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Florida Real Estate > Section 8 > Flashcards

Section 8 Flashcards

1
Q

includs ground + trees + below the ground to the center of earth + sky and
above into infinity

A

land

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2
Q

includes land + man-made improvements

A

real estate

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3
Q

including real estate + bundle of rights.

A

real property

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4
Q

include both land and water rights

A

surface rights

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5
Q

include mineral rights and the rights to petroleum and natural gas.

A

subsurface rights

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6
Q

include the right to use the space above the land.

A

air rights

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7
Q

associated with land bordering moving water with ownership ending at the bank
or shoreline.

A

Riparian rights

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8
Q

associated with land bordering tidal bodies of water with ownership ending at the
average height of water over 18.6 years or “average high-water mark.”

A

Littoral rights

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9
Q

the process of land increasing from the water depositing rock, sand, and soil.

A

accretion

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10
Q

the loss of land due to natural forces including tides and currents.

A

erosion

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11
Q

the actual deposit of land material from the process of accretion.

A

Alluvion

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12
Q

the gradual receding of water which leaves land to be claimed through new ownership
descriptions

A

Reliction

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13
Q

consists of items having a limited life, which are

easily movable from one place to another.

A

Personal property

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14
Q

become real property through attachment and return to personal property through
severance.

A

Fixtures

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15
Q

a piece of equipment placed on or attached to commercial real estate used in trade
or business.

A

trade fixture

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16
Q

The bundle of legal rights include:

A 
the right of possession
the right of enjoyment
the right of disposition
the right of control
the right of exclusion.
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17
Q

refers to the degree, quantity, nature, and extent of the interest a person can have in
real property.

A

estate

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18
Q

ownership for an indefinite length duration

A

freehold estate

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19
Q

for a fixed duration

A

leasehold estate

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20
Q

includes all of the bundle of rights

A

fee simple estate

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21
Q

The grantor extends use of the property to the holder of the ____ ______ based on the span of
someone’s life

A

life estate

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22
Q

passes to a third person at the end of the life estate period.

A

remainderman estate

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23
Q

is returned to the person that created it.

A

reversionary life

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24
Q

creates a legal life estate for the property owners and the spouses of the owners.

A

Homesteading property

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25
Q

In severalty is

A

sole ownership

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26
Q

The four unities are

A

time
deed
possession
interest.

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27
Q

transfers ownership to the remaining owners upon an owner’s death

A

right of survivorship

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28
Q

has no right of survivorship and requires only the unity of possession.

A

tenancy in common

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29
Q

has right of survivorship and requires all four unities

A

Joint tenancy

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30
Q

co-ownership as spouses. Must have all four unities to be created and has right of survivorship

A

Tenancy by the entireties

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31
Q

defined as being exempt from a claim by creditors or

surviving descendants

A

Exempt property

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32
Q

must be written to be enforced per the Statute of Fraud

A

leases for periods longer than one year

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33
Q

has a specific end date and must be in writing.

A

estate for years

tenancy for years

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34
Q

has a beginning date but does not have an ending date and automatically renews until notice is given.

A

tenancy at will

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35
Q

A week-to-week lease tenancy at will requires a __ day notice to terminate

A

7

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36
Q

A month-to-month tenancy at will requires a __ day notice to terminate

A

15

37
Q

a lease that has ended but the tenant has not vacated.

A

tenancy at sufferance

38
Q

governs cooperative ownership.

A

Florida Statute 719

39
Q

ownership of stock in a company that holds the fee simple ownership to
the real property

A

Cooperative ownership

40
Q

pays the property tax bill with each shareholder paying the corporation a prorated share of the tax.

A

co-op corporation

41
Q

Buyers of new cooperatives have __ calendar days from signing the purchase contract and having
received all cooperative documents to cancel the sale (whichever is later).

A

15

42
Q

Buyers of the resale cooperative have __ business days to cancel a sale upon signing a purchase agreement and upon receipt of cooperative documents unless they were in possession of cooperative documents three days prior to signing

A

3

43
Q

governs condominium ownership.

A

Florida Statute 718

44
Q

_________ must file condominium documents with the Division of Florida Condominiums, Timeshares, and Mobile Homes whenever a condominium is created.

A

Developers

45
Q

required for condominium developments with 20+ units

A

prospectus

46
Q

Required documents for a new condominium include:

A 
Declaration of Condominium
Bylaws of the association
Frequently Asked Questions
Articles of Incorporation
Estimated Operating Budget
the Prospectus
47
Q

Buyers of NEW condominiums may cancel the sale within __ calendar days after signing the purchase
contract or after having received the documents (whichever is later).

