Types of Ownership

Question 1

Joint tenancy

Answer 1

Requires the 4 unities
Possession
Interest
Title
Time

Question 2

tenancy in common

Answer 2

The least restrictive

PITT
possession you DO have a right to use all property

Interest you Don’t need to have equal interest in property

Time you Don’t need to acquire purchase at the same time

Title you Don’t need to create title at the same time

• No right is survivorship you can choose who will inherit property

-

Question 3

Tenancy by the Entirety

Answer 3

a form of co-ownership where legal spouses each hold an equal and undivided interest in the property. It is accepted in Florida

This is mostly for married couples

tenancy by the entirety also requires the unity of person. Requires 4 unity PITT + The fifth person

Question 4

Estate in Severalty

Answer 4

only one owner, whether that is a person, corporation, or other legal entity.

Question 5

Why do corporations own property in severalty?

Answer 5

because the considered legal people

Question 6

Undivided interest

Answer 6

a type of interest that gives each co-owner the right of possession of the whole property, not simply a portion of it

Question 7

Right of survivorship

Answer 7

the statutory principle of survivorship tenancy, which means that when one co-owner dies, their ownership interest reverts to the surviving co-owner(s)

Question 8

Three Types of Co-Ownership

Answer 8

Tenancy in common

Joint tenancy

Tenancy by the entirety

Question 9

The four unities (conditions) that help identify co-ownership form are:

Answer 9

PITT

Unity of possession

Unity of interest

Unity of time

Unity of title

Question 10

Tenants in common have:

Answer 10

only Possession of the 4 PITT unities

Undivided interest in the property - meaning they can use any part of the property.

The right of inheritance, not survivorship -meaning they can give the property to anyone not the remaining owner.

The ability to own unequal shares of the property - meaning they can just own like maybe 20% of the property for example

Question 11

Joint Tenancy

Answer 11

This Co-Ownership requires all 4 unities
possession
Interest
time
title

Question 12

Community Property ( Couple Co-Ownership )

Answer 12

The legal concept is that all property acquired during a marriage is acquired due to the shared effort of both partners. Therefore, it’s equally owned by the two of them.

Question 13

Limited to the duration of measuring life

Answer 13

Life Estate

Question 14

An Estate can be defined as

Answer 14

a possessory interest in real property

Question 15

Freehold estate
Also name 2 types of freehold estates?

Answer 15

means that the individual with the interest has some degree of ownership for an undetermined or unspecified (and therefore unlimited) period of time.

types of freehold estates:

Fee simple estate
Life estate

Question 16

fee simple estate
Also name 2 types of fee simple estate

Answer 16

grants the most unlimited, most absolute interest in real property.
Two types of fee simple estate:

absolute and defeasible estates.

Question 17

absolute estate

Answer 17

is an fee simple estate without restrictions that is freely given to heirs (this is the most common type of residential real estate). This is also called a fee title estate. Again, this is the kind of estate most people have in a home.

Question 18

defeasible estate
also name 2 types of defeasible estate

Answer 18

(or fee simple defeasible) is an estate characterized by perpetual ownership on the condition that the property is used for a certain purpose or under specific conditions.

Two types:
fee simple defeasible determinable estate

fee simple defeasible condition subsequent estate

Question 19

fee simple determinable estate

Answer 19

causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated.

It’s already been determined that it will revert to the previous owner if deed conditions are violated.

no legal action is required

Question 20

fee simple condition subsequent estate

Answer 20

the grantor of the estate must prove (in court) that the defeasible fee estate condition has been violated.

condition subsequent = c. s. = court to sue.

Question 21

Life estate - Reversionary Interest

Answer 21

Person grants property to someone but if that person dies it goes back to the original owner.

This may also be referred to as a right of reverter.

Question 22

Life estate - remainder interests

Answer 22

when the person granting the life estate doesn’t want the estate back if the person getting it dies.

Question 23

remainderman

Answer 23

The person inheriting the Remainder Interest in a life estate when grantor does not want it back

Question 24

Leasehold - estate for years

Answer 24

(or tenancy for years) is a lease agreement with a fixed start and end date.

Question 25

covenants, conditions, and restrictions (CC&Rs). Also known as deed restrictions or restrictive covenants, are put in place on a condo by whom?

Answer 25

they are rules attached to the property by a developer.

Question 26

the document that legally creates the condominium?

