Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate Exam! > Unit 8: Property Rights: Estates and Tenancies, Condominiums, Cooperatives, and Time-Sharing > Flashcards

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

1
Q

The surface of the earth and everything attached to it by nature.

A

Land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Land, including the air above and the earth below, plus any permanent improvements affecting the utility of the land; real property; property that is not personal property.

A

Real Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Any interest or estate in land, including leaseholds, subleaseholds, business opportunities and enterprises, and mineral rights; real estate.

A

Real Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Private ownership rights extending to the normal high-water mark along a river or stream and including access rights to water, boating, bathing, and dockage in accordance with state and federal statutes.

A

Riparian Rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Legal rights related to land abutting an ocean, sea, or lake, usually extending to the high-water mark.

A

Littoral Rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

True/False Erosion is the gradual receding of water, which uncovers additional land.

A

False. Reliction is the gradual receding of water, which uncovers additional land.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

True/False The two types of water rights are riparian rights and littoral rights.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

True/False Land refers not only to the surface of the earth but also to all improvements permanently attached to the land, such as homes, fences, and sewers.

A

False. Land does not include improvements permanently attached to the land; although, it does include everything attached to it by nature. Real estate refers to land and all improvements attached to the land.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Tangible and movable property (transferred by bill of sale); property not classified as real property. Also called personalty or chattel.

A

Personal Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

An object that was once considered personal property but has become real property because of attachment to, or use in, improvements to real property.

A

Fixture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

An article that is attached by a commercial tenant as a necessary part of the tenant’s business and is personal property.

A

Trade Fixture

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

True/False A gasoline pump at a filling station is an example of a trade fixture.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

True/False A fixture is defined as an item of personal property temporarily affixed to real property with the intention that it be moved at a later date.

A

False. A fixture is an item that was originally personal property that has been permanently attached to real estate in such a way that it is now legally part of the real property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

True/False A homeowner removes a wooden picket fence and replaces it with a vinyl fence. Once removed, the wooden fence is considered personal property.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

An ownership concept describing all the legal rights that attach to the ownership of real property, including disposition, enjoyment, exclusion, possession, and control.

A

Bundle Of Legal Rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The right to sell, mortgage, dedicate, give away, or otherwise dispose of all or a portion of the property.

A

Disposition.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

The right to enjoy and use the property without interference (the legal term is quiet enjoyment).

A

Enjoyment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

The right to keep others from trespassing by entering or using the property without permission.

A

Exclusion.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

The right to occupy the property in privacy. An owner acquires the right of possession of a property on the day the owner has legal title even though the owner may not have set foot on the land itself.

A

Possession.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

The right to uninterrupted use and control of the property consistent with local laws (for example, zoning).

A

Control.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

True/False The right of exclusion recognizes that an owner is considered to have the right to control entry onto the owner’s land without interference and to collect damages for certain forms of trespass.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

True/False One of the ownership rights included in the bundle of legal rights is the right of disposition.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

True/False The right of possession allows an owner to occupy the premises in privacy.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

A tenancy in real property with no set termination date that can be measured by the lifetime of an individual or can be inherited by heirs.

A

Freehold estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

An estate in real property in which ownership is for a determinable time period, as in a lease.

A

Nonfreehold estates (leasehold)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

The most comprehensive and complete interest one can hold in real property; freehold estate. Also called fee or fee simple absolute.

A

Fee Simple Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Tenancies whose durations are limited to the life of some person; freehold.

A

Life Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

The party designated to receive an estate at the end of a life estate.

A

Remainderman

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Term used to describe three separate but related situations: (1) a tax exemption, (2) a tract of land limited in size, and (3) a statutory condition designed to protect the interests of a spouse and lineal descendants.

A

Homestead

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

If a married person dies and the family homestead was titled in that deceased person’s name only (in severalty), by operation of law (even if a will states otherwise), the surviving spouse receives a legal life estate and the children (lineal descendants) receive a remainder estate. If there are no children, the surviving spouse receives a fee simple estate in the homestead. Signatures of both spouses are required on all contracts, mortgages, and deeds on homestead property, even if the homestead is titled in one spouse’s name only. The purpose of the homestead law, therefore, is to protect the family and prevent the family from being displaced from the homestead.

