Section 8 Vocabulary

Question 1

Bundle of Rights (Real Property)

Answer 1

Disposition, enjoyment, exclusion, possession and control.

Question 2

Community Development District (CDD)

Answer 2

A local, special purpose government authorized by Chapter 190 of the Florida Statutes as amended and is an alternative method for managing and financing infrastructure required to support community development.

Question 3

Condominium

Answer 3

This type of ownership creates ownership of the individual unit through fee simple ownership. Ownership is transferred by a deed and use of common elements are legally attached and transferred as well.

Question 4

Cooperative

Answer 4

Cooperative ownership is an alternative form of ownership. Cooperatives, also called a co-op, is when you own stock instead of the actual property.

Question 5

Declaration

Answer 5

With every development of a condominium, is the creation of the declaration and bylaws which details the rights and obligations of owners.

Question 6

Estate for Years

Answer 6

Also called a tenancy for years, has a specific starting and ending date of the lease. To create an estate for years, this type of lease must be in writing. It establishes tenant interest in property although actual ownership of the property does not change hands.

Question 7

Exempt Property

Answer 7

Property that has been assessed, however, the property is relieved of paying taxes through their applied tax exemptions.

Question 8

Fee Simple Estate

Answer 8

The highest form of real estate ownership that is recognized by law. The owner can enjoy the property to its fullest extent and is only limited by zoning laws or other similar restrictions. It also has an unlimited duration and can be passed on to heirs. Know that the highest form of real estate ownership that is recognized by law or “the largest bundle of rights we have.”

Question 9

Fixture

Answer 9

An item that was once personal property but is now legally considered to be real property.

Question 10

Freehold Estate

Answer 10

Ownership for an indefinite length (unknown) duration.

Question 11

Joint Tenancy

Answer 11

A joint tenancy has the right of survivorship meaning that it survives past your death. Thus, if you die holding a joint tenancy, the people you held the joint tenancy with would now equally own your interest in the property.

Question 12

Land

Answer 12

Land is defined as the surface and everything attached to the land by nature. This includes things like the lakes, streams, ponds, trees, shrubs, plants, grass and even weeds. Land includes all the elements beneath the surface such as minerals, petroleum, and natural gas. Furthermore, land includes all that is above it – the air and the space containing the air. Land is said to go from the center of the earth into the sky and into infinity.

Question 13

Leasehold Estate

Answer 13

A leasehold or a (non-freehold) estate is for fixed (known) duration.

Question 14

Life Estate

Answer 14

Life estate is given for the span of a person’s life meaning they have use of it for their entire life but cannot themselves dispose of the property.

Question 15

Proprietary Lease

Answer 15

Stock ownership carries right of occupancy through a proprietary lease.

Question 16

Prospectus

Answer 16

If there are 20 or more residential units, then the developer must also prepare a prospectus which is a summary of the major points contained in the condominium documents and file it with the division as well.

Question 17

Real Estate

Answer 17

Real estate is defined as land plus man-made improvements that are permanently attached to the land. This includes the buildings, factories, houses, fences, streets, sidewalks, fencing, wells, sewers, and any other structure that has been attached.

Question 18

Real Property

Answer 18

Per Florida Statues 475.01, “Real property” or “real estate” means any interest or estate in land and any interest in business enterprises or business opportunities, including any assignment, leasehold, sub-leasehold, or mineral right; however, the term does not include any cemetery lot or right of burial in any cemetery; nor does the term include the renting of a mobile home lot or recreational vehicle lot in a mobile home park or travel park.

Question 19

Remainderman

Answer 19

Remainder Estate is a life estate that will the property to another heir upon the death of the person with the life estate. This person is called the remainderman.

Question 20

Right of survivorship

Answer 20

A joint tenancy has the right of survivorship meaning that it survives past your death.

Question 21

Seperate Property

Answer 21

Individually owned property or property owned separately before marriage.

Question 22

Tenancy at Sufferance

Answer 22

Tenancy at sufferance is a leasehold estate where the lease has ended but the tenant has retained possession of the property without the permission of the landlord.

Question 23

Tenancy at Will

Answer 23

Tenancy at will is another type of leasehold estate that has a beginning date but does not have an ending date. It’s basically a week to week or a month to month lease with the determination date to be determined at will in the future. However, a notice must still be provided. If it is a week to week lease, then a 7-day notice must be provided to terminate the lease. If it is a month to month lease, then a 15-day notice must be provided.

Question 24

Tenancy by Entireties

Answer 24

This is the form of ownership that a husband and wife take when they buy property together. This type of ownership is automatically formed when they are both signing on the deed. The wording of the deed does not have to identify it as a tenancy by the entirety for the rules of this ownership to exist. The fact that they were married when they bought the property together automatically creates this type of ownership.
They have the same four unities that joint tenancy has: possession, interest, title, and time. This means they possess the whole property together with an undivided interest and they take title at the same time on the same deed.
With tenancy by the entireties, one cannot do anything such as mortgage or sell the property without the consent of the other. When one spouse dies, ownership interest transfers to the surviving spouse by right of survivorship.