require the landlord to notify the tenant within that same notice period if the rental agreement will not be renewed.

But it may not require less than 30 days’ notice more than 60 days’ notice from either the tenant or the landlord.

Question 18

If a person enters property under color of title, when does his adverse possession begin?

Answer 18

Adverse possession begins when the instrument serving as color of title is recorded in the county where the property is located and the property is:

• Cultivated or improved
• Protected by a substantial enclosure
• Used for the supply of fuel or fencing of timber, husbandry, or the occupant’s ordinary use OR
• Partly improved (as long as the partly improved parcel is part of a known lot or single farm)

Question 19

Contingent remainders ________ protected in Florida and may be _________ if not vested by the time the preceding estate terminates.

Answer 19

are not; destroyed

Question 20

What three elements are required to create an easement by necessity?

Answer 20

Florida recognizes easements by necessity if:

1. A person grants land with no other accessible right-of-way
2. There is no other reasonable or practicable way of egress or ingress and the easement is necessary for the use or enjoyment of the part granted or reserved AND
3. Unity of title exists.