Section 8 Review Flashcards
Ownership of land gives you ownership of the Ground + Trees + _________________+__________________.
Below the Ground to the Center of earth
Sky and above into infinity
Real Estate is defined as including Land + _________________.
Man-made improvements
Real Property is defined as
Real Estate + Bundle of Rights
Surface rights include what 2 elemental rights?
Land rights
Water rights
Which rights include rights to minerals, petroleum and natural gas found in your property?
Subsurface
Which of the bundle of rights includes the right to use the space above the land?
Air rights
Which of the bundle of rights are associated with land that borders moving water SUCH AS RIVERS? (ownership ends at the shoreline)
Riparian rights
Which of the bundle of rights is associated with land bordering tidal waters (ownership ending at average height of water over 18.6 years = “average high-water mark”.)
Littoral rights
What is the process of land increasing from water depositing rock, sand, and soil.
ACCRETION
What is EROSION ?
loss of land due to natural forces
What is the actual DEPOSIT of land material from the process of accretion called?
Alluvion
What is RELICTION?
Gradual receding of water, leaving land to be claimed through new ownership descriptions.
Defin Personal property
Items having a limited life, which are easily movable from one place to another.
Fixtures become real property through ______ and return to personal property through ________.
attachment
severance
Four legal tests to determine whether an item is a fixture include:
- Intent of the parties
- Degree of attachment
- Agreement and/or relationship of the parties
- Adaptation of the item
What is a Trade fixture?
equipment placed on or attached to commercial real estate used in the business.
ex: commercial stove for a restaurant
Name the 5 Bundles of LEGAL rights included in owning Real Property
possession enjoyment disposition control exclusion.
The word Estate refers to the _____________.
The money and property owned by a particular person
FREEHOLD estate is ownership for how long?
an indefinite length duration
A ______ estate gives a tenant right for a fixed duration
leasehold
fee simple estates and life estates are what kind of estates
Freehold estates (have indefinite duration that can exist for a lifetime or forever)
a __________ estate includes all of the bundle of rights and is said to be the highest form of real estate ownership recognized by law.
fee simple
The _________ extends use of the property to the holder of the life estate based on the __________________.
grantor
span of someone’s life
What is a remainderman estate used for?
to pass property to an air or inheritee upon termination of the life estate
A ________ life estate is returned to the person that created it.
reversionary
Homesteading a property creates what kind of estate for the property owners and the spouses of the owners
legal life estate
Ownership In ______ means sole ownership
severalty
The four unities of joint tenancy are
time
deed
possession
interest
The right of survivorship transfers ownership to the ___________________.
remaining owners upon an owner’s death.
______ in common has no right of survivorship and requires only the ____________
Tenancy
unity of possession
____________________ has right of survivorship and requires all four unities.
Joint tenancy
Tenancy by the entireties is co-ownership as ______. Must have ________ to be created and has right of survivorship.
spouses
all four unities
Exempt property, under the law of property, is defined as being exempt from claim ___________
by creditors or surviving descendants.
Leases for periods longer than _______ must be written to be enforced per the __________
one year
Statutes of Fraud
An estate or tenancy for years has a specific a ______ and must be _________
end date
in writing
A tenancy at will has a __________ but does not have an ________ and automatically renews until notice is given.
beginning date
ending date
A week to week lease tenancy at will requires a _____ notice to terminate.
7-day
A month to month tenancy at will requires a _______notice to terminate.
15-day
A tenancy at sufferance is a lease that has ended but the tenant _________.
has not vacated
Florida statute 719 governs ________ ownership.
cooperative
_________ is ownership of stock in a company that holds the fee simple ownership to the real property
Cooperative ownership
A ______________ pays the property tax bill with each share holder paying the corporationa prorated share of the tax.
co-op corporation
Buyers of new cooperatives have ______ days from signing the purchase contract and having received all cooperative documents to _______(whichever is later).
15 calendar
cancel the sale
Buyers of resale cooperatives have _____ days to cancel a sale upon signing a purchaseagreement and upon receipt of cooperative documents unless they were in possession of cooperative documents _____ prior to signing.
3 business
3 days
Florida statute 718 govern ___________ ownership.
condominium
_______ must file condominium documents with the Division of Florida Condominiums, Timeshares, and Mobile Homes whenever _______________.
Developers
a condominium is created
A prospectus is required for condominium developments with ____ units.
20+
Required documents for a new condominium include:
Declaration of Condominium Bylaws of the association FAQ's Articles of Incorporation Estimated Operating Budget Prospectus.
Buyers of new condominiums may cancel the sale within _______after signing the purchase contract or after having received the documents (whichever is later).
15 calendar days
Required documents of resale condominiums include:
Declaration of Condominium Bylaws of the association FAQ's Articles of Incorporation Rules of the association Most Recent Year-End Financial Report Governance Form
Buyers have 3 business days to cancel the contract after signing the __________ and after having received the documents (whichever is later).
purchase agreement
A Governance Form was developed by the DBPR detailing _________ of condominium boards and unit owners.
the rights and responsibilities
_______ are governed by Florida Statute 721.
Time-shares
Time-Shares are a type of ___________ ownership.
interval fractional
_______ is a right to occupy a time-share (with deeded interest) for a specific time. Has the right of disposition.
Interval Ownership
Right to use is _______ use of a time-share for a specified number of years. Similar to a long-term lease.
non-deeded
Buyers of time-shares have ___ days to cancel purchase agreements after signing the contract.
