Unit 8 Property Rights: Estates And Tenancies, Condominiums, Cooperatives, And Time-Sharing

Question 1

Know the definitions associated with water rights.

Answer 1

• Accretion - The process of land buildup from water-borne rock, sand, and soil
• Alluvion - New deposits of land as a result of accretion; alluvion deposits commonly occurring at the mouth of large rivers ( The landowner is entitled to all new soil deposits.)
• Erosion - Gradual loss of land due to natural forces ( A landowner may lose land through the natural process of erosion.)
• Reliction - Gradual receding of water, uncovering additional land (The new land usually belongs to the landowner of the area that was previously covered by water.)

Question 2

Recognize items that would normally be classified as fixtures.

Answer 2

A fixture is an item that was once personal property but has been permanently attached to or made part of real estate and is now legally considered real property.
( Examples ) Bathtube, dishwasher, etc.

Question 3

What are the standards courts would use to determine classification as a fixture?

Answer 3

Legal Test For Fixtures ( IRMA )  
I= Intent of the parties
R= Relationship or agreement of the parties
M= Method or degree of attachment
A =Adaptation of the item

Question 4

Differentiate the nonfreehold estates.

Answer 4

A tenancy at sufferance occurs when a tenant stays in possession of the property beyond the ending date of a legal tenancy without the consent of the landlord.
The tenant has no estate or title but only “naked” possession and is not entitled to notice to terminate.
The payment and acceptance of rent alone must not be construed to be a renewal of the lease.
However, if the tenant’s holding over is continued with the written consent of the lessor, then the tenancy becomes a tenancy at will under Florida Law.

Question 5

Understand the types of concurrent ownership.

Answer 5

• Tenants in common - when two or more persons wish to share the ownership of a single property, they may choose to do so as tenants in common. Form of co-ownership, except for husband and wife ownership.
• Tenants in common may acquire title on the same or different deeds, at the same time or different times, and with equal or unequal shares of ownership. As tenants in common, each owns an “undivided interest” in the whole property.
  (Example) Sally holds two-thirds interest in the entire property, and Kathy owns one-third interest in the entire property. When Sally and Kathy die, their interests in the property will descend to their heirs.

Question 6

Name the documents required to be delivered to a prospective purchaser of a condominium.

Answer 6

( Developer) "May cancel within 15 Calendar days"
"20+ Units *NEW* Residential
- Prospectus
- Estimated operating budget
- Declaration
- Articles of incorporation
- Bylaws
- FAQ
( RESALE ) "May cancel within 3 business days"
- Most recent year-end financial report
- Rules of the association
- Governance form
- Declaration
- Articles of incorporation
- Bylaws
- FAQ