Real Estate Chap 8 Flashcards

Real Estate Chap 8 Flashcards Trade fixtures arearticles of personal property that are attached by a tenant and are a necessary part of the tenant's trade or business.Tenants in common havean undivided interest in the entire property. This interest can be left in a will or passed to heirs of there is no will.The three types of concurrent ownership are tenancy in common, joint tenancy, tenancy by the entireties.Moveable items that are not attached to real property are called personal property A leasehold estate or non freehold estate is a tenant interest in real property measured in calendar time.Developers of a condominium projects with 20 or more units must give buyers

• copy of the prospectus

The three types of leasehold estates are estate for years, tenancy at will, and tenancy at sufferance The four tests regarding fixtures areIntent of the parties.relationship or agreement of the parties.method or degree of attachment.adaption of the item.Joint tenancies are characterized byright of survivorship - when one co-owner dies, the deceased's share goes to the surviving co-owner.Condominium purchasers own an individual unit in ______ in addition to an undivided interest in the common elements.fee simple Real estate is defined as land plusall human-made improvements permanently attached to the land.Recession period for time-shares sold by developer or resale 10 calendar days A life estate is alsoa freehold estate, but it is measured by an individual's natural life span.Sole ownership and concurrent ownership are ways that people hold freehold estates.An estate for years isa tenancy with a specific starting and ending date Transfer of ownership of a condominium unit is accomplished by transfer by deed The most comprehensive interest in real property that an individual may possess isa. an estate for years.b. a life estate.c. a remainder estate.d. a fee simple estate.

• a fee simple estate

An estate in severalty iscreated when title to property is in one person's name -sole owner.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 by operation of law, the widow owns a life estate in the homestead, and the children are vested remaindermen Reasonable use of waters that flow past an owner's property is called riparian rights

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

• are all of these

Physical components of real property do not includea.surface b. air space c. equitable rights d. subsurface

• equitable rights

The real estate protected by homestead rights is limited to160 acres outside a city or town or 0.5 acres in town In Florida, cooperatives and time-shares are regulated by the Division of Florida Condominiums, Time-shares, and Mobile Homes.To create a tenancy by entireties, the co-owners must bemarried to each other at the time they take title. The share of a deceased spouse automatically transfers to the surviving spouse by right of survivorship.Littoral rights are associated with land that abutsNonflowing water A proprietary lease entitlesthe purchaser to the right to occupy the unit.A tenancy at sufferance occurswhen a tenant retains possession of the property beyond the ending date of a legal tenancy without the consent of the landlord -tenant holds over.The most comprehensive estate with the largest bundle of legal rights is the fee estimate Which estate features right of survivorship? estate by the entireties Recording of the ___ creates the condominium declaration Four Unities of a Joint TenancyPITTJoint tenants have the same rights of undivided possession.Joint tenants have equal ownership interestJoint tenants acquire title on the same instrument (deed).Joint tenants acquire their interests in the property at the same time.Condominium property taxes are levied on individual units List the two general groups of estatesFreehold estates.Nonfreehold or leasehold estates.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 The four unities of a joint tenancy arepossession, interest, title, time.There is a ____ to cancel a condominium contract for sale from a developer.15-calendar-day notice A freehold estate is an estate of ____ for an ____ period of time.ownership; indefinite Leasehold estates are estates of possession and are also called non freehold estates Recession periods for resale residential cooperative apartments and condominium units

• business days

An item that was personal property but has been permanently attached to real estate is called a fixture Personal property, also called ______ consists of items having a limited life.Chattel or personal

Which statement regarding cooperatives and condominiums is true?Ad valorem taxes are assessed against each cooperative unit and each condominium unit.stock ownership in the corporation entitles the purchaser to the right of occupancy through a proprietary lease List three physical components of land.Subsurface rights, Surface rights, Air rights.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 fixture AlluvionNew deposits of land as a result of accretion; alluvion deposits commonly occurring at the mouth of large rivers. - The landowner is entitled to all new soil deposits.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 grand-daughter. What type of estate does the grand-daughter possess during the grandmother's lifetime?Remainder estate List the three types of estates with concurrent owners.Tenancy in common.Joint tenancy.Tenancy by the entireties.Real property includesall real estate plus the bundle of rights Which characteristic applies to condominium ownership?The purchaser receives a deed to a particular unit List the number of days' notice to vacate that a tenant at will must be given, based on rent payment time intervals -

Month to Month:

15 days List the five property ownership rights that are called a bundle of legal rights.Disposition, Enjoyment, Exclusion, Possession, Control All these apply to the constitutional homestead exemption except it automatically creates a tenancy by the entireties if the person filing for homestead is married List the two basic types of property.Real property and personal property Developers of 20 or more residential condo units must give purchasers a copy of the prospectus Real estate refers tothe land and improvements 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?The widow owns the entire home through right of survivorship The bundle of legal rights consists of the following:right of disposition, right of enjoyment, right of exclusion, right of possession, and right of control.Legal test for fixturesIRMAIntent of the partiesRelationship or agreement of the partiesMethod or degree of attachmentAdaptation of the item A condominium unit buyer has how long to cancel the purchase contract after signing an agreement with a developer?15 days 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 sufferance