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RE Practice > Ch.8 - Estates > Flashcards

Ch.8 - Estates Flashcards

1
Q

If a single party owns the fee or life estate

A

Tenancy in Severalty (sole ownership, ownership in severalty, estate in severalty)

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2
Q

What type of ownership needs the 4 unities

A

Joint Tenancy

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3
Q

The ownership presumed by law unless otherwise stated is which of these forms?

A

Tenancy in common

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4
Q

Real property can be converted into personal property by

A

severance.

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5
Q

How many days does a buyer have to cancel a purchase contract of a cooperative when purchasing from a seller who is NOT a developer?

A

3

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6
Q

Trees and perennial bushes are considered to be

A

fructus naturales.

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7
Q

The system of ownership of real property in the United States is

A

allodial

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8
Q

A property owner owns a condominium. Her interests in the common grounds around her unit are owned by her in what manner?

A

Tenants in common

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9
Q

Three of the purposes of the _______________ are to: (1) Give statutory recognition to real property timeshare plans and personal property timeshare plans in this state. (2) Establish procedures for the creation, sale, exchange, promotion, and operation of timeshare plans. (3) Provide full and fair disclosure to the purchasers and prospective purchasers of timeshare plans.

A

Florida Vacation Plan and Timesharing Act

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10
Q

The purpose of the _________________________ is to give statutory recognition to the cooperative form of ownership of real property. It shall not be construed as repealing or amending any law now in effect, except any law in conflict herewith, and any such conflicting laws shall be affected only insofar as they apply to cooperatives.

A

Florida Cooperative Act

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11
Q

Which is NOT a test for determining if something is a fixture?

A

Situs

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12
Q

What are the two Estate Types

A
  1. Freehold

2. Leasehold

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13
Q

What are the 3 Freehold Types

A

(DEA)

  1. Fee Simple Absolute
  2. Fee Simple Defeasible
  3. Life Estates
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14
Q

Highest ownership type (only subject to gov’t powers)

A

Fee Simple Absolute

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15
Q

Conditional ownership type - Ex. I will sell my property to you with the condition alcohol is never sold on it)

A

Fee Simple Defeasible

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16
Q

Not inheritable ownerhip type

A

Life Estate

17
Q

DEA

A

3 Freehold Estate Types
Defeasible
Life Estate
Absolute

18
Q

SECT

A

4 Ownership Types

  1. Severalty
  2. Entireties
  3. Common
  4. Joint Tenancy
19
Q

Defined as having one owner (an individual, corporation, partnership, government entity, trust)

A

Severalty

20
Q

Defined as having multiple owners

A

Concurrent Ownership

21
Q

What are the Concurrent Ownership Types

A
  1. In-common
  2. Entireties
  3. Joint Tenancy
22
Q

4 Unities of Joint Tenancy

A

Time, Tile, Interest, Posession

23
Q

rights, privileges, improvements that belong and pass with transfer of property

A

Appurtenance

24
Q

How many days does a buyer have to cancel a purchase contract of a cooperative when purchasing from seller who isnt a developer

A

3 days

25
Q

Tests for Determining a fixture

A
  1. Intent of Parties
  2. Damage
  3. Adaptability
26
Q

Personal Property changes to Real Property

A

Annexation

27
Q

Types of Natural Rights

A
  1. Accretion
  2. Erosion
  3. Avulsion
28
Q

Increase of land created by deposits of sol by NATURAL action of water

A

Accretion

29
Q

Decrease of land by GRADUAL wearing away caused by flowing water

A

Erosion

30
Q

Sudden loss of land by act of nature

A

Avulsion

31
Q

Annual Crops such as wheat/corn (personal property)

A

Fructus Industiales/Emblements

32
Q

natural appurtenances

A

trees, cracks, streams

33
Q

Transferred by Bill of Sale

A

Personal Property

34
Q

Rights associated with non-navigable water (lakes/seas)

A

Littoral Rights

35
Q

Rights associated with moving water/stream

A

Riparian Rights

36
Q

Ownership extends to where with Naviagable Riparian rights

A

Ownership extends to waters edge

37
Q

Ownership extends to where with Non-Navigable Riparian rights

A

Unrestricted use of the water and land beneath the stream to the streams midpoint

RE Practice (11 decks)

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