Section 7: Property Rights: Estates, Tenancies, and Multiple Ownership Interests Flashcards Preview

Real Estate Exam Florida > Section 7: Property Rights: Estates, Tenancies, and Multiple Ownership Interests > Flashcards

Flashcards in Section 7: Property Rights: Estates, Tenancies, and Multiple Ownership Interests Deck (51):
1

Common elements

Items such as roofs, elevators, and recreational facilities are legally attached to condominium units and are transferred with units when they are sold.

2

Concurrent ownership

means ownership by two or more persons at the same time

3

Condominium Documents

set of papers describing the condominium and association

4

Condominium ownership

is a single unit consisting of the vertical and horizontal space in a multi-unit structure including a proportionate share of the common elements

5

Cooperative

a multiunit dwelling owned by a corporation; owners purchase shares in the corporation and receive a proprietary lease

6

Declaration

A recorded document that creates a condominium

7

Elective share

The right of a surviving spouse who has been excluded from the deceased spouse's will to 30% of the net estate, in addition to homestead property

8

Estate for years

A wrritten lease with a definite termination date

9

Estate in severalty

Occurs when title to a property is held by one person

10

Fee simple estate

The most common type of ownership.

It is the most comprehensive collection of property rights and can be inherited

11

Fixtures

objects that were personal property but have been permanently attached to or made part of real property by attachment

12

Freehold estate

ownership interest for an indefinite period of time

13

Homestead

Law provides that types of protection and benefits o homeowners regarding their permanent residence

14

Joint tenancy

is an ownership interest between two or more persons with right of survivorship

15

Land

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

16

Leasehold estate(tenancy)

is an interest in real property that a tenant possess(measured in calendar time)

17

Life estate

is a freehold estate that ends with the death of a named person; ownership for an individual's natural lifespan

18

Littoral rights

are associated with land abutting tidal bodies of water, such as an ocean, sea, or lake

19

Marital assets

Assets acquired during marriage

20

Nonfreehold estates

have known duration and do not involve ownership interest

21

Personal property

(also called chattel) Any tangible item that is NOT real property and that is movable

22

Proprietary lease

The document that entitles a shareholder in a cooperative to possession of a unit

23

Prospectus

Must be provided to purchasers if a condominium consists of more than 20 residential units, or is part of a group of residential condominiums that will be served by property to be used in common by unit owners of more than 20 units.

It summarizes some of the major points detailed in the condominium documents

24

Real Estate

Refers to the land and all improvements permanently attached to land

25

Real property

includes all real estate plus the legal bundle of rights inherent in the ownership of real estate

26

Remainderman

The third party to whom a property is transferred at the end of a life estate (vested if named; contingent if not named)

27

Right of survivorship

means that when a co-owner dies, that co-owner's share goes to the surviving co-owners and NOT to the deceased tenant's heirs

28

Riparian rights

Associated with land abutting the banks of a river, stream, or other watercourse

29

Seperate property

Nonmarital assets

30

Tenancy at sufferance

exists when a tenant, after rightfully being in possession off the rented property, continues possession after the tenant's rights have ended; a holdover tenant

31

Tenancy in common

An interest in real property in which two or more persons hold title to a property with equal or unequal interests in the estate

32

Tenants in common

Is the most frequently used form of co-ownership except for husband-and-wife ownership

33

Time-share

ownership involves an undivided interest in a living unit according to the number of weeks perchased

34

Trade fixture

An item of personal property attached to real property that is owned by a tenant and used in a business that is legally removable by the tenant

35

Undivided Interest

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

36

Nature of Property

- Land
- Real Estate
- Real property

37

Tests to decide if an item is a fixture

IRMA

I - Intent of the parties
R - Relationship of the parties
M - Method of annexation
A - Adaptation of the article

38

Bundle of rights (real property ownership rights)

DUPE

D - Disposition (right to sell or give away)
U - Use (right to control)
P - Possession (right to occupy)
E - Exclusion (right to quiet enjoyment)

39

Notice to cancel a time-share contract

10 days

40

Notice required to cancel a month-to-month tenancy at will

15 days

41

Notice required to cancel resale cooperative or condominium contract

3 business days

42

Notice required to cancel a week-to-week tenancy at will

7 days

43

Subsurface rights

Consists of an owner's rights to underground minerals, petroleum, and natural gas (also called mineral rights)

44

Condominium disclosures (New residential units sold by developer)

- Prospectus
- Estimated operating budget
- Declaration of condominium
- Articles of incorporation
- By laws
- FAQ

45

Condominium disclosures (Resale units/private party sales)

- Most recent year-end financial report
- Rules of the association
- Declaration
- Articles of incorporation
- By laws
- FAQ
- Governance Form

46

Tenancy at will

A lease hold in which the tenant holds possession of the premises with the owner's permission, but without a fixed term

47

Estate in Reversion

created when a life estate returns to the original owner

48

Property owned before marriage

Considered separate property and owned independently of the other spouse

49

Annexation

Test to see if removing an item results in damage to real property

50

Tenancy of entreties

Joint tenancy between a husband and a wife

51

Accretion

Process of land build up from water-borne rock, sand, and soil