Chapter 8 - Review Questions Flashcards

Chapter 8 - Review Questions Flashcards Which entity regulates condominiums, cooperatives, mobile home parks, and timeshare facilities?The Division of Florida Condo, Timeshares and mobile homes within the DBPR What rights allow a property owner to have reasonable use of water flowing over or through his or her land?Riparian Real Property laws in the USA are based on the allodial system. What does this mean?Private citizens have the right to own land and to enjoy a bundle of rights associated with ownership of the land.What is a decedent?A person who died What four units are required for the creation of a joint tenancy?PossessionInteresttimetitle All of the following are included in the ownership of a condo

unit, EXCEPT:a. the airspace within the walls, floor, and

ceiling of the unitb. Fractional ownership of common areasc. Maintenance of the exterior of the structure and groundsd. Insurance coverage for the interior of the unit.

• Insurance coverage for the interior of the unit.

If a court uses the four tests to determine whether or not an item is personal or real property, which of the following items would be most likely be determined to be part of the real estate?a. A washing machineb. a light bulb in a chandelierc. A ceiling fan hanging in the family roomd. the patio furniture

• A ceiling fan hanging in the family room

All of the following estates include legal title to real

property, EXCEPT:a. tenancy for yearsb. Fee simple

estatec. life estated. Tenancy by the entireties.

• tenancy for years

The owner of the house has the right to will that house to his or her heir. this is an example of which right?Disposition What is a non-freehold estate?An estate in which the tenant does not have an ownership interest.What is the difference between a reversion estate and a remainder estate?A reversion estate returns to the grantor upon death of the life tenant; a remainder estate passes to a party other than the grantor upon the death of the life tenant.What is a homestead?a. Residential real property in an agricultural areab. real property that is owned by the head of a household who may or may not reside thereinc. any residential real property, including the buildings and landd.Real property that is owned by the head of a household who resides therein.

• Real property that is owned by the head of a household

who resides therein.What is the required cooling off period for purchases of timeshares?10 days The party who receives ownership of a life estate is called?Life tenant The right of a grantor to regain ownership of the estate upon the death of the life tenant is called?Reversion Estate

All of the following are ways by which a tenancy for years

can be ended, EXCEPT:a. at will by the landlordb.

expiration of the agreed-upon lease periodc. Breach of contract by the landlord or tenantd. mutual agreement by the landlord and tenant.

• at will by the landlord

All of the following must be disclosed to a buyer when membership is required in a homeowners' association,

EXCEPT:a. That the property use and occupancy is

governed by recorded private restrictionsb. that HOA assessments are required with failure to pay leading to possible lien recording and foreclosurec. The financial status of the HOA, including the prior year's association tax returns and financial accounting recordsd. that membership in the HOA is required

• The financial status of the HOA, including the prior year's

association tax returns and financial accounting records What is unique about ownership in a cooperative association?a corporation that buys and owns a building. shares of stock in the corporation are sold individuals who are given a proprietary lease by the corporation, which allows the share holder to occupy specified space within the building.The owner of the house has the right to occupy that house.this is an example of which right?Possession All of the following statements about elective share are

accurate, EXCEPT:a. Elective share is an automatic right

created upon marriageb. The purpose of elective share is to prevent a surviving spouse from being harmed by an unfair will.c. Elective share can be used to override the will of the decedent.d. Elective share provides for a surviving spouse to be entitled to 30% of the decedent's real and personal property at the of death.

• Elective share is an automatic right created upon

marriageElective Share is not automatic, it must be elected by filing with the court within 4 months.....All of the following statements about tenancy by the

entireties are accurate, EXCEPT:a. Tenancy by the

entireties prevents either spouse from selling his or her interest in the property or leaving his or her interest in willb.If the husband and wife divorce, the estate becomes a joint tenancy, unless the court states otherwisec. If the husband or wife dies, the surviving spouse becomes the sole owner of the propertyd. A tenancy by the entireties is created automatically when a husband and wife purchase real property at the same time and both names appear on the deed.

• If the husband and wife divorce, the estate becomes a

joint tenancy, unless the court states otherwiseit becomes a common tenancy What does it mean if a person dies intestate? the person did not have a will What is an estate in severalty?a. ownership of a limited bundle of rights by one personb. Ownership of the entire bundle of rights by one personc. Ownership of the entire bundle of rights by two or more personsd. Ownership of unequal rights of use and possession by two or more

persons.

• Ownership of the entire bundle of rights by one person

What is a freehold estate?a. An estate that has been inherited by its current ownerb. An estate that is not subject to taxationc. an estate in which the tenant has an ownership interestd. an estate in which the tenant does not

have an ownership interest

• an estate in which the tenant has an ownership interest

All of the following statements about tenancy at will are

accurate, EXCEPT:a. a tenancy at will does not have a

definite ending dateb. a tenancy at will is terminated upon