A

Protection of the family.

31
Q

Homestead property is protected from forced sale to satisfy judgment liens for debts owing to personal loans, credit card debt, and so forth. Homestead protection does not prevent foreclosure for nonpayment of property taxes, special assessments, mortgages, homeowners association fees, condominium association fees, vendors’ liens, or construction liens secured with the homesteaded property.

A

Protection of the homestead.

32
Q

Florida statute allows a tax exemption from assessed property value. The current homestead tax exemption is up to $50,000 for qualifying homesteads and is deducted from the assessed value when calculating taxable value (also see Unit 18).

A

Tax exemption.

33
Q

The size of homestead property is restricted to 160 acres of contiguous land and improvements outside a municipality (city) or up to ½ acre of contiguous land and improvements if the property is located within the city.

A

Size of homestead.

34
Q

Homestead protections include $1,000 of value of personal property.

A

Personal property.

35
Q

A tenancy in real property held under a lease arrangement for a definite number of years; nonfreehold.

A

Leasehold Estate

36
Q

A tenancy measured from a starting date to a termination date (may be for a few days or longer than any natural life; e.g., a leasehold is an estate for years).

A

Estate For Years

37
Q

An estate that may be terminated by either party at any time upon proper notice; nonfreehold estate.

A

Tenancy At Will

38
Q

An estate lawfully acquired for a temporary period of time but retained after a period of lawful possession has expired; nonfreehold estate.

A

Tenancy At Sufferance

39
Q

Ownership of property vested in one person alone, also called sole ownership.

A

Estate In Severalty

40
Q

Real property owned by a spouse before the marriage with the spouse having no present rights in such property; property owned individually.

A

Separate Property

41
Q

Real and personal property acquired during marriage.

A

Marital Assets

42
Q

When two or more persons own property at the same time, such as joint tenants, tenants by the entirety, or tenants in common.

A

Concurrent Ownership

43
Q

A form of ownership by two or more persons each having an equal or unequal interest and passing the interest to heirs, not to surviving tenants.

A

Tenants In Common

44
Q

An interest in the entire property, rather than ownership of a particular part of the property.

A

Undivided Interest

45
Q

An estate or interest owned by more than one person, each having equal rights to possession and enjoyment; the interest a deceased tenant conveys to surviving tenants by specific wording in the deed establishing the joint tenancy.

A

Joint Tenancy

46
Q

A legal concept whereby the surviving owners of a joint interest in real property are entitled to the interest formerly owned by one or more deceased owners without the need for probate proceedings.

A

Right Of Survivorship

47
Q

An estate created by spouses jointly owning real property with instant and complete right of survivorship.

A

Tenancy By The Entireties

48
Q

True/False A joint tenancy features right of survivorship.

A

True. A joint tenancy is characterized by the right of survivorship. Right of survivorship means that when one co-owner dies, the co-owner’s share goes to the surviving co-owner(s) and not to the deceased tenant’s heirs.

49
Q

True/False Under a tenancy in common, each tenant must hold an equal percentage of ownership in the property.

A

False. Tenants in common may hold different percentages of ownership in the property. However, each tenant holds an undivided interest in the property, meaning that tenants in common own an interest in the entire property rather than just a particular part of the property.

50
Q

True/False If at the end of the life estate, title is conveyed back to the original grantor, the remainder interest is an estate in reversion.

A

True

51
Q

A homesteaded property is protected from forced sale for unpaid homeowners association fees.

A

False. Homestead protection does not prevent foreclosure for nonpayment of homeowners association fees.

52
Q

A multiunit project consisting of individual dwelling units owned by the corporation in which the individual apartment tenants own stock rather than owning their respective units.

A

Cooperative

53
Q

A written agreement between the owner-corporation and the tenant-stockholder in a cooperative apartment.

