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102 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Land |
The surface of the earth and to everything attached to it by nature, such as trees and lakes. Includes products of nature beneath the surface, such as oil & limestone. Includes downward to the center of the earth & upward into the air to infinity. |
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Real Estate |
Refers to the land and all human-made improvements permanently attached to the land. Examples of man-made improvements are homes, factories, fences, streets, sewers, etc. |
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Real property |
All real estate plus the legal bundle of rights inherent in the ownership of real estate. |
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Surface rights |
Include land and water rights |
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List the 3 physical components of land. |
1. Surface 2. Subsurface 3. Air |
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Reasonable use of waters that flow part an owner's property is called _____ rights. |
Riparian |
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Littoral rights are associated with land that abuts _____ water. |
non-flowing |
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Land refers to the _____ of the earth and to everything attached to it by _____. |
surface / nature |
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Real estate is defined as land plus all _____ permanently attached to the land. |
man-made improvements |
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Subsurface rights |
Consists of an owner's rights to underground minerals, petroleum, natural gas, and so forth, often called mineral rights. |
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Air rights |
Involves that space above a tract, extending up to a height established by law (eg: building rights, easements, aerial navigation) |
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List 2 basic types of property. |
1. Real property 2. Personal property |
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List the 4 legal tests that courts use to determine whether an item is a fixture. |
1. Intent of the parties 2. Relationship of the parties 3. Method or degree of annexation 4. Adaptation of the item |
IRMA |
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An item that was personal property but has been permanently attached to real estate is called a _____. |
fixture |
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Movable items that are not attached to real property are called _____. |
personal property |
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Personal property, also called _____ or _____, consists of items having a _____ life. |
chattle / personalty / limited |
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_____ are articles of _____ property that ate attached by a tenant and are a necessary part of the tenant's _____ or _____. |
Trade fixtures / personal / trade / business |
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Real property can become personal property by the act of _____. Personal property can become real property by _____. |
severance / attachment |
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If removing an item would result in damage to real property, the article is classified as a _____. |
fixture |
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Real property ownership rights are called a _____. |
bundle of legal rights |
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List the 5 real property ownership rights that are called a bundle of legal rights. |
1. Disposition 2. Enjoyment 3. Exclusion 4. Possession 5. Control |
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Disposition |
The right to sell, mortgage, dedicate, give away, or otherwise dispose of all or a portion of the property. |
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Enjoyment |
The right to enjoy and use the property without interference (the legal term is quiet enjoyment). |
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Exclusion |
The right to keep others from trespassing by entering or using the property without permission. |
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Possession |
The right to occupy the property in privacy. An owner acquires the right of possession of a property on the day the owner has legal title even though the owner may not have set foot on the land itself. |
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Control |
The right to uninterrupted use and control of the property consistent with local laws (for example, zoning). |
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List the 2 general groups of estates. |
1. Freehold 2. Leasehold |
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List the 3 types of estates with concurrent owners. |
1. Tenancy in common 2. Joint tenancy 3. Tenancy by the entireties |
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List the 4 unities of a joint tenancy. |
1. Possession 2. Interest 3. Time 4. Title |
PITT |
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List the 2 types of estates that provide for toothy of survivorship. |
1. Joint tenancy 2. Tenancy by the entireties |
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List the number of days' notice to vacate that a tenant at will must be given, based on rent payment time intervals. |
1. Week to week: 7 days 2. Month to month: 15 days |
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A freehold estate is an estate of _____ for an _____ period of time. |
ownership / indefinite |
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The most comprehensive estate with the largest bundle of legal rights is the _____ estate. |
fee simple |
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Leasehold estates are estates of _____ and are also called _____ estates. |
