Florida Real Estate exam chapter 8 Flashcards

Florida Real Estate exam chapter 8 Flashcards Homestead protections and benefits1. Protection of the homestead. The property is protected from forced sale for debts owing to personal loans credit card debt and so forth.2. Tax exemption. Tax exemption from assessed property value. The current homestead tax exemption is up to $50,000 and is deducted from the assessed value when calculating taxable value.3. Size of Homestead. Size of the property is restricted to 160 acres outside a municipality or city or up to 1/2 acre if the property is located within the city.4. Protection of family.The married person dies and the family homestead was titled in that deceased person's name only in severalty, by operation of law, even if the will states otherwise, the surviving spouse receives a life estate and the children receive the remainder estate. If no children, the surviving spouse receives the fee simple estate in the homestead.Nonfreehold or leasehold EstatesTime limitation. These have a known duration and do not involve an ownership interest.Test for fixturesIRMAIntent of the partiesRelationship between partiesMethod of annexationAdaptation of the article Nature of propertyAllodial system allocates full property ownership rights to private individuals. Grew out of English feudal system.1.Land2. Real estate3. Real property Real propertyReal estate or real property is land and anything permanently attached to it.Fixtures are items of personal property converted to real property by attaching it to the real property with the intention that it become permanently apart thereof. Example fence.Physical components of land1. Surface rights. Land and water rights.2. Subsurface rights. Mineral rights.3. Air rights. Space above a tract, extending up to a height established by law.Joint tenancyCharacterized by the right of survivorship. Right of survivorship means that the share of a co-owner who has died goes to the surviving co-owners and not to the deceased tenants heirs. Example. Four brothers own a home and one dies. The other three split up his share.CondominiumsDisclosures and cancellation period The developers sale contract must include a disclosure stating that the buyer of a new residential unit may cancel contract within 15 calendar days of signing a contract and the receipt by the buyer of the condominium documents such as the prospectus.The contract for resale must include a clause that states that the buyer acknowledges

receipt of the condo documents and that the prospective buyer may cancel the contract within three business days after the date of the execution of the contract and receipt by The buyer of the condominium documents.Kinds of freehold estatesFee simple (absolute) is the most comprehensive estate and it is inheritable. It is subject only to governmental restrictions. for example taxation and police powers.Life estate is measured by a natural life span or "for the life of." When the life estate ends, the property reverts or returns to

the original grantor or the previous owner or goes to a third-party, called a remainderman.Concurrent ownershipOwnership by two or more persons at the same time.For unities of a joint tenancyPITTPossession, interest, title, timeJoint tenants enjoy the same rights

Distribution of assets resulting from divorce Non marital assets are separate property. Marital assets are to be divided equitably.TimesharingTwo types of ownership1. Interval ownership. The fee simple ownership contains the same rights as any other property conveyed by deed.Owner has the right to sell, rent, will, or give away the property.2. Right to use. The rights are temporary in nature.The leasehold interest is long-term. After a specified period, Rights revert back to the developer seller. This is a big gamble.Leasehold estateAn interest in real property that the tenant possesses.Measured in calendar time. Under a lease, the tenant possesses a leasehold estate and the landlord or property owner possesses a reversion estate. At the end of the leasehold estate, possession and use of the property reverts to the property owner.Bundle of rightsRight of disposition (sell or giveaway)Right of use (control)Right of possession (occupy)Right of exclusion (quiet enjoyment)DUPEDisposition, use, possession, exclusion CooperativesThe Cooperative Association, or co-op is normally organized as a corporation. The owners purchase shares of stock in the corporation. Important result of the stock purchase is that ownership of the stock entitles the purchaser to a proprietary lease and the right to occupy the unit for the life of the corporation.Personal propertyAlso known as chattelMovable items not attached to real property; items severed from real property.Trade fixtures or items of personal property attached to real property that is owned by a tenant and is used in a business, legally removable by tenant.Types of water surface rights1. Riparian rights are associated with land abutting the banks of a river, stream, or other watercourse. Riparian - river2. Littoral rights are associated with land abutting tidal bodies of water such as the ocean, sea, or lake. Littoral - Lake FixturesFixtures are objects that were personal property but then permanently attached to or made part of real estate and thus are now real property.Three types of leasehold Estates1. Estate for years or tenancy for years with a specific start and end date.2. Tenancy at will. A tenency at will is a lease agreement that has a beginning date and no fixed termination date, such as a week to week or month-to-month agreement. Example. Recreational property rented for a week, two weeks or a month.3.Tenancy at sufferance. When the tenant stays in possession of the property beyond the ending date of the