RE CH.8

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? 30 18 5 3

3

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? Reliction Mass wasting Alluvial damage Avulsion

Avulsion

What is the highest and best ownership? Fee Defeasible Life Estate Estate for Years Fee Simple

Fee Simple

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 Florida Landlord and Tenant Act Florida Cooperative Act Florida Uniform Land Sales Practices Law

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 Condominium Act Florida Landlord and Tenant Act Florida Cooperative Act Florida Uniform Land Sales Practices Law

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 Condominium Act -Florida Landlord and Tenant Act -Florida Vacation Plan and Timesharing Act -Florida Uniform Land Sales Practices Law

Florida Vacation Plan and Timesharing Act (Three of the purposes of the Florida Vacation Plan and Timesharing Act 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.)

Trees and perennial bushes are considered to be -emblements. -fructus industriales. -fructus naturales. -personal property.

Fructus Naturales

Which BEST describes a fixture? It is considered to be personal property. It was at one time movable. It is usually removed upon the sale of the property. It is not considered real property.

It was at one time movable.

Community Development Districts are often _____ with mixed uses. -located near developments -Planned Unit Developments (PUDS) -very expensive developments -paid by state taxes

Planned Unit Developments (PUDS)

Which is NOT a test for determining if something is a fixture? Damage Intent of the parties Situs Adaptability

Situs

The right of an owner to mine or dig on his property is called what? -Air rights -Subsurface rights -Bundle of rights -Littoral rights

Subsurface rights

The ownership presumed by law unless otherwise stated is which of these forms? -Tenancy in common -Joint tenancy -Periodic tenancy -All of the above

Tenancy in Common (Tenants in Common is an individual interest in group ownership. It is presumed by law unless otherwise stated.)

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 inherited by Joan's family. The property is divided between Joan's family and Suzie. The property is owned by Suzie in severalty. The property is owned by the state.

The property is owned by Suzie in severalty. (Joan and Suzie own the property as joint tenants. Joint tenancy creates the right of survivorship which means when one partner dies, the other co-owners will inherit rather than the heirs. Suzie will own the property in severalty.)

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. Yes, but they will own the house as tenant by the entireties. No. The ownership is stopped when the divorce is final. No. They will need to become life tenants.

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. Yes. He can affix the freezer, but he must leave it when his lease is up. No. This would be considered a fixture and he cannot damage the landlord's property. No. He cannot connect to the water and electricity.

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

Which would NOT be an appurtenance? -A right -A privilege -An improvement -A potted plant

a potted plant

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

accretion

The system of ownership of real property in the United States is.... incorporeal. allodial. inchoate. feudal.

allodial

The Homeowner's Association disclosure summary language should be.. -available to all prospects upon viewing the property. -given to interested parties, at their request. -contained in the purchase and sale agreement in conspicuous type. -given to the buyer at closing.

contained in the purchase and sale agreement in conspicuous type. (Each purchase and sale contract entered into for the sale of property governed by covenants subject to disclosure required by law must contain information in conspicuous type.)

The right of an owner to own to the average high water mark is -accretion. -alluvion. -riparian. -littoral.

littoral

Joint Tenancy.. can be created at any time with different deeds. does not provide for the right of survivorship. is ownership allowed only between a husband and wife. needs the four unities to be created.

needs the 4 unities to be created (Joint tenancy cannot be created by operation of law, nor can it be created after the fact. It needs the four unities to be created.)

The term real estate includes all EXCEPT.. -anything permanent affixed. -air rights. -subsurface rights. -personal property.

personal property

Real property can be converted into personal property by... -severance. -accession. -conversion. -affixing.

severance

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

tenants in common

The bundle of rights includes all EXCEPT.. -the right to sell. -the right to mortgage. -the right to dedicate. -the right to abandon.

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. not affected. immediately void. voidable at the option of the seller within three days.

voidable at the buyer's option prior to closing.