Section 8 Property Rights Estates And Tenancies Condominiums Co-Ops Timeshares Flashcards Preview

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Flashcards in Section 8 Property Rights Estates And Tenancies Condominiums Co-Ops Timeshares Deck (20)
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1

True or false, a community development district is a special tax district created to take care of long-term needs of the community. A CDD may impose taxes and/or assessments on property for public facilities, construction operations and maintenance of such.

True

2

True or false, riparian rights relate to the ownership of the property that abuts an ocean, sea, or lake and is concerned with the use and enjoyment of the shore.

False

This describes littoral rights. Riparian rights are those involved with land bordering upon navigable waters. They are rights of ingress, egress, boating, bathing, and fishing and such others as may be or have been defined by law.

3

True or false, accretion is the process of land being increased from the water depositing rock, sand and soil.

True

4

True or false, before unities of joint tenancy includes that the property must have been acquired on the same deed, at the same time and gives the holder and undivided, equal share.

True

5

The Florida statute 720 requires that a disclosure summary be included with the purchase and sale agreement for property that is subject to mandatory homeowner association membership, fees and assessments, and restrictions.

True

6

True or false, trade fixtures, unless otherwise designated within the lease agreement, will remain owned by the tenant and can be removed upon the end of the lease.

True

7

True or false, Real Property is defined as the land including the sky above, the trees, the ground, what is below the ground plus man-made attachments such as buildings. Real estate is defined as including all these things described in real property plus the legal bundle of rights that goes with ownership.

False

These words are reversed

8

True or false, the word estate refers to the degree, quantity, nature, and extent of the interest (ownership rights) a person can have in Real Property.

True

9

True or false, A life estate is use of property which is always granted based on the life of the holder.

False

Use of the property is granted during life of the holder or whoever's life the interest is based on. It is often used by a husband for a wife with children as remaindermen.

10

True or false, disclosures required by the cooperative act when a new property is sold by a developer includes the fact that the buyer has the right to cancel the contract within three business days after signing a contract and having received a cooperative documents.

false

The buyer of a new cooperative has a right to cancel within 15 calendar days of signing contract and receipt of cooperative documents. A buyer of a resale cooperative may cancel within three business days.

11

When purchasing an existing condominium, which form is not required for the buyer to receive?

1. Estimated operating budget
2. Frequently asked questions
3. Bylaws of the association
4. Articles of incorporation of the association

# 1

Estimated operating budget

12

Carlo wanted to rent his place to Bella. In order to create a tenancy at will which of the following statements is not correct:

1. Termination can be determined at future date
2. Can be week to week or month to month
3. No notice needs to be given to Bella to end the lease
4. The agreement does not need to be in writing

# 3

No notice needs to be given to Bella to end the lease

13

Betty rented property from landlord Larry. While living there, Betty installed a hot tub on the terrace. While she was moving out, Larry showed up and prevented the movers from taking the hot tub. Upon going to court, which of the following is not a legal test a judge would use to determine whether the hot tub stays with the property:

1. Intent of the parties
2. Method or degree of attachment
3. Whether the item added value to the real estate
4. Adaptation of the item

# 3

Whether the item added value to the real estate

14

The owners right to prevent others from trespassing onto your property.

1. Possession
2. Exclusion
3. Disposition
4. Control

# 2

Exclusion

15

Timeshare ownership involves what type of legal ownership formats?

1. Interval ownership
2. Right to use
3. Reversionary ownership
4. Either 1or 2

# 4

Either interval ownership or right to use

16

Which tenancy ownership creates the right of survivorship?

1. Joint tenancy
2. Tenancy in common
3. Estate in severalty
4. Tenancy at will

# 1

Joint tenancy

17

Ali handcrafted The built-in bookcases in the study. These bookcases would automatically be considered:

1. Implements
2. Shuttles
3. Personal property
4. Real Property

# 4

Real Property

18

As tenants in common, Ciro and Lucy bought an investment property together. Ciro sold his interest in the property to Walter. Walter died in an accident. Who now owns Walters share?

1. Lucy
2. Walters heir
3. Ciro
4. Ciro and Lucy

# 2

Walter's heir, tenancy in common does not include the right of survivorship

19

A creditor holding a note for a car loan cannot foreclosure on an owners home if protected by:

1. Consumer protection agency
2. HUD amendment
3. Special purpose property
4. Homestead act

# 4

Homestead act

20

The Robert development group wanted to build a super train that would pass across Florida 15 stories above the ground. Because of the design of the suspension rails they didn't need to mount support posts on everyone's property that it would cross over, what rights could they negotiate to own for these properties where supports were not needed?

1. Littoral
2. Rail
3. Throughway
4. Air

# 4

Air rights