A

15

48
Q

Required documents of resale condominiums include:

A 
Declaration of Condominium
Bylaws of the association
Frequently Asked Questions
Articles of Incorporation
Rules of the association
Most Recent Year-End Financial Report
Governance Form
49
Q

Buyers of RESALE condominiums have __ business days to cancel the contract after signing the purchase agreement and after
having received the documents (whichever is later).

A

3

50
Q

developed by the DBPR detailing the rights and responsibilities of condominium boards and unit owners.

A

Governance Form

51
Q

Time-shares are governed by

A

Florida Statute 721

52
Q

a type of interval fractional ownership

A

Time-shares

53
Q

a right to occupy a time-share (with deeded interest) for a specific time. Has the right of disposition.

A

Interval Ownership

54
Q

the non-deeded use of a time-share for a specified number of years. Similar to a long-term lease

A

Right to use

55
Q

Buyers of time-shares have __ calendar days to cancel purchase agreements after signing the contract.

A

10

56
Q

Homeowner associations are governed by

A

Florida Statute 720

57
Q

must be included with a purchase and sale agreement when the property is subject to mandatory Homeowner Association membership, fees and assessments, and restrictions

A

disclosure summary

58
Q

If the disclosure was not provided with the contract, the buyer has a __ ___ right to cancel upon
receipt.

A

3 day

59
Q

If the disclosure was not provided with the contract, the buyer has a 3-day right to cancel upon
receipt. Rescission right ends on

A

closing day

60
Q

governs community development districts

A

Florida Statute 180

61
Q

For property in community development districts, a disclosure is required with a purchase
agreement alerting buyers of

A

CDD fees.

62
Q

Disposition, enjoyment, exclusion, possession and control.

A

bundle of rights (real property)

63
Q

a local, special purpose government authorized by
Chapter 190 of the Florida Statutes as amended and is an alternative method for managing and financing
infrastructure required to support community development.

A

Community development district (CDD)

64
Q

This type of ownership creates ownership of the individual unit through fee simple ownership.
Ownership is transferred by a deed and use of common elements are legally attached and transferred as well.

A

Condomunium

65
Q

when you own stock instead of the actual property.

A

cooperative

66
Q

details the rights and obligations of owners.

A

declaration and bylaws

67
Q

has a specific starting and ending date of the lease.

A

estate for years

68
Q

property that has been assessed, however, the property is relieved of paying taxes
through their applied tax exemptions.

A

exempt property

69
Q

highest form of real estate ownership that is recognized by law

A

fee simple estate

70
Q

an item that was once personal property but is now legally considered to be real property

A

fixture

71
Q

ownership for an indefinite length (unknown) duration.

A

freehold estate

72
Q

A Florida corporation responsible for the operation of a community or a mobile home subdivision.

A

homeowners association

73
Q

is demonstrated by the inability of a creditor to force the sale of a homesteaded
property.

A

homestead

74
Q

has the right of survivorship meaning that it survives past your death

A

joint tenancy

75
Q

is said to go from the center of the earth into the

sky and into infinity.

A

land

76
Q

given for the span of a person’s life meaning they have use of it for their entire life but cannot themselves dispose of the property

A

life estate

77
Q

any property that is not real property.

A

personal property

78
Q

Stock ownership carries right of occupancy through a proprietary lease

A

proprietary lease

79
Q

a summary of the major points contained in the condominium documents

A

prospectus

80
Q

land plus man-made improvements that are permanently attached to the land.

A

real estate

81
Q

any interest or estate in land and any interest in business enterprises or business opportunities, including any assignment, leasehold, sub-leasehold, or mineral right

A

real property

82
Q

life estate that wills the property to another heir upon the death of the person with the life estate

A

remainderman

83
Q

A joint tenancy has the _____ __ ________ meaning that it survives past your death

A

right of survivorship

84
Q

Individually owned property or property owned separately before marriage

A

separate property

85
Q

a leasehold estate where the lease has ended but the tenant has retained
possession of the property without the permission of the landlord.

A

tenancy at sufferance

86
Q

leasehold estate that has a beginning date but does not have an ending date.

A

tenancy at will

87
Q

the form of ownership that a spoouses take when they buy property together

A

tenancy by entireties

88
Q

right of occupancy for a time interval in a unit, usually divided into weeks of ownership

A

time-share

Florida Real Estate (20 decks)

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