A

Proprietary Lease

54
Q

A multiunit project consisting of individual ownership of a dwelling unit and undivided ownership of common areas.

A

Condominium

55
Q

The parts of a multiple-ownership property not included in the units; those parts in which each unit owner holds an undivided interest.

A

Common Elements

56
Q

A set of papers describing the condominium and the association.

A

Condominium Documents

57
Q

The legal document that the developer of a condominium must file and record in order to create a condominium under state law.

A

Declaration Of Condominium

58
Q

An individual interest in a real property unit together with a right of exclusive use for a specified number of days or weeks per year.

A

Time-share

59
Q

True/False The frequently asked questions (FAQ) and answers sheet MUST be given only to buyers of resale units sold by a prior owner.

A

False. The FAQ must be given to buyers of residential units sold by the developer in addition to buyers of resale condominium units.

60
Q

True/False Developers of condominium projects of more than 20 new residential units must give prospective purchasers a copy of the prospectus.

A

True

61
Q

True/False Time-share units are divided into time segments of ownership, usually 12 months.

A

False. Time-share units are divided into time segments of ownership, usually 52 weeks.

62
Q

True/False The purchaser of a resale time share period has a 10-calendar-day right to cancel the purchase agreement.

A

True

63
Q

A tenant, after rightfully being in possession of a rented premises, without the consent of the owner, continues possession. This situation creates

A) a tenancy at sufferance.
B) a fee simple estate.
C) an estate for years.
D) a tenancy at will.

A

A) a tenancy at sufferance.

64
Q

How many days’ notice must be given to terminate a month-to-month tenancy?

A) 15
B) 5
C) 10
D) 30

A

A) 15

65
Q

Property held as a tenancy by the entireties becomes which type of estate in the event of divorce?

A) Life estate
B) Post-marital tenancy
C) Tenancy in common
D) Separate estate

A

C) Tenancy in common

66
Q

Which action can result in the foreclosure of a homesteaded property?

A) Unpaid gambling debt
B) Delinquent property taxes on the homesteaded property
C) Unpaid medical expenses
D) Judgment lien resulting from a lawsuit related to an automobile accident

A

B) Delinquent property taxes on the homesteaded property

67
Q

A man owns a condominium for his lifetime. Upon his death, the property will convey to his sister. What type of estate does the sister hold during the man’s lifetime?

A) Remainder estate
B) Life estate
C) Dower
D) Devisee

A

A) Remainder estate

68
Q

Which term describes the process of land buildup from water-borne rock, sand, and soil?

A) Erosion
B) Reliction
C) Accretion
D) Alluvion

A

C) Accretion

69
Q

The gradual loss of land associated with moving water and/or wind is called

A) erosion.
B) reliction.
C) accretion.
D) riparian.

A

A) erosion.

70
Q

Title to real property does NOT convey in which type of estate?

A) Life estate
B) Estate in severalty
C) Estate for years
D) Freehold estate

A

C) Estate for years

71
Q

A developer who builds and sells new condominium units must allow buyers the opportunity to cancel the purchase agreement within how many days of signing the contract?

A) 5
B) 15
C) 10
D) 3

A

B) 15

72
Q

A proprietary lease is associated with a

A) tenancy in common.
B) cooperative.
C) tenancy for years.
D) time-share.

A

B) cooperative.

73
Q

Which criteria is NOT used to determine whether something is real or personal property?

A) Relationship or agreement of the parties
B) Method or degree of attachment
C) Intent of the parties
D) Cost of the item

A

D) Cost of the item

74
Q

Three individuals want to develop and sell a parcel of land. Each of the individuals has a spouse and children. The three individuals want to take title to the property in such a way that an owner’s family would inherit part of the property if that property owner died. How should the individuals take title to the land?

A) Separate property
B) Joint tenants
C) Tenants in common
D) Designated beneficiary estate

A

C) Tenants in common

Real Estate Exam! (20 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions