REAL ESTATE CHAPTER 8 TERMS

  1. Community development districts
    A ___ ___ ___ (CDD) is a local, special-purpose government framework authorized by Chapter 190 of the Florida Statutes as amended, and is an alternative to municipal incorporation for managing and financing infrastructure required to support development of a community.
  2. Condominium
    ___ a building or complex of buildings containing a number of individually owned apartments or houses.

    ___  are multi-unit dwellings with privately owned residences and shared common areas. ___ are classified as real property, meaning that buyers own the deeds to their dwellings.
  3. Cooperative
    A type of residence where the buyer owns shares in the corporation that owns the building and has the right to live in a specific unit, but doesn't actually own the space.
  4. Declaration
    Legal record used to create a condominium. It encompasses the description of the property, common elements, ownership units, and acceptable uses of the residence.
  5. Fee simple estate
    The highest form of real estate ownership that is recognized by law, in which the owner can enjoy the property to its fullest extent and is only limited by zoning laws or other similar restrictions. The fee simple estate has unlimited duration and can be passed on to heirs. In relation to property in a condominium, the owner of a unit is owner only of his or her portion of the building, and jointly owns the land and common areas of the property with other tenants.
  6. Fixture
    A ___, as a legal concept, means any physical property that is permanently attached (fixed) to real property (usually land) Property not affixed to real property is considered chattel property. ___ are treated as a part of real property, particularly in the case of a security interest.
  7. Freehold estate
    Exclusive right to enjoy the possession and use of a parcel of land or other asset for an indefinite period. In contrast, a leasehold estate is for a fixed, definite period. See also fee simple absolute in possession.
  8. Homeowners' Association
    ___ ___ is an organization in a subdivision, planned community or condominium that makes and enforces rules for the properties within its jurisdiction. The purchase of the property automatically makes the homeowner a member of the HOA and dues are required.
  9. Homestead property
    allows a homeowner to protect the value of her principal residence from creditors and property taxes. A homestead exemption also protects a surviving spouse when the other homeowner spouse dies.
  10. Joint tenancy
    the holding of an estate or property jointly by two or more parties, the share of each passing to the other or others on death.
  11. Land
    any part of the earth's surface not covered by a body of water
  12. Leasehold estate
    -Property acquired under a lease

    The four types are (1) estate for years, (2) estate from period to period, (3) estate at will, and (4) estate at sufferance.
  13. Life Estate
    In common law and statutory law, a ___ ___ is the ownership of land for the duration of a person's life. In legal terms it is an estate in real property that ends at death when ownership of the property may revert to the original owner, or it may pass to another person.
  14. Elective Share
    The surviving spouse of a person who dies domiciled in Florida has the right to claim a portion of the deceased spouse's estate known as the "___ ___." The ___ ___ is an amount equal to 30% of the elective estate as discussed in further detail below.
  15. Inheritability
  16. Personal property
    ___ ___, in its most general definition, can include any asset other than real estate. The distinguishing factor between ___ ___ and real estate is that ___ ___ is movable; that is, the asset is not fixed permanently to one location as with real property, such as land or buildings.
  17. Proprietary lease
    A ___ ___ is a lease given by a corporation to another. It is often used in a co-op context, where the owner is given a certain number of shares in the co-op, along with a ___ ___ for one of the residences in the building.
  18. Real estate
    ___ ___ property consisting of land or buildings.
  19. Real property
    n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium) or an easement across another's property. ___ ___ should be thought of as a group of rights like a bundle of sticks which can be divided. It is distinguished from the other type of property, personal property, which is made up of movable items. 2) one of the principal areas of law like contracts, negligence, probate, family law and criminal law.
  20. Remainderman
    the person entitled to receive a particular estate on its determination.
  21. Right of survivorship
    The ___ _ ___ determines what happens to a certain type of co-owned property after one of its owners dies. Under law there are many kinds of co-ownership, but the ___ _ ___ is found only in joint tenancy, a contract between two or more parties specifying their simultaneous ownership of some form of real or personal property such as a house, land, or money.
  22. Separate property
    The most common forms of ___ ___ are: property one spouse owned before the marriage. gifts received by one spouse before or during the marriage. property acquired during the marriage in one spouse's name and never used for the benefit of the other spouse or the marriage.
  23. Tenancy at sufferance
    An agreement in which a property renter is permitted to live in a property after a lease term has expired, but before the landlord demands the tenant vacate the property.
  24. Tenancy at will
    -also known as estate at will, is a tenancy agreement where a tenant occupies property with the consent of the owner but without an agreement that specifies a definite rental period or the regular payment of rent.

    - This part shall be known as the “Florida Residential Landlord and Tenant Act.”.

    -is a leasehold such that either the landlord or the tenant may terminate the tenancy at any time ...
  25. Tenancy by the entireties
    A Florida tenancy by the entirety (also called tenancy by the entireties or estate by entirety) is a special form of joint ownership that is available only to a married couple. A tenancy by the entirety treats the husband and spouse as a unit.
  26. Tenancy (estate) for years
    In real estate, one type of leasehold estate is the estate for years, or estate for term.

    In this type of lease, there is a defined specific beginning date and an ending date for a specific term. This means that no notice to vacate is required, as the ending date of the lease is when the tenant should vacate the property.

    The lease cannot be terminated before expiration unless both parties agree.

    The rights and obligations of the owner or landlord and the tenant are spelled out in the lease.
  27. Tenancy in common
    Each of the owners owns a share of the property, which may be sold separately. Florida law presumes equal ownership interests, unless specific percentages are written in the recorded deed. See Section 689.15,Florida Statutes.
  28. Timeshare
    the arrangement whereby several joint owners have the right to use a property as a vacation home under a time-sharing agreement.
Author
mccullochhelen
ID
332042
Card Set
REAL ESTATE CHAPTER 8 TERMS
Description
CHAPTER 8 TERMINOLOGY
Updated