Answer 26

declaration

Question 27

prospectus

Answer 27

a document prepared by a developer that summarizes what is in the condominium documents; required for condos with more than 20 units in Florida to be included with new condo sales only

Question 28

7 forms required for resale of condo to buyer

Answer 28

1. **The Declaration** 2. **The Articles of Incorporation** 3. **The Bylaws** 4. **FAQ** 5. **The most recent financial report from the condo**, which must be done every year 6. **The rules of the condo association**, which describe how the units or the common elements of the property can be used (rules about pets, regulations concerning holiday decorations, etc.) 7. **The governance form** a document created by the DBPR to spell out the rights and responsibilities of condo owners under Florida law

Question 29

What is included in new condo sale

Answer 29

Condo declaration The bylaws Articles of association FAQ Estimated operating budget Prospectus

Question 30

cooperative (or co-op) is a:

Answer 30

a building owned by a corporation. The residents are shareholders in the corporation. Each shareholder has a proprietary lease for their particular unit, which is a long-term and exclusive lease given to residents and stock owners of a cooperative. Each shareholder also has the right to use common areas. Instead of owning the unit itself, owners have shares of stock in the corporation or cooperative

Question 31

what are Supporting Rights

Answer 31

**Lateral support** is provided by adjacent properties. **Subjacent support** comes from the underlying earth.

Question 32

Reliction

Answer 32

is a gradual increase in land area when water gradually withdraws. Like Lake Mead

Question 33

Accession

Answer 33

is the right to all that one's own property produces, including that which is added, either naturally or by human action, to the property already owned. This often comes into play when dealing with crops. Hint : plants ascend up

Question 34

Accretion

Answer 34

is the process that results in the gradual increase in land area through deposits of soil by natural forces. AccRETION (Acc - Add Retention)

Question 35

Avulsion

Answer 35

is the sudden loss of land by flood or when a stream or river changes course. Because it's a sudden change, no title is lost. Avulsion is caused by water. it sounds like convulsion, which is a sudden movement

Question 36

Chattel

Answer 36

is a commonly used term for personal property in the world of real estate. personal property is moveable and chattel is personal property, cattle can be chattel."

Question 37

emblements

Answer 37

Annually cultivated crops are called fructus industriales, also called emblements and are generally considered to be personal property, clue: Emblements Embra to grow in Spanish

Question 38

fixture

Answer 38

is an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be real property. like a fan

Question 39

3 ways of Creating a Fixture: Annexation

Answer 39

Close association - garage door Adoption - drapes made to fit Agreement - to parties agree to create fixture

Question 39

trade fixtures

Answer 39

Personal property added to real property for a business purpose and are property of the tenant.

Question 40

Severance

Answer 40

is the act of converting real property into personal property. You could say, then, that severance is the opposite of affixation taking down shelves you added

Question 41

4 methods to determine if an item is a fixture

Answer 41

Method of attachment - Anything that would damage the home to remove Adaptability - specifically adapted to the home (like window shades) Relationship or agreement of the parties Intent

Question 42

partition or partition suit

Answer 42

If you want to divide certain forms of co-ownership into separate interests partition suit - when owners can not decide how to dissolve their co ownership and take it to court

Question 43

Life Estate - reversionary interest

Answer 43

Is when the person giving the life estate (the grantor) wants it back when the person with the measuring life dies. This may also be referred to as a right of reverter.

Question 44

Life Estate - remainder interest

Answer 44

is when the person granting the life estate doesn't want the estate back when the person with the measuring life dies. Instead, they want the estate to pass to someone else. The person inheriting the remainder interest is called the **remainderman**

Question 45

Conventional life estate

Answer 45

the measuring life is that of the tenant

Question 46

Elective share laws

Answer 46

are state laws for a Legal Life Estate that let a spouse make a claim to their deceased spouse's property, despite what is in the will. Florida its 30% and must claim by 2 yr of death of spouse

Question 47

Homestead in Florida. Every homeowner or family of homeowners is allowed one homestead exemption What is required to qualify

Answer 47

A person's primary residence No bigger than 0.5 acres in a city No bigger than 160 acres outside of a city Located in Florida (you knew that one already I bet)

Question 48

Name 3 Legal Life Estates:

Answer 48

Homestead Elective share Dower and Curtesy not applicable in FL

Question 49

Difference between: Leasehold and freehold Estates.

Answer 49

Freehold have an indefinite duration of time while Leasehold have a definite duration of time.

Question 50

In a co-op. What is the name of the document that allows him (and no one else) to occupy in his particular unit?

Answer 50

Proprietary Lease

Question 51

Affixation

Answer 51

Adding personal property or (chattel) to real property