Unit Eight

A river has deposited soil that had been carried downstream. The buildup soil on the bank is called what?

Accretion

What is the highest and best ownership?

Fee Simple

Tom and Elaine are a married couple. They purchased a house together as a tenancy by the entireties. Will they still own the house together if they get a divorce?

Yes, but they will own the house as tenants in common.

Joe rents a building where he has an ice cream store. He wants to put in an ice cream freezer that will hold 28 varieties of ice cream. He will need to affix the freezer in order to obtain water and electricity to power the freezer. Can he do this?

Yes. He is a commercial tenant and this is a trade fixture.

The system of ownership of real property in the United States is

allodial

Community Development Districts are often _____ with mixed uses.

Planned Unit Developments (PUDS)

Real property can be converted to personal property by

Severance

Which is NOT a test for determining if something is a fixture?

Situs

The right of an owner to mine or dig on his property is called what?

Subsurface rights

The ownership presumed by law unless otherwise stated is which of these forms?

Tenancy in common

A property owner owns a condominium. Her interests in the common grounds around her unit are owned by her in what manner?

Tenants in common

Joan and Suzie were co-owners in a property. They took title at the same time, had equal interest, had the same deed, and had an undivided interest. Joan dies. What will happen to the property now?

The property is owned by Suzie in severalty.

The Homeowner's Association disclosure summary language should be

contained in the purchase and sale agreement in conspicuous type.

Trees and perennial bushes are considered to be

fructose naturales

The right of an owner to own to the average high water mark is

littoral.

Joint Tenancy

needs the four unities to be created.

The term real estate includes all EXCEPT

personal property

The bundle of rights includes all EXCEPT

the right to abandon.

If the disclosure summary for a homeowner's association is not provided to the buyer prior to signing the contract for sale, the status of the contract is

voidable at the buyer's option prior to closing.

How many days does a buyer have to cancel a purchase contract of a cooperative when purchasing from a seller who is NOT a developer?

3

Which would NOT be an appurtenance?

A potted plant

Extreme wind and 15 foot waves washed away half of the water frontage of John's bay front property. This violent tearing away of the soil is known as what?

Avulsion

The purpose of the ________________________is to give statutory recognition to the condominium form of ownership of real property, and to establish procedures for the creation, sale, and operation of condominiums.

Florida Condominium Act

The purpose of the _________________________ is to give statutory recognition to the cooperative form of ownership of real property. It shall not be construed as repealing or amending any law now in effect, except any law in conflict herewith, and any such conflicting laws shall be affected only insofar as they apply to cooperatives.

Florida Cooperative Act

Three of the purposes of the _______________ are to: (1) Give statutory recognition to real property timeshare plans and personal property timeshare plans in this state. (2) Establish procedures for the creation, sale, exchange, promotion, and operation of timeshare plans. (3) Provide full and fair disclosure to the purchasers and prospective purchasers of timeshare plans.

Florida Vacation Plan and Timesharing Act

Which BEST describes a fixture?

It was at one time movable.