possession / non-freehold |
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A husband and wife who take ownership of property together create a tenancy _____. |
by the entireties |
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A tenancy for years must have a definite _____ and _____ date. |
starting / ending |
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If title passes upon the death of a life tenant to someone other than the original grantor, the person receiving title is called a _____. |
remainderman |
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A life estate created by the grantor is called a _____ life estate; whereas a life estate created by law is called a _____ life estate. |
conventional / legal |
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Freehold estate |
An ownership interest for an infefinite period. That interest can be inherited (fee simple estate) or can be measured by the lifetime of an individual (life estate). |
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When the life estate ends, the property _____ to the original grantor (previous owner) or goes to a 3rd party, called _____. |
reverts / remainderman |
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Homeowners (including single persons) in Florida may _____their permanent (principal) residence. |
homestead |
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List the protections and benefits granted to the homestead by the Florida Constitution. |
1. Protection of the family 2. Protection of the homestead 3. Tax exemption 4. Size of homestead 5. Personal property |
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If a married person dies and the family homestead was titled in that deceased person's name only (in _____), by operation of law (even if a will states otherwise), the surviving spouse receives a _____ and the children (lineal descendants) receive a remainder estate. If there are no children, the surviving spouse receives a _____ in the homestead. |
severalty / legal life estate / fee simple estate |
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Florida statute allows a tax exemption from assessed property value up to _____ for qualifying homesteads and is deducted from the assessed value when calculating taxable value. |
$50,000 |
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The size of homestead property is restricted to _____ of contiguous land and improvements outside a municipality (city) or up to _____ of contiguous land and improvements if the property is located within the city. |
160 acres / 1/2 acre |
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Homestead protections include _____ of value of personal property. |
$1,000 |
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Non-freehold estates |
These have a known duration and do not involve an ownership interest. These grant the right of quiet enjoyment (the right to use and possess but not own) real property. Aka: leasehold estates |
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Leasehold estates |
(Tenancy) ... the interest in real property that a tenant possesses. These are measured in calendar time. Under a lease, the tenant possesses a leasehold estate and the landlord (property owner) possesses a reversion estate. |
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List the 3 types of leasehold estates. |
1. Estate for years 2. Tenancy at will 3. Tenancy at sufferance |
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Tenancy at will |
A lease agreement that has a beginning date but no fixed termination date, such as a week-to-week or month-to-month agreement. |
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Tenancy at sufferance |
This occurs when a tenant stays in possession of the property beyond the ending date of a legal tenancy without the consent of the landlord. |
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When title to property is held by one person, it is called an _____ or sole ownership. Ownership by two or more persons at the same time is _____. |
estate in severalty / concurrent ownership |
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Tenancy in common |
When 2 or more persons wish to share the ownership of a single property. Each owns an "undivided interest" in the whole property. It is the most frequently used form of co-ownership, except for husband-and-wife ownership. |
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Undivided interest |
Interest in the entire property, rather than ownership of a particular part of the property. |
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Joint tenancy |
Characterized by the right of survivorship (which is the major difference between joint tenancy & tenancy in common. Joint tenants have an undivided interest in real property. |
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Right of survivorship |
Means that the share of a co-owner who has died goes to the surviving co-owner(s) and not to the deceased tenant's heirs. |
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A joint tenant who wants to sell her share of a property may do so. What type of ownership/tenancy will the new buyer have? |
Tenant in common - without the right to receive any property on the death of one of the original joint tenants. Can't be joint tenant because they didn't acquire title at the same time as the other joint tenants |
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Tenancy by the entireties |
Basically a joint tenancy between a married couple. The 4 unities of joint tenancy with the right of survivorship must exist, and the 2 co-owners must be married to each other at the time they take title. |
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When one spouse dies, that individual's ownership interest automatically transfers to the survicing spouse by right of survivorship. The surviving spouse will then own the property in _____. |
fee simple |
