Florida Real Estate Principles - Chapter 8 - Key Terms

Front 1

Bylaws

Back 1

Rules to govern the administration of the condominium.

Front 2

Condominium

Back 2

A multiunit project consisting of individual ownership of the dwelling unit and undivided ownership of common areas.

Front 3

Cooperative

Back 3

A multiunit project consisting of individual dwelling units owned by the Corporation in which the individual apartment tenants own stock rather than owning their respective units.

Front 4

Declaration

Back 4

The legal document that the developer of a condominium must file and record in order to create a condominium under state law.

Front 5

Elective Share

Back 5

State defined as consisting of 30% of the descendents personal property and Florida real property, except homestead-exempt property and claims.

Front 6

Estate for Years

Back 6

A tendency measured from a starting date to a termination date (may be for a few days or longer than any natural life; e.g., a leasehold is in the state for years).

Front 7

Fee Simple Estate

Back 7

The most comprehensive and complete interest one can hold in real property; freehold estate. Also known as fee or fee simple absolute.

Front 8

Fixtures

Back 8

An object that was once considered to be personal property but has become real property because of attachment to, or use in, improvements to real property.

Front 9

Freehold Estate

Back 9

A tenancy in real property with no set termination date that can be measured by the lifetime of an individual or can be inherited by heirs.

Front 10

Homestead

Back 10

Term used to describe three separate but related situations: (1) a tax exemption, (2) a tract of land limited in size, and (3) a statutory condition designed to protect the interests of a spouse and lineal descendents.

Front 11

Joint Tenancy

Back 11

An estate or interest owned by more than one person, each having equal rights to possession and enjoyment; the interest a deceased tenant conveys to surviving tenants by specific wording in the deed establishing the joint tenancy.

Front 12

Land

Back 12

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

Front 13

Leasehold Estate

Back 13

A tenancy in real property held under a lease arrangement for definite number of years; nonfreehold.

Front 14

Life Estates

Back 14

Tendencies whose durations are limited to a life of some person; freehold.

Front 15

Littoral Rights

Back 15

Legal rights related to land abutting an ocean, sea, or lake, usually extending to the high-water mark.

Front 16

Personal Property

Back 16

Tangible and movable property (transferred by bill of sale); property not classified as real property. Also known as personalty or chattel.

Front 17

Proprietary Lease

Back 17

A written agreement between the owner-corporation and the tenant-stockholder in a cooperative apartment.

Front 18

Real Estate

Back 18

Land, including the air above and the earth below, plus any permanent improvements affecting the utility of the land; real property; property that is not personal property.

Front 19

Real Property

Back 19

Any interest or estate in land, including leaseholds, subleaseholds, business opportunities and enterprises, and mineral rights; real estate.

Front 20

Remainderman

Back 20

The party designated to receive in the state at the end of a life estate.

Front 21

Right of Survivorship

Back 21

A situation by which the remaining joint tenant succeeds to all right, title, and interest of the deceased joint tenant without the need for probate proceedings.

Front 22

Riparian Rights

Back 22

Private ownership rights extending to the normal high-water mark along a river or stream and including access rights to water, boating, bathing, and dockage in accordance with state and federal statutes.

Front 23

Tenancy at Sufferance

Back 23

An estate lawfully acquired for a temporary period of time but retained after a period of lawful possession has expired; nonfreehold estate.

Front 24

Tenancy at Will

Back 24

An estate that may be terminated by either party at any time upon proper notice; nonfreehold estate.

Front 25

Tenancy by the Entireties

Back 25

An estate created by husband and wife jointly owning real property with instant and complete right of survivorship.

Front 26

Tenancy in Common

Back 26

A form of ownership by two or more persons having an equal or unequal interest and passing the interest to heirs, not to surviving tenants.

Front 27

Time-share

Back 27

And individual interest in the real property unit together with a right of exclusive use for a specified number of days or weeks per year.

Front 28

Trade Fixture

Back 28

An article that is attached by a commercial tenant as a necessary part of the tenant's business and is personal property.