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