Chapter 8

Upon the termination of a life estate, the estate may go back to the original grantor. This right to regain ownership is known as a:

reversion estate.

Four partners purchase a property together, at the same time, and on the same deed, without the right of survivorship. They have formed a:

tenancy in common.

The owner of real property is considered to have the full bundle of legal rights, which does not include:

the right of unlimited freedom to use the property in any manner.

A potential purchaser of a timeshare can cancel the contract without penalty within how many days?

10

The law of descent and distribution passes what percentage to a surviving spouse if there are no lineal descendants?

100%

. What is the elective share right in Florida?

30% of the real and personal property owned at the time of death.

Which of the following best describes a tenancy-at-will?

A lease which can be terminated at the will of the landlord or tenant by giving legal notice.

Which of the following is a form of corporate ownership which allows possession under a proprietary lease?

Cooperative

What does the full bundle of rights in real property include?

Disposition, use, and exclusion

Florida timeshare projects are regulated by which organization?

Division of Florida Condominiums, Timeshares and Mobile Homes.

Which statement is most correct concerning a property owned by a married couple as tenants by the entirety?

If the couple divorces, the tenancy would be terminated, and the owners would be tenants in common, unless a court determined otherwise.

Which of the following are the tests used by courts to determine whether an item is real or personal property?

Intent, relationship of the parties, method of annexation, and adaptation.

Able, who holds title in fee simple, deeds land to Baker to enjoy until his death. At that time Charlie is to receive title to the land. Baker's interest in the land is known as which of the following?

Life estate

What are the four unities required to create a joint tenancy?

Possession, interest, time, and title.

What is the purpose of the Florida Homestead protection?

Provide protection of the Homestead property from the debts of an improvident breadwinner.

. Able, who holds title in fee simple, deeds land to Baker to enjoy until his death. Upon Baker's death, Charlie is to receive title to the land. Charlie's interest in the land is which of the following?

Remainder estate

What rights allow a property owner have to reasonable use of water flowing over or through his or her land?

Riparian

In a community property state, property acquired during the marriage is called community property. What is property called that was acquired prior to the marriage?

Separate Property

Which of the following is the best description of real property?

Surface, sub-surface, and air rights, along with anything that is permanently attached to the property.

A husband and wife purchase a home together, at the same time, on the same deed. What type of tenancy has been formed?

Tenancy by the Entireties

1. Which estate does NOT include legal title to real property?

Tenancy for years

Which type of estate is a written agreement creating a non-freehold estate in real property that provides for occupancy of a specific property for a specific time period?

Tenancy for years

Four friends own a parcel of vacant land with equal rights of use and possession. Although they each enjoy 25% interests, they acquired their interests at different times. What type of ownership did they acquire?

Tenancy in common

Paul and Paula are husband and wife. They own property as tenants by the entireties. They divorce without a property settlement. Unless otherwise decreed by a court, they now hold title as which of the following?

Tenants in common

An individual who purchases a unit in a cooperative receives shares of stock in the corporation that owns the building. Which of the following most accurately represents the license requirements of those selling cooperative units?

The individual selling the unit must have a Florida real estate license as cooperatives are sold as a proprietary lease in Florida.

A photographer mounts removable lighting on the ceiling of leased property being used as a photography studio. At the end of the lease, the landlord claims that the lighting is now a fixture and must be left as part of the real property. Which of the following statements is correct?

The lighting is a trade fixture and may be removed by the tenant.

Which statement best describes a tenancy at sufferance?

The tenant remained in possession after expiration of a lease.