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Real Estate Exam Florida > Section 7: Property Rights: Estates, Tenancies, and Multiple Ownership Interests > Flashcards

Section 7: Property Rights: Estates, Tenancies, and Multiple Ownership Interests Flashcards

1
Q

Common elements

A

Items such as roofs, elevators, and recreational facilities are legally attached to condominium units and are transferred with units when they are sold.

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2
Q

Concurrent ownership

A

means ownership by two or more persons at the same time

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3
Q

Condominium Documents

A

set of papers describing the condominium and association

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4
Q

Condominium ownership

A

is a single unit consisting of the vertical and horizontal space in a multi-unit structure including a proportionate share of the common elements

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5
Q

Cooperative

A

a multiunit dwelling owned by a corporation; owners purchase shares in the corporation and receive a proprietary lease

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6
Q

Declaration

A

A recorded document that creates a condominium

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7
Q

Elective share

A

The right of a surviving spouse who has been excluded from the deceased spouse’s will to 30% of the net estate, in addition to homestead property

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8
Q

Estate for years

A

A wrritten lease with a definite termination date

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9
Q

Estate in severalty

A

Occurs when title to a property is held by one person

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10
Q

Fee simple estate

A

The most common type of ownership.

It is the most comprehensive collection of property rights and can be inherited

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11
Q

Fixtures

A

objects that were personal property but have been permanently attached to or made part of real property by attachment

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12
Q

Freehold estate

A

ownership interest for an indefinite period of time

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13
Q

Homestead

A

Law provides that types of protection and benefits o homeowners regarding their permanent residence

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14
Q

Joint tenancy

A

is an ownership interest between two or more persons with right of survivorship

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15
Q

Land

A

refers to boththe surface of the earth and everything attached to it by nature

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16
Q

Leasehold estate(tenancy)

A

is an interest in real property that a tenant possess(measured in calendar time)

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17
Q

Life estate

A

is a freehold estate that ends with the death of a named person; ownership for an individual’s natural lifespan

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18
Q

Littoral rights

A

are associated with land abutting tidal bodies of water, such as an ocean, sea, or lake

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19
Q

Marital assets

A

Assets acquired during marriage

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20
Q

Nonfreehold estates

A

have known duration and do not involve ownership interest

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21
Q

Personal property

A

(also called chattel) Any tangible item that is NOT real property and that is movable

22
Q

Proprietary lease

A

The document that entitles a shareholder in a cooperative to possession of a unit

23
Q

Prospectus

A

Must be provided to purchasers if a condominium consists of more than 20 residential units, or is part of a group of residential condominiums that will be served by property to be used in common by unit owners of more than 20 units.

It summarizes some of the major points detailed in the condominium documents

24
Q

Real Estate

A

Refers to the land and all improvements permanently attached to land

25
Q

Real property

A

includes all real estate plus the legal bundle of rights inherent in the ownership of real estate

26
Q

Remainderman

A

The third party to whom a property is transferred at the end of a life estate (vested if named; contingent if not named)

27
Q

Right of survivorship

A

means that when a co-owner dies, that co-owner’s share goes to the surviving co-owners and NOT to the deceased tenant’s heirs

28
Q

Riparian rights

A

Associated with land abutting the banks of a river, stream, or other watercourse

29
Q

Seperate property

A

Nonmarital assets

30
Q

Tenancy at sufferance

A

exists when a tenant, after rightfully being in possession off the rented property, continues possession after the tenant’s rights have ended; a holdover tenant

31
Q

Tenancy in common

A

An interest in real property in which two or more persons hold title to a property with equal or unequal interests in the estate

32
Q

Tenants in common

A

Is the most frequently used form of co-ownership except for husband-and-wife ownership

33
Q

Time-share

A

ownership involves an undivided interest in a living unit according to the number of weeks perchased

34
Q

Trade fixture

A

An item of personal property attached to real property that is owned by a tenant and used in a business that is legally removable by the tenant

35
Q

Undivided Interest

A

An interest in the entire property, rather than ownership of a particular part of the property

36
Q

Nature of Property

A
  • Land
  • Real Estate
  • Real property
37
Q

Tests to decide if an item is a fixture

A

IRMA

I - Intent of the parties
R - Relationship of the parties
M - Method of annexation
A - Adaptation of the article

38
Q

Bundle of rights (real property ownership rights)

A

DUPE

D - Disposition (right to sell or give away)
U - Use (right to control)
P - Possession (right to occupy)
E - Exclusion (right to quiet enjoyment)

39
Q

Notice to cancel a time-share contract

A

10 days

40
Q

Notice required to cancel a month-to-month tenancy at will

A

15 days

41
Q

Notice required to cancel resale cooperative or condominium contract

A

3 business days

42
Q

Notice required to cancel a week-to-week tenancy at will

A

7 days

43
Q

Subsurface rights

A

Consists of an owner’s rights to underground minerals, petroleum, and natural gas (also called mineral rights)

44
Q

Condominium disclosures (New residential units sold by developer)

A
  • Prospectus
  • Estimated operating budget
  • Declaration of condominium
  • Articles of incorporation
  • By laws
  • FAQ
45
Q

Condominium disclosures (Resale units/private party sales)

A
  • Most recent year-end financial report
  • Rules of the association
  • Declaration
  • Articles of incorporation
  • By laws
  • FAQ
  • Governance Form
46
Q

Tenancy at will

A

A lease hold in which the tenant holds possession of the premises with the owner’s permission, but without a fixed term

47
Q

Estate in Reversion

A

created when a life estate returns to the original owner

48
Q

Property owned before marriage

A

Considered separate property and owned independently of the other spouse

49
Q

Annexation

A

Test to see if removing an item results in damage to real property

50
Q

Tenancy of entreties

A

Joint tenancy between a husband and a wife

51
Q

Accretion

A

Process of land build up from water-borne rock, sand, and soil

Real Estate Exam Florida (8 decks)

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