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FL RE Section 8,Units 1-3
Terms in this set (44)
Basic Property Rights
The right of possession, the right of control, the right of exclusion, the right of enjoyment, and the right of disposition
Right of possession
the right to occupy the property in privacy
The right of control
the owner controls the use of the property
The right of exclusion
the right to decide who may or may not access the property
The right of enjoyment
the right of the owner to use and enjoy the property in any legal manner
The right of disposition
The right to sell or convey the property
include both land and water rights
pertain to the right to use underground resources such as natural gas and minerals
involve the right to use the open space above buildings up to a height established by law.
Bundle of Rights
is the common term to mean the complexities of property ownership rights, and helps to explain how a property can be "owned" by multiple parties at the same time.
are granted to land owners whose land abuts a river or stream. (To remember this, keep in mind that riparian and river both start with R
are granted to landowners whose land borders closed bodies of water, such as lakes and oceans. (An easy way to remember this is that both littoral and lake begin with L
The process in which water carries rock, sand, and soil and causes land build-up
New deposits of land that are the result of accretion (common at the mouth of large rivers)
The increase of land or property due to natural or man-made causes
Gradual loss of land due to natural force
Rapid loss of land
Gradual receding of water, which uncovers new land
Defined as the earth's surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects
Includes everything in the definition of the land, plus all things attached to it naturally or artificially. Artificial attachments are called improvements and include things such as fencing, buildings, and walkways.
Includes real estate plus the interests, benefits, and rights, automatically included with real estate ownership.
involves ownership and has no ending date specified.
Fee Simple Estate
The complete ownership of a property; may be either absolute or conditional.
An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.
What are the types of freehold Estate?
Fee simple and Life Estate
Conventional Life Estate
Created by grant from the owner of the fee simple estate. The owner retains a reversionary interest in the property or names a remainderman.
A tenant's right to occupy a property
Estate For years
Lease for a definite period of time
Tenancy at Will
this leasehold estate is either an oral agreement or one that has no specific ending date. It may be terminated at will by either party and it's not inheritable. At the death of either party to the lease, the leasehold automatically terminates.
Tenancy at Sufferance
This type of estate is one in which a tenant continues to occupy property after lawful authority has expired. The tenant is known as a hold-over tenant.
Estate in Severalty
one person owns the property, and all other interests are severed.
Tenancy in Common
Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.
A form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivorship. Must have equal shares, right to partition.
Tenancy by the entirety
form of joint tenancy ownership for husband and wife
Florida Homestead Law
protects a Florida resident's primary home from levy and execution by their judgment creditors. By claiming your home as a homestead, you get some nice property tax breaks:
Articles of Incorporation
This creates the homeowners association, a non-profit organization responsible for operating the developed property.
describe how the association is administered, how voting occurs, and how meetings are called. They also contain the rules that condominium owners must follow.
is a joint venture with its shareholders, formed for their benefit and governed by them
a mixed-use building where the developer retains ownership of the 20% of the building used for commercial purposes, and the remaining 80% is the residential portion, operating as a cooperative.
is one in which there is multiple shared ownership or multiple shared use of a piece of real estate
are pieces of real estate owned by multiple, unrelated individuals who, in addition to their ownership rights, each hold the right to occupy the dwelling unit in one- to two-week intervals during the year.
doesn't convey ownership, but simply the right to occupy the property for one or two weeks a year, continuing for a specified number of years
Buyers of time-share units in Florida are protected by two acts:
The Condominium Act (timeshares are initially built as condominiums)
The Florida Vacation Plan and Timesharing Act, Chapter 721, F.S.
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