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Separate property |
Any property held in one spouse's name only, property the husband of wife owned separately prior to the marriage, and property acquired during the marriage by inheritance or gift. Note: remember that these would be an estate in severalty |
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Stock ownership in the corporation entitles the purchaser to the thought of occupancy through a _____. |
proprietary lease |
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The shareholders pay a _____ share of the property taxes to the corporation and the corporation pays the tax bill. |
pro rata |
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Transfer of ownership of a cooperative unit is accomplished by sale of _____. |
stock |
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Condominium purchasers own an individual unit in _____ in addition to an _____ interest in the _____. |
fee simple / undivided / common elements |
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Condominium property taxes are levied on _____. |
individual units |
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Transfer of ownership of a condominium unit is accomplished by transfer by _____. |
deed |
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Recording of the _____ creates the condominium. |
declaration |
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The "deed interest" legal format of time-share ownership is called _____. |
interval ownership |
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Cooperative |
A multiunit building that is owned by a corporation. The unit owners purchase shares of stock in the corporation. Ownership of the stock entitles the purchaser to a proprietary lease and the right to occupy the unit. |
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The buyer of a residential coopetative unit may cancel the contract within _____ of signing the contract. |
15 days |
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Residential cooperative units must include a clause stating that the buyer acknowledges receipt of the articles of incorporation of the association, the bylaws and rules of the association, and the question and answer sheet at least _____ before signing the contract. If they do not receive these items, the contract must include a clause stating that the buyer can cancel the contract within _____ of receipt of these documents. |
3 business days / 3 business days |
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Condominium |
consists of condominium units and common elements. A form of ownership of real property. |
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A condo purchaser owns an individual unit in _____. |
fee simple |
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Common elements |
Those portions of the condominium property that are not included in the units but are legally attached to each unit and are transferred with the unit when it is sold. (Examples: sidewalk, pool, parking lot) |
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Condominium documents |
A set of written instruments describing the condominium and the association. |
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List the legal documents included in the condominium documents. |
1. Declaration of condominium 2. Articles of incorporation of the association 3. Bylaws of the association 4. Frequently asked questions (FAQ) and answers 5. Estimated operating budget |
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Declaration of condominium |
Describes the unit boundaries, the common elements, membership and voting rights in the association, and covenants and restrictions on the use of the units and common elements. |
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Prospectus |
Summarizes some of the major points detailed in the condiminium documents. Developers of 20 or more new residential units must prepare this and file it and a copy must be given to the prospective purchaser. |
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Prospective buyers of new developer condo units have _____ calendar days to cancel, while they have _____ business days for a resale unit. |
15 / 3 |
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Time-share |
Involves an undivided interest in a living unit according to the number of weeks purchased. (Example: 1/52 ownership is 1 week) |
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The Vacation Plan and Timesharing Act requires a disclosure that purchasers may cancel the contract within _____ of contact signing or receipt of the public offering statement, whichever is later. |
10 calendar days |
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The form of time-share ownership is normally divided into 2 types of legal formats: |
1. Interval ownership 2. Right to use |
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The MOST comprehensive interest in real property that an individual may possess is A. an estate for years. B. a life estate. C. a remainder estate. D. a fee simple estate. |
D |
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Physical components of real property do NOT include A. surface. B. air space. C. equitable rights. D. subsurface. |
C |
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Fixtures are items that A. are fixed, or attached, to real property. B. were once personal property but are now real property. C. have been incorporated as a part of real property. D. are all of these. |
D |
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Which statement regarding cooperatives and condominiums is TRUE? A. The purchaser of a cooperative unit owns in fee simple; the purchaser of a condominium signs a proprietary lease. B. The buyer of a cooperative unit receives a deed, which includes the legal description of the cooperative and a fractional part of the common elements; the buyer of a condominium purchases shares of stock in the condominium corporation. C. Condominiums are regulated by the Division of Florida Condominiums, Timeshares, and Mobile Homes; cooperative units are regulated by the Division of Real Estate. D. Ad valorem taxes are assessed against each cooperative unit and each condominium unit. |
