Unit 8- Estates, Tenancies, Condominiums, Cooperatives and Time Sharing Flashcards

Question

What are the three types of LEASEHOLD ESTATES?

Answer 1

1-ESTATE FOR YEARS -tenancy with a specific start and end date - any length of time from less than a year to a period of many years -created by WRITTEN lease agreement - it establishes interest in real property for the tenant but does not convey actual title or right of disposition 2- TENANCY AT WILL - Lease agreement with a beginning date but no fixed termination i.e. week to week, month to month - May be written or Oral (parol) - All landlord-tenant obligations exist - notice of termination is required -sale of property or death of owner will terminate tenancy 3- TENANCY AT SUFFERANCE - tenant stays in possession of property beyond ending date of legal tenancy without the consent of landlord - tenant has no ESTATE of TITLE but only "naked possession" and is not entitled of notice to terminate - payment and acceptance of rent alone MUST NOT be construed to be renewal of lease - if tenant "holding over" is continued with the written consent of the lessor (landlord) then the tenancy is a tenancy at will.

Answer 2

Sole Ownership and Concurrent Ownership

Answer 3

Property is held by 1 owner

Answer 4

SEVERALTY when a person owns an estate in severalty, they are the sole owner. When property passes to a spouse that spouse now owns an estate in severalty as they are now the sole owner.

Answer 5

it is ownership of two or more persons at the same time.

Answer 6

1- TENANCY IN COMMON - when two or more persons wish to share ownership of single property. It is the most frequently used co-ownership. - parties involved may acquire title on same or different deeds at the same or different times with equal OR unequal shares of ownership - each owns an undivided interest in whole property rather than a particular part of the property. 2- JOINT TENANCY - characterized by right of SURVIVORSHIP. When a passing "co-owner" dies, their share of that property goes to surviving co-owners and not their decedents. - can only exist when the "FOUR UNITIES" are present. - cannot be created unless specific wording in the deed conveying the property provides for survivorship i.e. "as joint tenants with right of survivorship" - as joint tenants die, their shares are divided among surviving tenants until one owner is left. This SOLE SURVIVOR now owns FEE SIMPLE in SEVERALTY. 3- TENANCY BY THE ENTIRETIES - this is a tenancy between husband/wife - the four unities of joint tenancy with right of survivorship must exist. - they MUST BE MARRIED to each other at the time they take title. - the deed does not need to state that a tenancy by the entireties exists BUT it should serve notice to others that such an estate exists. - consent of BOTH spouses is REQUIRED before anything may be done to affect ownership -such as mortgage, will, or sell any portion of their spousal interest. - when one spouse dies, the surviving spouse now owns in FEE SIMPLE

Answer 7

``` (PITT) P-possession I-interest T-title T-time ```

Answer 8

yes, BUT...the person who buys that share cannot be a joint tenant with the other original owners. They will be a TENANT IN COMMON and will not have any rights to property upon the death of another original joint tenant.

Answer 9

YES. ``` It applies to: -property owned separately before the marriage - property held in spouses name only -property acquired during the marriage by inheritance or gift ```

Answer 10

They ensure compliance with laws regulating all three ownership forms.

Answer 11

-it is a multi unit building owned by a corporation -unit owners purchase SHARES of stock in the corporation - the ownership of the stock ENTITLES the owner to a PROPRIETARY LEASE -each share holder pays a pro rata share of the tax bill to the corporation. - the corporation pays the tax bill to the gov't

Answer 12

The DEVELOPER is required to include a DISCLOSURE in the sale contract which states that the BUYER may cancel contract within 15 DAYS of signing.

Answer 13

-consist of individual units and common area -owned in FEE SIMPLE -deed may be held by one or more persons in any type of estate or tenancy recognized by law. -owners own an undivided fractional share of the COMMON ELEMENTS (pool, tennis)

Answer 14

Condominium Documents.

Answer 15

Declaration of Condominium

Answer 16

-Describe the rules and regulations -Provides for administration of the association including procedures for calling meetings, and determining voting requirements -inform prospective purchasers about restrictions of leasing the unit -provides info on assessments and in what amount unit owners are obligated to pay.

Answer 17

Developer is REQUIRED to file condo docs w/ the division of FL Condominiums, Timeshares and Mobile Homes BEFORE offering units for sale. Developers of 20 or more NEW residential units must prepare and file a prospectus which summarizes the major points detailed in condo docs. Buyers of a NEW residential unit may cancel the contract w/in 15 CALENDAR days of signing and receipt of the condo docs.

Answer 18

A copy of the most recent year end financial info and a copy of the governance form.

Answer 19

The contract for RESALE of a residential condo unit MUST include a rider stating that the buyer acknowledges receipt of the condo docs and that they may cancel the contract within 3 BUSINESS DAYS after the date of execution and receipt of the buyer of the condo docs.

Answer 20

Broker may return the escrowed binder deposit to the purchaser WITHOUT securing sellers permission provided the broker is notified IN WRITING that the buyer is cancelling during the cancellation period.

Answer 21

``` it is ownership for a block of time. Deeded Interest Fee Simple owner can sell, rent, will or give away right to use for specified # of years. ```

Answer 22

Purchaser may cancel contract within 10 CALENDAR days of contract signing or receipt of the public offering statement

Answer 23

There is NO GUARANTEE your time share can be sold at any particular price or w/in any particular period of time.