***Ch 4. Property Rights***

Question 1

An item that was once personal property but is now considered to be a part of the real property is called a :

A. Chattel
B. Fixture
C. Intangible assets
D. Appurtenance

Answer 1

B. Fixture

Question 2

Land, together with all the permanent improvements thereon, is technically called:

A. Land
B. Real estate
C. Real property
D. Tenancy in common

Answer 2

B. Real estate

Question 3

The physical components of real property include:

A. Subsurface rights
B. Surface rights
C. Air rights
D. All of the above

Answer 3

D. All of the above

Question 4

Legal rights that affect land that abuts rapid flowing bodies of water such as rivers and streams are called:

A. Littoral rights
B. Aquarian rights
C. Riparian rights
D. Irrigation rights

Answer 4

C. Riparian rights

Question 5

The following are examples of an interest in real property for an indefinite time period except:

A. Joint estate
B. Estate for years
C. Estate in severalty
D. Tenancy by the entireties

Answer 5

B. Estate for years

Question 6

Which type of ownership interest includes the right of survivorship?

I. Estate in severalty
II. Tenancy in common
III. Joint tenancy
IV. Tenancy by the entireties

A. I only
B. II and III
C. II and IV
D. III and IV

Answer 6

D. III and IV

Question 7

Which type of multiple-unit dwelling provides for right of possession through rights granted under a proprietary least?

A. Time share
B. Cooperative
C. Condominium
D. Apartment

Answer 7

B. Cooperative

Question 8

A purchaser of a new, developer condominium has how many days to rescind the sale and purchase contract after receipt of the condominium documents:

A. 3
B. 7
C. 10
D. 15

Answer 8

D. 15

Question 9

Rules and regulations for a condominium can be found in the:

A. Bylaws
B. Condo docs
C. Declaration
D. Question and answer sheet

Answer 9

A. Bylaws

Question 10

All of the following are components of the bundle of rights granted under the allodial system, except:

A. Disposition
B. Enjoyment
C. Possession
D. Construction

Answer 10

D. Construction

Question 11

Which of the following statements about Florida Homestead laws is incorrect?

A. $25,000 may be deducted from the assessed value of a homestead property for tax purposes
B. Homestead laws will prevent foreclosure by most judgment liens
C. An owner may protect up to 160 acres if the homestead is within a city
D. Homestead laws and protections are provided by the Florida Constitution

Answer 11

C. An owner may protect up to 160 acres if the homestead is within a city

Question 12

Which type of ownership requires that the property be acquired under the four unities of possession, interest, time, and title (PITI)?

A. Tenancy in common
B. Joint tenancy
C. Tenancy by the entireties
D. All of the above

Answer 12

B. Joint tenancy

Question 13

An ownership interest in real property that will terminate upon the death of an individual is called a :

A. Estate for years
B. Fee simple estate
C. Life estate
D. Remainder

Answer 13

C. Life estate

Question 14

Which of the following is an example of tenancy at sufferance?

A. Holdover tenant
B. Life estate
C. Time share
D. Homestead

Answer 14

A. Holdover tenant

Question 15

A single unity ownership in a multiple dwelling

Answer 15

Condominium

Question 16

Form of real property ownership where a corporation or association divides a single property into portions, with each user owning stock in the corporation

Answer 16

Cooperative

Question 17

The recorded document that creates a condominium

Answer 17

Declaration

Question 18

A lease that has a beginning date, and ending date, and is in writing

Answer 18

Estate for years

Question 19

Most popular type of estate with the greatest “bundle of rights” available

Answer 19

Fee Simple Estate

Question 20

Personal property that is permanently attached to real property

Answer 20

Fixture

Question 21

An estate that consists of ownership rights of an unknown duration, an ownership interest for an indefinite period of time.

