Unit 8 - 8 State - Property Rights: Estates and Tenancies, Condos, Coops, and Time-Sharing

Question 1

Unit 8
Accretion

Answer 1

process of land buildup from water-borne rock, sand, and soil

Question 2

Unit 8
Legal test for fixtures

Answer 2

I = intent of parties 
R = relationship or agreement of parties (buyer/seller or landlord/tenant) 
M = Method or degree of attachment 
A = Adaptation (custom built)

Question 3

Unit 8
What is the protection of homestead for debt?

Answer 3

Homestead protects from forced sale to satisfy personal loan, credit card debt, etc

Question 4

Unit 8
Tenancy in common

Answer 4

2 or more people but not necessarily same percentage or time or title
heirs can inherit it, you can will it away (no right of survivorship)

Question 5

Unit 8
Joint Tenancy

Answer 5

2 or more people equal percentage and same time and title
you cannot will it away (right of survivorship)

Question 6

Unit 8
Condo units sold by developer (new) cancelation period (rescission period)

Answer 6

15 calendar days

Question 7

Unit 8
When selling resale or new condo, is the FAQ sheet required

Answer 7

yes

Question 8

Unit 8
Real Property

Answer 8

land, all human-made improvements permanently attached (real estate), and legal bundle of rights inherent in the ownership
sell cemetery lots or rent mobile home lots = no licenses needed

Question 9

Unit 8
riparian rights

Answer 9

land abutting flowing waterway (river or stream)

Question 10

Unit 8
littoral rights

Answer 10

land abutting ocean or sea

Question 11

Unit 8
Personal property AKA

Answer 11

CHATTLE

Question 12

Unit 8
Test to see if Fixture

Answer 12

IRMA
Intent of parties
Relationship of parties
Method or degree of attachment (will it damage something if removed)
Adaptation of the item (is it custom built to fit)

Question 13

Unit 8
5 basic property rights

Answer 13

DEEP C

Disposition - right to sell, mortgage, dedicate, etc
Enjoyment - right to use w/o interference
Exclusion - keep others from trespassing
Possession - occupy in privacy
Control - uninterrupted use and control

Question 14

Unit 8
Estates (same as Tenancies)
Freehold vs Leasehold Estates

Answer 14

Estates = tenancies = ownership rights 
Freehold = indefinite, unknown duration of ownership 
Leasehold = nonfreehold = fixed term = lease property

Question 15

Unit 8
Types of Freehold Estates

Answer 15

Fee Simple = absolute, most comprehensive, inheritable, typical in purchasing a home
Life estate = “for the life of,” keeps property out of the will

Question 16

Unit 8
Estate in reversion

Answer 16

occurs when property returns to the grantor at end of life estate

Question 17

Unit 8
Types of Nonfreehold Estates (Leasehold)

Answer 17

Estate for Years = standard rental agreement
Tenancy at Will = beginning date but no end date. week-to-week (7 days notice to terminate), month-to-month (15 days notice to terminate)
Tenancy at Sufferance = stay in rental past expiration with no communication. “naked” possession

Question 18

Unit 8
Estate in Severalties vs Concurrent Ownership

Answer 18

Estate in Severalties = Sole ownership = 1 owner
Concurrent Ownership = 2+ owners

Question 19

Unit 8
Types of Concurrent Ownership

Answer 19

Tenancy in Common = 2+ people, same or different percentage, interest, time, title, can will it away

Joint Tenancy = 2+ people, same percentage, interest, time, time, Right of survivorship (cannot will your portion away)

Tenancy by the Entireties = husband and wife only, same time, same title, equal percentage, right of survivorship (cannot will your portion away)

Question 20

Unit 8
4 Unities of Joint Tenancy

Answer 20

PITT
Possession = same rights
Interest equal
Title acquired same deed
Time = acquired interests at same time

Question 21

Unit 8
Cancellation period for
1. used coops and condos
2. time-shares
3. new coops and condos

Answer 21

1. 3 business days
2. 10 calendar days
3. 15 calendar days

Question 22

Unit 8
Condo docs required for all new and used

Answer 22

1. Declaration
2. Articles of Incorporation
3. Bylaws
4. FAQs

Question 23

Unit 8
Additional docs for new condos

Answer 23

1. Prospectus if 20+ units (summary of major points of condo)
2. Estimated operating budget

Question 24

Unit 8
Additional docs for used condos

Answer 24

1. Most recent year-end financial report
2. Rules of the association
3. Governance form (rights and responsibilities)

Question 25

Unit 8
Time-share license exemption

Answer 25

salary or selling own time-share = no license
commission = license required

selling someone else’s time-share, need license unless salaried

Question 26

Unit 8
Time-Share Ownership

Answer 26

interval ownership = deeded interest = sell it, will it, etc
right to use = use for specified period of time (usually 20 to 40 years) then it returns to the developer