35 terms

Final Exam

Auth'd power of government to regulate land use by preventing the liberties of one property owner from interfering with the rights of another
Building codes
used by cities or counties to regulate methods and materials used in construction
Environmental Protection Laws
wide body of both federal and state law designed to protect the quality of our earth, water, and air
Eminent Domain
power of government to take property for public use in accordance with constitutional safeguards
governmental bodies have the right to tax real property located within their jurisdictional boundaries to provide for things such as street repairs, school district operations, and emergency services.
Requirements of Mechanic's Claim of Lien
file within 90 days after completion of work with: amount of claim, name of owner, description of real property to be liened, & notarized signature of lien claimant
Fee-simple Interest
Type of estate a condo and PUD homeowner possess in his/her unit
Fractional Share in Fee Simple
Type of estate a condo homeowner possesses in the common areas of the development
Condominium Association
Responsible for structural repairs of a condo, such as exterior walls & roof
Condo Association or HOA
responsible for liability & maintenance on privately owned roads w/in a condo or PUD
Local Municipality
responsible for liability & maintenance on dedicated roads w/in a condo or PUD
No Interest
Type of estate a PUD homeowner possesses in common areas of development
Responsible for structural repairs, such as exterior walls & roof, of a PUD single family home
Yes, but only if by-laws &/or Rules/regs contain such restrictions
May a condo association lawfully restrict unit owners from having trucks or pets when Master Assn doc's do not address the issue
15 days to rescind
By statute, buyer of new condo and resale can cancel contract within...
Contract law prevails/Transaction is binding
Buyer of new single family home signs contract, receives all docs, can they cancel contract
Just Compensation
what a property owner is entitled to if the government takes the property pursuant to eminent domain
Restrictive Covenant
Binds the owner & subsequent owners to restrictions of size, use of property, etc.
Statutory Lien on unit
Legal status of unpaid condo assessments
Statutory Law of Condominiums
In Fl., the legal authority for the formation of a condo
Not more than 115% Annually
By statute, the limitation on the authority of a condo association board to raise annual assessments
Legal Status of Unpaid Homeowner's assessments
HOA files suit, gets judgment, records in public records, obtains a lien
Foreclose lien through judicial sale
Method in which a condo or HOA may collect its unpaid assessment
Corporation or other entity that sells shares of stock
In a cooperative, title to all units and other property is vested in...
90 Days
In Fl, how many days after completion of work must a mechanic's lien be filed in order for it to be valid
First Mortgage & Home Equity
Interest payments on debt that qualify for an income tax deduction
Mechanic's Lien
imposed on real property to secure payment for work performed or materials furnished for construction or improvements on property
Notice of Commencement
Filed by owner with clerk's office no sooner than 90 days prior to improvement. Void if work does not begin within 90 days, Must be posted at site; good for 1 year
Waiver or Release of Lien
signed by contractor at time payments are recieved releasing property owner from claims against improved property
1st Step of Contracting for Construction
Notice of Commencement
2nd Step of Contracting for Construction
Notice to Owner (all subs & GC)
3rd Step of Contracting for Construction
Waiver/Release of Lien
4th Step of Contracting for Construction
Contractor's Final Affidavit
Sub-division Regulations
Requires that streets & sewers be approved in advance by the gov't
Capital Gain Exclusion
$250,000 single ind, or $500,000 joint of gain from the sale of a home