Real Estate Course Chapter 8 Flashcards
Define Land
Land refers to the surface of the earth and everything attached to it by nature.
Define Real Estate
Real estate refers to the land and improvements
Define Real Property
Real property includes all real estate plus the bundle of rights
What are the Physical Components of Land
surface rights, subsurface rights, and air rights
What are surface rights?
Surface rights include land and water rights
What are the two types of water rights?
RIPARIAN rights -associated with land abutting the banks of a river,stream or other watercourse
LITTORAL rights - assicociated with land abutting tidal bodies or water such as an ocean, sea, or lake
What are subsurface rights?
Owner’s rights to underground minerals, petroleum, natural gas. Often referred to as mineral rights
What are the four aspects of Real Property Rights (Bundle of Rights)
(D) right of disposition
(U) right of use (control),
(P) right of possession,
(E) right of exclusion (quiet enjoyment).
Any tangible asset that is not Real Property is …
Personal Property (chattel)
What are the four tests regarding fixtures?
IRMA
(1) Intent of the parties
(2) Relationship between the parties -residential or commercial? Different rules apply
(3) Method of annexation- if removing causes damage, it is likely a fixture
(4) Adaptation of the article - if adapted or customer fit it will likely be considered a fixture.
What is a Freehold estate
It is an OWNERSHIP interest for an INDEFINITE period of time.
What is the most comprehensive form of Freehold estate?
Fee simple. It is also inheritable
What is a life estate
It is also a Freehold estate, but is measured by an individuals natural life span
What is a leasehold estate
It is a Nonfreehold estate. It is a tenant interest in real property measured in calendar time
What are the 3 types of leasehold estates
Estate for years
Tenancy at will.
Tenancy at sufferance
What is an Estate for years?
A nonfreehold estate. A tenancy with a specific starting and ending date. ( a one year lease)
What is a Tenancy at Will?
A nonfreeehold estate. A tenancy with a lease agreement that has a beginning date but no fixed termination date.
What is a Tenancy at Sufferance?
A nonfreehold estate. It occurs when a tenant retains possession of the property beyond the ending date of a legal tenancy without the consent of the landlord (tenant holds over).
What is an estate in severality?
It is created when title to property is in one person’s name (sole owner)
What is concurrent ownership
Ownership by two or more persons at the same time
What are the three types of concurrent ownership?
(1) tenancy in common
(2) joint tenancy
(3) tenancy by the entireties
Describe the attributes of Tenancy in common
Each owner has an undivided interest in the entire property. This interest can be left in a will or pass to heirs if there is no will
What are the four unities of a joint tenancy?
(1) possession, (2) interest, (3) title, and (4) time
Joint tenancy is different from Tenancy in common in what way?
A right of survivorship (when one co-owner dies, the deceased’s share goes to the surviving co-owner).
To create a Tenancy by the Entireties, the co-owners must be …
married to each other at the time they take title.
In a Tenancy by the Entireties, what happens if one spouse dies?
Their share automatically transfers to the surviving spouse by right of survivorship
Developers of 20 or more residential condo units must give purchasers …
a copy of the prospectus
What is the cooling off period to cancel a condo contract for sale from a property owner?
3 BUSINESS days
What is the cooling off period to cancel a condo contract for sale from a developer?
15 CALENDER days
What is a condo?
Real property consisting of condo units and common elements
A condominium is created by …
recording the declaration of condominium.
What creates the corporate entity responsible for operating the condomimiun
The articles of incorporation
Purchasers of a unit in a cooperative purchase what?
Shares of stock in a corporation
With respect to Co-ops, what does a PROPRIETARY LEASE entitle the purchaser?
The right to occupy the unit for the life of the corporation
Time share purchasers are protected by what laws?
By the Condominium Act AND by the Florida Vacation Plan and TImeshare Act
Regarding Florida Vacation Plan and TImeshare Act. Chapter 721 of this act applies to what?
All Time-share plans consisting of of more than 7 time-share periods over a span of at least 3 years.
Regarding the Florida Vacation Plan and TImeshare Act, Developers must give a disclosure that give the purchasers how many days to cancel their contract?
10
The only type of Concurrent ownership can there be unequal ownership interest?
Tenancy in Common
In what type of type of Concurrent ownership does right of survivorship NOT exist
Tenancy in Common