Answer 21

Freehold Estate

Question 22

The dwelling of the head of household that is afforded certain privileges such as protection from judgment leans and a special real estate tax exemption

Answer 22

Homestead

Question 23

Actual surface of the subject property

Answer 23

Land

Question 24

All property that is not real property such as a car, a boat, stocks, or mortgage

Answer 24

Personal Property

Question 25

An interest in real property where ownership or possession is measure in calendar time (non-freehold estate)

Answer 25

Leasehold estate

Question 26

An ownership in real property that is tied to the death of a pre-determined party

Answer 26

Life estate

Question 27

A lease that is created for individual use within a cooperative

Answer 27

Proprietary Lease

Question 28

The land and all improvements permanently attached to the land (tangible)

Answer 28

Real Estate

Question 29

When a life estate terminates, the property reverts to a pre-determined third party, not the original grantor

Answer 29

Remainderman

Question 30

Surviving owners in a joint tenancy or tenancy by the entireties absorb all interest and rights in a property

Answer 30

Right of Survivorship

Question 31

When a lease expires and no agreement has been made as to further occupancy (the tenant is a holdover)

Answer 31

Tenancy at Sufferance

Question 32

A lease agreement that is not in writing or does not have a beginning date and an ending date or both (month to month tenant)

Answer 32

Tenancy at Will

Question 33

Ownership of real property whereby the co-owners may or may not have acquired title at the same time, may or may not have the same interest and right of use, and do not have the right of survivorship

Answer 33

Tenancy in common

Question 34

Selling or leasing a single unit to multiple owners or tenants with specific rights to use. When someone purchases a home for a specific time every year.

Answer 34

Time Share

Question 35

Includes the land and everything that is permanently attached theron. ex: trees, buildings, fences and waterway

Answer 35

Surface rights

Question 36

Includes items that are located below the immediate surface. ex: oil, gas, and minerals

Answer 36

Subsurface rights

Question 37

Includes the rights that an owner has over the area directly above the property. ex: tree limb that overhangs across another person's property

Answer 37

Air rights

Question 38

Rights that affect land and that abut tidal bodies of water such as lakes bays, and oceans.

Answer 38

Littoral rights

Question 39

What two things are not considered real property?

Answer 39

Cemeteries and Mobile homes

Question 40

What are the 4 tests used to determine legal fixture conflicts?

Answer 40

Intent of the parties: oral discussion or contract terms Method of attachment: the more permanent the more likely it is a fixture Agreement of parties: was it defined in the contract as a fixture Adaption of the item: if it was custom made to the home it is likely a fixture

Question 41

an item that has been installed at a business location for business use such as shelving, display cases, or appliances necessary for a business operation, and can be removed at termination of lease is known as what?

Answer 41

Trade fixture

Question 42

What are the characteristics of the alluvial or "bundle of rights"

Answer 42

``` DEEP C Disposition- right to sell Enjoyment- no interruptions/ disturbance Exclusion- restrict access to others Possession- occupy premises within law limits Control- use/improve property ```

Question 43

what system of property rights provides for individual ownership of real property and you have certain rights that are inherent with that ownership.

Answer 43

Allodial system

Question 44

When a title reverts back to the original grantor the original grantor has a what?

Answer 44

Reversionary estate

Question 45

If a married person dies and the family homestead was titiled in that deceased person's name only, then by operation of law (which supersede a provision in a will) what happens to the title?

Answer 45

the surviving spouse will receive the life estate and the children receive a remainder estate.if there are no children, the surviving spouse receives title to the homestead in fee simple.

Question 46

Homestead protections are limited to how many acres located outside a city and within a city

Answer 46

160 acres outside a city | 1/2 acre within a city

Question 47

when a property is titled in one persons name

Answer 47

Estate in severalty

Question 48

Interest is available only to spouses that own property together. In the event that one spouse dies the surviving spouse automatically receives sole ownership of the property regardless of will. Neither spouse can legally sell the property separately.

Answer 48

Tenancy by the Entireties

Question 49

Anytime a new condo is being sold by a developer the purchaser much be provided with a disclosure stating that the purchaser has how many days right of rescission after the receipt of condo docs?

Answer 49

15 days

Question 50

When a private owner resells a condo the purchaser must be provided with a disclosure giving how many days rescission period?

Answer 50

3 business days

Question 51

What are the legal formats for time share projects to follow?

Answer 51

Interval ownership- taking legal title to property (fee simple) as a tenant in common Right to use- A person leases the time share and sole right of possession is then transferred back to developer

Question 52

What is the penalty for time share sales while inactive?

Answer 52

revoked

Question 53

Time share contracts may be cancelled with n how many days signing a sales contract or receipt of public offering statement?

Answer 53

10 days