D |
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The bundle of legal rights associated with real property does NOT include A. control. B. possession. C. disposition. D. utility. |
D |
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A son gives his mother a conventional life estate for her lifetime. The deed states that upon her death, the property will transfer to her granddaughter. What type of estate does the granddaughter possess during the grandmother's lifetime? A. Remainder estate B. Life estate C. Estate in reversion D. Contingent estate |
A |
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At the expiration of the lease period and before renegotiation of the lease, a tenant continued to occupy the apartment. The tenant's position is called A. a tenancy at will. B. a tenancy at sufferance. C. a freehold estate. D. an estate in reversion. |
B |
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A woman received a new microwave for Christmas. The microwave was installed above her range by screwing the unit to the kitchen cabinets and venting it through the attic. The microwave is considered A. a fixture. B. a chattel. C. separate property. D. personal property. |
A |
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The homestead tax exemption is deducted from the A. market value of a property. B. assessed value of a property. C. sale price of a property. D. total cost, including all improvements. |
B |
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A husband and his wife own a home with title in both names. They have one minor child and one adult son. The husband dies. Which is MOST correct? A. The widow owns a life estate in the home. B. The property is split equally among the widow and the children. C. The widow owns the entire home through right of survivorship. D. The children own the home in fee simple. |
C |
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The real estate protected by homestead rights is limited to A. 640 acres outside a city or town and 1 acre in town. B. 160 acres outside a city or town and 0.5 acres in town. C. 40 acres outside a city or town and 0.5 acres in town. D. 160 acres outside a city or town or 0.5 acres in town. |
D |
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A constitutional homestead is owned by a man who is head of a family consisting of himself, his wife, and their three children. The man dies unexpectedly. After his death, A. the widow owns the homestead in fee simple. B. by operation of law, the widow owns a life estate in the homestead, and the children are vested remainderman. C. the homestead will be distributed according to Florida's probate law. D. the homestead will descend to the man's heirs as specified in his will. |
B |
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Which estate features right of survivorship? A. Leasehold estate B. Estate by the entireties C. Tenancy at will D. Tenancy in common |
B |
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Chapter 475, FS, defines real property as any interest or estate in A. land, improvements, leaseholds, subleaseholds, mineral rights, cemetary lots, or any assignment thereof. B. land, improvements, business enterprises and business opportunities, leaseholds, subleaseholds, mineral rights, mobile homes, or any assignment thereof. C. land, business enterprises and business opportunities, leaseholds, subleaseholds, mineral rights, cemetary lots, mobile home lots, or any assignment thereof. D. land, business enterprises and business opportunities, including any assignment, leasehold, subleasehold, or mineral rights. |
D |
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In Florida, cooperatives and time-shares are regulated by the A. Division of Real Estate. B. Division of Florida Condominiums, Timeshares, and Mobile Homes. C. Department of Housing and Urban Development. D. Florida Real Estate Commission. |
A |
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A condiminium unit buyer has how long to cancel the purchase contract after signing an agreement with the developer? A. 3 days B. 10 days C. 15 days D. 20 days |
C |
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Developers of condominium projects with 20 or more units must give buyers A. a copy of the prospectus. B. the names and business addresses of real estate sales associates assigned. C. the names of all current unit owners. D. the names of unit owners, unit numbers, and amounts due from unit owners delinquent in monthly assessment fees. |
A |
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Which characteristic applies to condominium ownership? A. The corporation holds title to land and improvements. B. The purchaser receives shares of stock in the corporation. C. A proprietary lease entitles the purchaser to occupy a unit. D. The purchaser receives a deed to a particular unit. |
D |
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All these apply to the constitutional homestead exemption EXCEPT A. protection from forced sale for nonpayment of certain debts. B. deduction of up to $50,000 from the assessed value of the homesteaded property, if claimed. C. claimants must hold title to the property and use the home as their principal residence. D. it automatically creates a tenancy by the entireties if the person filing for homestead is married. |
D |
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A woman paid cash for a 60-acre lemon grove in Citrus County. The estate is for an indefinite period of time. The woman does NOT own which type of estate in the property? A. Fee simple estate B. Freehold estate C. Leasehold estate D. Estate in severalty |
C |
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