Real Estate Sales Associate - Ch. 8
Terms in this set (44)
______ includes the physical land and improvements (real estate), together with the legal rights to own or use the property
________ are the rights of an owner whose property borders on a flowing waterway such as a river or stream
______ is an increase in land area as moving water deposits soil in other than its original location; the opposite or erosion
What 4 tests are used by courts to distinguish between real and personal property?
• Method of annexation
Articles of personal property that have been attached to real estate being rented or leased by a tenant and used in the conduct of business.
Personal property installed to conduct a business or trade _____ considered part of the real estate and _____ be removed during or at the termination or a lease.
Is not / Can be
What 3 items make up the bundle of ownership rights?
What does DUPE mean?
It is the bundle of ownership rights, which stands for Disposition, Use (control), Possession, and Exclusion/enjoyment
When thinking of the legal rights of property, you should think of ____
DUPE (Bundle of ownership rights)
A ______ estate is an estate involving ownership
Anyone who owns real property has a ______ estate
______ estates have no specified time for rights to expire
There are 2 types of freehold estates:
• Fee simple estate
• Joint tenancy (joint estate)
What are the four ways the fee simple estate may be held?
1) Estate in severalty
2) Tenancy in common (estate in common)
3) Tenancy by the entireties
4) Life estate
What does PITT mean?
These are the four unities required to create a joint tenancy, which are: Possession, Interest, Time, Title
The four unities required to create a joint tenancy are:
What is a fee simple estate?
AKA fee, fee simple absolute, this is where the owner has a complete bundle of rights. A fee simple estate is the simplest and yet the most comprehensive in land. It is the most desirable and most common type of estate.
What is the simplest and yet the most comprehensive estate in land?
Fee simple estate
What is the most desirable and most common type of estate?
Fee simple estate
Name four ways a fee simple estate may be held:
• Estate in severalty
• Tenancy in common (estate in common)
• Joint tenancy, (Joint estate)
• Tenancy by the entireties
Estate in severalty
Sole ownership of the entire bundle of rights
Tenancy in common
Also known as estate in common, this is a fee estate held by two or more persons. Each person has an undivided interest in the whole property. All owners have equal rights of use and possession.
Also known as a joint estate, this is a fee estate shared by two or more persons that must have equal and undivided interested. It can be created only with the for unities of possession, interest, time and title are present.
The distinctive characteristic of a joint tenancy is _______
The right of survivorship
Right of survivorship is what?
Upon the death of a joint tenant, the interest of the decedent does not pass according to a will or by descent and distribution; it passes instead to the surviving joint tenants.
If a joint tenant sells their ownership interest during their lifetime, the purchaser will be what?
A tenant in common, since the four unities are not present
Name the four unities required to create a joint tenancy:
In florida, a joint tenancy can only be created if _______ is clearly expressed in the deed or conveyance. If not, a ______ results
The right of survivorship / Tenancy in common
Tenancy by the entireties
This is an estate for a husband and wife only. The marriage is considered to be the owner of the property with each spouse having a right of survivorship. Upon the death of one spouse, the surviving spouse will own the property in fee simple.
A _______ is created automatically whenever a husband and wide purchase property at the same time if both names appear in the deed and no other ownership form is specified
Tenancy/Estate by the entireties
A freehold estate created when an owner of a fee simple estate conveys ownership to another, but only for the balance of the lifetime of the party whom the property is conveyed.
The party receiving the ownership of a life estate is called ____
A life tenant
The right to regain ownership of a life estate is called _____
A reversion estate
If someone other than the original owner of a life estate is to receive ownership after the death of the life tenant, it is called a ______
When dealing with a life estate, the different between a reversion estate and a remainder estate is ____
Who is to receive ownership
Tenancy for years
nonfreehold estate with the tenant in lawful possession of the property under an agreement with the landlord for a specified period of time. There must be a definite beginning and a definite ending date for the rights to exist and these dates must be specified.
Separate property between spouses can be defined as:
Real property owned separately prior to marriage, or acquired by inheritance or gift during the marriage
Can a spouse sell their separate property during the owner's lifetime without the concurrence of his or her spouse?
Yes, if it is separate property, defined as being owned prior to the marriage or acquired by inheritance or gift during the marriage
The florida constitution defines a homestead as:
Any real property owned by the head of a household who resides therein
Do Homestead rights apply to women or men living alone?
Homestead property can be sold at foreclosure for ______
Nonpayment of any lien, except a judgment lien against the head of household
What does homestead rights protect?
The execution and forced sale of the homestead property to satisfy personal judgment liens such as, personal loans, credit card debt, etc, against the head of household
Name the four main documents for condominiums:
1) Declaration (master deed)
2) Articles of incorporation
4) Conveyance deed (unit deed)
Those who sell cooperatives in florida need a ______
Real estate license