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| multi-unit project, individual ownership of units, undivided ownership of common areas |
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| multi-unit project, corporate ownership of units, tenents purchase shares and receive a Proprietary Lease |
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| legal document a condominium developer must file and record in order to create a condominium under state law |
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| if your spouse dies without a will you automatically get 30% of the decedents entire estate |
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| tenancy measeured from a start date to an end date |
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| absolute and complete ownership |
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| objects that were personal property but have been permanently attached to or made part of real property |
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| tenancy with no set termination date - property passed down |
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| 1) a tax exemtion, 2) a tract of land limited in size, 3) a statutory condition designed to protect the interests of a spouse |
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| an estate owned by more than one person |
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| surafce of the earth and evertything attached tio it by nature |
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| tenancy under a lease arrangement for a definite numbers of years (non-freehold) |
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| individual owns property for his/her lifetime (*Owner ahs considerably fewer rights than fee simple owner) |
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| land abutting a LAKE (both "littoral" and "lake" start with "L") |
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| any asset that is nor real property |
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| written agreement between owner-corporation and tenent-stockholder in a coop appartment |
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| land and all permanently attached improvements |
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| real estate plus the legal bundle of rights |
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| the person designated to receive an estate after a life estate ends |
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| when one co-owner dies, his/her shares goes to the surviving co-owner(s), not the deceased heirs |
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| land abutting a RIVER (both (riparian" and "river" start with "R") |
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| the period of time a tenant occupies a rental property between the expiration of the original lease and before lease renegotiation |
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| estate that may be terminated by either party with proper notice (non-freehold) |
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| tenancy by the entireties |
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| estate created between and husband and wife jointly owning real property with instant and complete right of survivorship |
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| ownership by two or more persons passing their interest to their heirs, not to surviving owners/tenents |
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| individual interest in a unit with a right of exclusive use for a specified period of time |
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| an article that is attached by a commercial tenant as a necessary part of the tenants trade or business and is personal property |
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| to make known officially or widespread |
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| gradual building up land due to natural occurrence (tide, flood, storm, etc.) |
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| increased land as a result of the accretion process |
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| gradual receding of water that uncovers additional land |
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| DUPE - dispose, use, possess, exclude |
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| three components of real estate that can be sold |
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| 1 air subsurface surface 2 littoral rights Lake 3 riparian rights River |
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| a what are the floor in general property rights |
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| 1.right a disposition 2 right of use 3 right of possession 4 right of exclusion (quiet enjoyment) DUPE |
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| co-owners or concurrent owners |
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| two or more persons own interest in real property co-owners may hold property in fee simple or as life estate or as lesser estates |
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| of what are the four unities of a joint tenancy |
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| 1 possession(tenants have same rights of undivided possession) 2 interest(equal ownership interest) 3 title(same deed) 4 time( joint tenants acquired their interests in the property at the same time) PITT |
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| 160 acres outside the city or up to half acre of the property if located within the city |
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| what is the protection of the homestead |
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| homestead property is protected from forced sale for debts owing to personal loans credit card debts and so forth. However the protection does not prevent foreclosure for non nonpayment of property taxes special assessments mortgages vendors liens or construction liens secured by the homestead property |
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| Florida Constitution allows a tax exemption from assessed property value the current homestead tax exemption is $25,000 for all qualifying homesteads |
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| if a married person dies and the family homestead was titled in that deceased persons named only. By operation of law even if the will states otherwise the surviving spouse receives a life estate and the children receive a remainder estate |
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| a right to property this is a category of property defined as household furniture furnishings and appliances in the descendants usual place of abode up to a net value of $10,000 plus automobiles |
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| in Florida martal assets are divided equitable |
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| any property acquired by either spouse during a marriage except by inheritance or gift becomes community property |
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| any property that the husband or wife owned before the marriage and property acquired by inheritance or gift |
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| govern the administration of the condominium association |
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| the survey includes a graphic description of the improvements and a plot plan identifying common elements and individual units the legal description must also be included THE PLAT |
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| on the declaration or master deed is initially recorded developer owns all of the units and all the common elements as the individual condominium units are sold they are conveyed by individual unit deeds |
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| declaration or master deed |
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| is the instrument on which a condominium is created the decoration describes the interest that each purchaser acquires and the rights and liabilities of the unit owners |
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| five resale disclosures for condominium resale |
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| 1declaration of condominium 2 articles of incorporation of the association 3 bylaws and rules 4 same year end financial information 5 the document "frequently asked questions and answers" |
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| the contract for resale of a residential condominium unit must include a clause that states the buyer acknowledges receipt of the five resale disclosures |
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| how long does a prospective buyer of a resale condominium have to cancel the contract |
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Definition
| three business days after the date of execution of the contract and receipt by the buyer of the condominium documents |
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| how long does the perspective buyer have to cancel the contract for a new residential unit |
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| fifteen days within signing of the contract and a receipt of the buyer of the required documents |
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| interval ownership of a time share |
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| interval ownership is the simple ownership and contains the same rights as any other property conveyed by deed |
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| right to use of a time share |
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| rights granted with the right to use forms of timesharing our temporary in nature |
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| the time-share act requires a developer disclosure that purchasers may cancel the contract within 10 days of contract signing our receipt of the public offering statement whichever is later |
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