Real Estate Course Chapter 8 Flashcards Preview

Real Estate Course Chapter 1 > Real Estate Course Chapter 8 > Flashcards

Flashcards in Real Estate Course Chapter 8 Deck (39):
1

Define Land

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

2

Define Real Estate

Real estate refers to the land and improvements

3

Define Real Property

Real property includes all real estate plus the bundle of rights

4

What are the Physical Components of Land

surface rights, subsurface rights, and air rights

5

What are surface rights?

Surface rights include land and water rights

6

What are the two types of water rights?

RIPARIAN rights -associated with land abutting the banks of a river,stream or other watercourse

LITTORAL rights - assicociated with land abutting tidal bodies or water such as an ocean, sea, or lake

7

What are subsurface rights?

Owner's rights to underground minerals, petroleum, natural gas. Often referred to as mineral rights

8

What are the four aspects of Real Property Rights (Bundle of Rights)

(D) right of disposition
(U) right of use (control),
(P) right of possession,
(E) right of exclusion (quiet enjoyment).

9

Any tangible asset that is not Real Property is ...

Personal Property (chattel)

10

What are the four tests regarding fixtures?

IRMA
(1) Intent of the parties
(2) Relationship between the parties -residential or commercial? Different rules apply
(3) Method of annexation- if removing causes damage, it is likely a fixture
(4) Adaptation of the article - if adapted or customer fit it will likely be considered a fixture.

11

What is a Freehold estate

It is an OWNERSHIP interest for an INDEFINITE period of time.

12

What is the most comprehensive form of Freehold estate?

Fee simple. It is also inheritable

13

What is a life estate

It is also a Freehold estate, but is measured by an individuals natural life span

14

What is a leasehold estate

It is a Nonfreehold estate. It is a tenant interest in real property measured in calendar time

15

What are the 3 types of leasehold estates

Estate for years
Tenancy at will.
Tenancy at sufferance

16

What is an Estate for years?

A nonfreehold estate. A tenancy with a specific starting and ending date. ( a one year lease)

17

What is a Tenancy at Will?

A nonfreeehold estate. A tenancy with a lease agreement that has a beginning date but no fixed termination date.

18

What is a Tenancy at Sufferance?

A nonfreehold estate. It occurs when a tenant retains possession of the property beyond the ending date of a legal tenancy without the consent of the landlord (tenant holds over).

19

What is an estate in severality?

It is created when title to property is in one person's name (sole owner)

20

What is concurrent ownership

Ownership by two or more persons at the same time

21

What are the three types of concurrent ownership?

(1) tenancy in common
(2) joint tenancy
(3) tenancy by the entireties

22

Describe the attributes of Tenancy in common

Each owner has an undivided interest in the entire property. This interest can be left in a will or pass to heirs if there is no will

23

What are the four unities of a joint tenancy?

(1) possession, (2) interest, (3) title, and (4) time

24

Joint tenancy is different from Tenancy in common in what way?

A right of survivorship (when one co-owner dies, the deceased's share goes to the surviving co-owner).

25

To create a Tenancy by the Entireties, the co-owners must be ...

married to each other at the time they take title.

26

In a Tenancy by the Entireties, what happens if one spouse dies?

Their share automatically transfers to the surviving spouse by right of survivorship

27

Developers of 20 or more residential condo units must give purchasers ...

a copy of the prospectus

28

What is the cooling off period to cancel a condo contract for sale from a property owner?

3 BUSINESS days

29

What is the cooling off period to cancel a condo contract for sale from a developer?

15 CALENDER days

30

What is a condo?

Real property consisting of condo units and common elements

31

A condominium is created by ...

recording the declaration of condominium.

32

What creates the corporate entity responsible for operating the condomimiun

The articles of incorporation

33

Purchasers of a unit in a cooperative purchase what?

Shares of stock in a corporation

34

With respect to Co-ops, what does a PROPRIETARY LEASE entitle the purchaser?

The right to occupy the unit for the life of the corporation

35

Time share purchasers are protected by what laws?

By the Condominium Act AND by the Florida Vacation Plan and TImeshare Act

36

Regarding Florida Vacation Plan and TImeshare Act. Chapter 721 of this act applies to what?

All Time-share plans consisting of of more than 7 time-share periods over a span of at least 3 years.

37

Regarding the Florida Vacation Plan and TImeshare Act, Developers must give a disclosure that give the purchasers how many days to cancel their contract?

10

38

The only type of Concurrent ownership can there be unequal ownership interest?

Tenancy in Common

39

In what type of type of Concurrent ownership does right of survivorship NOT exist

Tenancy in Common