Section 8 Flashcards
includs ground + trees + below the ground to the center of earth + sky and
above into infinity
land
includes land + man-made improvements
real estate
including real estate + bundle of rights.
real property
include both land and water rights
surface rights
include mineral rights and the rights to petroleum and natural gas.
subsurface rights
include the right to use the space above the land.
air rights
associated with land bordering moving water with ownership ending at the bank
or shoreline.
Riparian rights
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.”
Littoral rights
the process of land increasing from the water depositing rock, sand, and soil.
accretion
the loss of land due to natural forces including tides and currents.
erosion
the actual deposit of land material from the process of accretion.
Alluvion
the gradual receding of water which leaves land to be claimed through new ownership
descriptions
Reliction
consists of items having a limited life, which are
easily movable from one place to another.
Personal property
become real property through attachment and return to personal property through
severance.
Fixtures
a piece of equipment placed on or attached to commercial real estate used in trade
or business.
trade fixture
The bundle of legal rights include:
the right of possession the right of enjoyment the right of disposition the right of control the right of exclusion.
refers to the degree, quantity, nature, and extent of the interest a person can have in
real property.
estate
ownership for an indefinite length duration
freehold estate
for a fixed duration
leasehold estate
includes all of the bundle of rights
fee simple estate
The grantor extends use of the property to the holder of the ____ ______ based on the span of
someone’s life
life estate
passes to a third person at the end of the life estate period.
remainderman estate
is returned to the person that created it.
reversionary life
creates a legal life estate for the property owners and the spouses of the owners.
Homesteading property
In severalty is
sole ownership
The four unities are
time
deed
possession
interest.
transfers ownership to the remaining owners upon an owner’s death
right of survivorship
has no right of survivorship and requires only the unity of possession.
tenancy in common
has right of survivorship and requires all four unities
Joint tenancy
co-ownership as spouses. Must have all four unities to be created and has right of survivorship
Tenancy by the entireties
defined as being exempt from a claim by creditors or
surviving descendants
Exempt property
must be written to be enforced per the Statute of Fraud
leases for periods longer than one year
has a specific end date and must be in writing.
estate for years
tenancy for years
has a beginning date but does not have an ending date and automatically renews until notice is given.
tenancy at will
A week-to-week lease tenancy at will requires a __ day notice to terminate
7
A month-to-month tenancy at will requires a __ day notice to terminate
15
a lease that has ended but the tenant has not vacated.
tenancy at sufferance
governs cooperative ownership.
Florida Statute 719
ownership of stock in a company that holds the fee simple ownership to
the real property
Cooperative ownership
pays the property tax bill with each shareholder paying the corporation a prorated share of the tax.
co-op corporation
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).
15
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
3
governs condominium ownership.
Florida Statute 718
_________ must file condominium documents with the Division of Florida Condominiums, Timeshares, and Mobile Homes whenever a condominium is created.
Developers
required for condominium developments with 20+ units
prospectus
Required documents for a new condominium include:
Declaration of Condominium Bylaws of the association Frequently Asked Questions Articles of Incorporation Estimated Operating Budget the Prospectus
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).
15
Required documents of resale condominiums include:
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
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).
3
developed by the DBPR detailing the rights and responsibilities of condominium boards and unit owners.
Governance Form
Time-shares are governed by
Florida Statute 721
a type of interval fractional ownership
Time-shares
a right to occupy a time-share (with deeded interest) for a specific time. Has the right of disposition.
Interval Ownership
the non-deeded use of a time-share for a specified number of years. Similar to a long-term lease
Right to use
Buyers of time-shares have __ calendar days to cancel purchase agreements after signing the contract.
10
Homeowner associations are governed by
Florida Statute 720
must be included with a purchase and sale agreement when the property is subject to mandatory Homeowner Association membership, fees and assessments, and restrictions
disclosure summary
If the disclosure was not provided with the contract, the buyer has a __ ___ right to cancel upon
receipt.
3 day
If the disclosure was not provided with the contract, the buyer has a 3-day right to cancel upon
receipt. Rescission right ends on
closing day
governs community development districts
Florida Statute 180
For property in community development districts, a disclosure is required with a purchase
agreement alerting buyers of
CDD fees.
Disposition, enjoyment, exclusion, possession and control.
bundle of rights (real property)
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.
Community development district (CDD)
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.
Condomunium
when you own stock instead of the actual property.
cooperative
details the rights and obligations of owners.
declaration and bylaws
has a specific starting and ending date of the lease.
estate for years
property that has been assessed, however, the property is relieved of paying taxes
through their applied tax exemptions.
exempt property
highest form of real estate ownership that is recognized by law
fee simple estate
an item that was once personal property but is now legally considered to be real property
fixture
ownership for an indefinite length (unknown) duration.
freehold estate
A Florida corporation responsible for the operation of a community or a mobile home subdivision.
homeowners association
is demonstrated by the inability of a creditor to force the sale of a homesteaded
property.
homestead
has the right of survivorship meaning that it survives past your death
joint tenancy
is said to go from the center of the earth into the
sky and into infinity.
land
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
life estate
any property that is not real property.
personal property
Stock ownership carries right of occupancy through a proprietary lease
proprietary lease
a summary of the major points contained in the condominium documents
prospectus
land plus man-made improvements that are permanently attached to the land.
real estate
any interest or estate in land and any interest in business enterprises or business opportunities, including any assignment, leasehold, sub-leasehold, or mineral right
real property
life estate that wills the property to another heir upon the death of the person with the life estate
remainderman
A joint tenancy has the _____ __ ________ meaning that it survives past your death
right of survivorship
Individually owned property or property owned separately before marriage
separate property
a leasehold estate where the lease has ended but the tenant has retained
possession of the property without the permission of the landlord.
tenancy at sufferance
leasehold estate that has a beginning date but does not have an ending date.
tenancy at will
the form of ownership that a spoouses take when they buy property together
tenancy by entireties
right of occupancy for a time interval in a unit, usually divided into weeks of ownership
time-share
