Business Law Chapter 50: Real Property
The time period in Florida to establish an easement by prescription is ___ years
20
Typical commission amount:
6% of sales price
Time limit for adverse selection in Florida:
7 Years
A person who wrongfully possesses someone else's property obtains title to that property if certain statutory requirements are met. "Squatter's rights"
Adverse Possession
Rights to 3 dimensional parcels of air that can be sold or released. Buildings can be built above others.
Air rights
Land and everything permanently attached to it
Buildings, bridges, radio towers, etc...
____are used to convey real property by sale or gift.
Deeds
The tenant that benefits from an easement.
Dominant Tenant
a limited right to use another person's land for a specific purpose
Easement
The dominant estate is adjacent to the servient estate
Easement Appurtenant
When an owner subdivides land.
Easement by Implication
The dominant absolutely must make use of other property. Example: Leaser of an apartment on the 5th floor gains an easement to use the elevator
Easement by Necessity
Someone uses an easement without the owner's consent in an open and obvious way. Example: walking across someone property to get to the beach for an extended period of time.
Easement by Prescription
Intended to benefit a particular entity like a power company. Only a servient tenant, no dominant.
Easement in Gross
Type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property.
Fee Simple Absolute
A type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur.
Fee Simple Defeasible
The _____ Amendment to the U.S. Constitution requires that the owner be compensated for the property taken.
Fifth
When certain personal property become so attached to real property that it becomes a part of real property. Windows, doorknobs, water heaters, etc...
Fixtures
Exception to adverse possession:
Government and federal lands.
This warranty provides that the house has been constructed in a workmanlike manner and is fit for human habitation.
Implied Warranty of Habitability
In eminent domain, the amount awarded is generally the property's fair market value before the taking occurred.
Just compensation
A life tenant is obligated to:
Keep the property in repair and pay taxes.
A revocable right or privilege to come onto the land of another. Theater tickets, hotels, etc...
License
An interest in real property that lasts for the life of a specified person. Used to avoid probate and automatically transfer ownership.
Life Estate
when money is borrowed to purchase the property.
Mortgage
Includes both natural and cultivated plant life.
Plant life and Vegetation
The right to obtain a possessory interest in some aspect of another's land, such as crops, timber, or minerals.
Profit
Deed containing no warranty of title.
Quit-Claim Deed
The tenant who owns the land burdened by the easement.
Servient Tenant
Land rights from the center of the earth to the heavens. Also referred to as mineral rights
Subsurface rights
generally performed to determine if the grantor has marketable title.
Title search
A deed in which the grantor grants good, clear title to the grantee. The usual covenants are possession, quiet enjoyment, right to convey, freedom from encumbrances, and defense of title to all claims.
Warranty Deed
a legislative action, usually at the municipal level. It regulates the use of property, including the types of construction permitted within different zoning district
Zoning
Seller's duty to disclose:
any known defect that materially affects the value of the property, which the buyer could not reasonably discover.
In a warranty deed, the buyer is granted protection from any title defects__________
arising during that seller's ownership and even before that seller's ownership.
The right of the federal and state governments, as well some other entities with governmental powers, to take privately owned real property for the public benefit
eminent domain
A private restriction on the use of someones land. "You can't paint your house purple"
restrictive covenant
Title to real property may be transferred by
sale, gift, will, inheritance, and adverse possession.
In a deed, the buyer and seller are referred to as _______
the grantee and the grantor
In Adverse Possession The occupation must be:
•Actual and Exclusive •Open, Visible, and Notorious •Continuous and Peaceful •Hostile and Adverse (without permission of owner)
Methods for Creation of easements and profit
•Deed •Will •Contract •Implication •Necessity •Prescription
The sale of real property generally involves the following:
•Listing the property for sale by owner or through the use of real estate agent. •Contract of sale, which must be in writing to be enforceable. •Title search •Mortgage •At closing, delivery of the deed to the buyer, who pays the purchase price. The money is then disbursed.
Real property consists of:
•Subsurface rights •Air rights •Plant life and Vegetation •Fixtures.
A valid deed must be in writing and must, at the minimum, contain:
•the names of the buyer and seller; •words of conveyance "i hearby sell" •a precise, legally sufficient description of the land; •the grantor's signature; and •the deed must be delivered to the grantee