10 calendar
It is illegal to __________ to list a time-share for sale and a _________ to sell wording must be included.
collect an advance fee
no guarantee
_____ are governed by Florida Statute 720.
HOAs
Disclosure ________ must be included with a purchase and sale agreement when the property is subject to mandatory _________, fees and assessments, and restrictions.
Disclosure summary
Hoa membership
If the disclosure was not provided with the contract, the buyer has three calendar days to cancel upon receipt. Rescission right ends _____.
on closing day
Florida Statute 190 governs _________ districts.
community development
For property in community development districts, disclosure is required with a purchase agreement alerting buyers to _____.
CDD fees
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 districtA Community Development District (CDD) is
when you own stock instead of the actual property.
cooperative ownership
declaration
With every development of a condominium, is the creation of the declaration and bylaws which details the rights and obligations of owners.
specific starting and ending date of the lease that must be in writing and establishes tenant interest in the property although actual ownership of the property does not change hands.
estate for years or tenancy for years
property that has been assessed, however, the property is relieved of paying taxes through their applied tax exemptions.
Exempt property
the estate that is the highest form of real estate ownership that is recognized by law. The owner can enjoy the property to its fullest extent and is only limited by zoning laws or other similar restrictions. It also has an unlimited duration and can be passed on to heirs. Know that the highest form of real estate ownership that is recognized by law or “the largest bundle of rights we have.”
A fee simple estate
fixture
A fixture is an item that was once personal property butis now legally considered to be real property.
estate with ownership for an indefinite length (unknown) duration.
freehold estate
homeowner associations
A Florida corporation responsible for the operation of a community or a mobile home subdivision.
homestead
Homesteaded property is demonstrated by the inability of a creditor to force the sale of a homesteaded property. As long as the debt is unrelated to the home such as with a mortgage or a mechanics lien, the home is protected.
joint tenancy
A joint tenancy has the right of survivorship meaning that it survives past your death. Thus,if you die holding a joint tenancy, the people you held the joint tenancy with would now equally own your interest in the property.
is defined as the surfaceand everything attached to the land by nature. This includes things like the lakes, streams, ponds, trees, shrubs, plants, grass and even weeds. Land includes all the elements beneath the surface such as minerals, petroleum, and natural gas. Furthermore, land includes all that is above it –the air and the space containing the air. Land is said to go from the center of the earth into the sky and into infinity.
Land
leasehold estate or non-freehold estate
estate is for a fixed (known) duration.
Life estate
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.
personal property
Personal property (or chattel, or personalty) includes any property that is not real property. Personal property usually consists of items having a limited life, which are easily movable from one place to another
Stock ownership carries right of occupancy through a proprietary lease.
proprietary lease
If there are 20 or more residential units, then the developer must also prepare a ______ which is a summary of the major points contained in the condominium documents and file it with the division as well.
prospectus
Real estate
is defined as land plus man-made improvements that are permanently attached to the land. This includes the buildings, factories, houses, fences, streets, sidewalks, fencing, wells, sewers, and any other structure that has been attached.
real property
Per Florida Statues 475.01, “Real property” or “real estate” means any interest or estate in land and any interest in business enterprises or business opportunities, including any assignment, leasehold, sub-leasehold, or mineral right; however, the term does not include any cemetery lot or right of burial in any cemetery; nor does the term include the renting of a mobile home lot or recreational vehicle lot in a mobile home park or travel park.
remainderman
Remainder Estate is a life estate that will the property to another heir upon the death of the person with the life estate. This person is called the remainderman.
right of survivorship
A joint tenancy has the right of survivorship meaning that it survives past your death.
separate property
Individually owned property or property owned separately before marriage.
tenancy at sufferance
Tenancy at sufferance is 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 will
Tenancy at will is another type of leasehold estate that has a beginning date but does not have an ending date. It’s basically a week to week or a month to month lease with the determination date to be determined at will in the future. However, a notice must still be provided. If it is a week
to week lease, then a 7-day notice must be provided to terminate the lease. If it is a month to month lease, then a 15-day notice must be provided
tenancy by entireties
This is the form of ownership that a husband and wife take when they buy property together. This type of ownership is automatically formed when they are both signing on the deed. The wording of the deed does not have to identify it as a tenancy by the entirety forthe rules of this ownership to exist. The fact that they were married when they bought the property together automatically creates this type of ownership. They have the same four unities that joint tenancy has: possession, interest, title, and time. This means they possess the whole property together with undivided interest and they take titleat the same time on the same deed. With tenancy by the entireties, one cannot do anything such as mortgageor sell the property without the consent of the other. When one spouse dies, ownership interest transfers to the surviving spouse by right of survivorship.
time-share
Time -Share ownership is right of occupancy for a time interval in a unit, usually divided into weeks of ownership.
Estate
refers to the degree, quantity, nature, and extent of the interest (ownership rights) a person can have in real property
