GCS Chapter 8 - Real Property Rights

A potential purchaser of a new timeshare can cancel the contract without penalty within how many days? - 10 - 20 - 30 - 40

10

Under the law of descent and distribution, what percent of property passes to a surviving spouse if there are no lineal descendants? - 30% - 33% - 50% - 100%

100%

What is the elective share right in Florida? - 50% of real estate only - 30% of the real and personal property owned at the time of death - 30% of all property owned and obtained by the decedent during the marriage - One-third of all property

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

If a court uses the four tests to determine whether or not an item is personal or real property, which of the following items would most likely be determined to be part of the real estate? - A ceiling fan hanging in the family room - A light bulb in a chandelier - A washing machine - The patio furniture

A ceiling fan hanging in the family room

What is unique about ownership in a cooperative association? - A cooperative association is a corporation where unit owners are stockholders of the corporation. - A cooperative association is organized as a condominium with each uni divided into ownership time periods. - A cooperative association is organized as a condominium where operating expenses and mortgage payments are divided among the unit owners. - A cooperative association is a corporation where the individual unit owners own their unit plus a share of the common areas.

A cooperative association is a corporation where unit owners are stockholders of the corporation.

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 - Any lease for less than a year - A written lease which provides a definite beginning and ending date - Any tenancy created by a written lease

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

What is a decedent? - An heir other than a surviving spouse - A person who has died without a will - A person who has died - A person who is in direct line to an ancestor

A person who has died

All of the following persons are required to have a real estate license, EXCEPT: - A person who sells condominium units as a salaried employee of an owner-developer - A person who sells timeshare units for a commission - A person who sells or leases cooperative units for a commission - A person who sells or leases condominium units who is employed by a broker.

A person who sells condominium units as a salaried employee of an owner-developer

All of the following documents are associated with condominiums, EXCEPT: - A declaration and master deed creating the association and conveying title. - The association bylaws - A master insurance policy - A proprietary lease

A proprietary lease

All of the following statements about tenancy at will are accurate, EXCEPT: - A tenancy at will can be oral or written - A tenancy at will is terminated upon the time limit specified in the lease agreement between the landlord and the tenant. - A tenancy at will does not have a definite ending date. - A tenancy at will is terminated by the sale of the property or by the death of the landlord or tenant.

A tenancy at will is terminated upon the time limit specified in the lease agreement between the landlord and the tenant.

What is the opposite of erosion? - Alluvion - Reliction - Accretion - Avulsion

Accretion

What is a non-freehold estate? - An estate in which the tenant has an ownership interest - An estate in which the tenant does not have an ownership interest - An estate that is subject to taxation - An estate on which there is a mortgage

An estate in which the tenant does not have an ownership interest

What is a freehold estate? - An estate that has been inherited by its current owner - An estate that is not subject to taxation - An estate in which the tenant has an ownership interest - An estate in which the tenant does not have an ownership interest

An estate in which the tenant has an ownership interest

All of the following are examples of personal property, EXCEPT: - Stocks, bonds, and money - An automobile parked in the garage of a house - Furniture in a house - An installed kitchen sink

An installed kitchen sink

Which of the following is a form of corporate ownership which allows possession under a proprietary lease? - Condominium - Tenancy in common - Joint tenancy - Cooperative

Cooperative

Homestead law protects the homestead property against foreclosure and forced sale for all of the following, EXCEPT: - Debts of the head of the household that are related to the homestead property. - Credit card debt held by the head of the household - Personal loans held by the head of the household - Satisfaction of personal judgement liens against the head of the household.

Debts of the head of the household that are related to the homestead property.

The owner of a house has the right to will that house to their heir. This is an example of which right? - Control - Disposition - Possession - Exclusion

Disposition

What does the full bundle of rights in real property include? - Destruction, use, and extinction - Destruction, use, and enjoyment - Use, expatriation, and enjoyment - Disposition, enjoyment, and exclusion

Disposition, enjoyment, and exclusion

Florida timeshare projects are regulated by which organization? - Florida Real Estate Commission - Department of Community Affairs - Division of Florida Condominiums, Timeshares and Mobile Homes - Department of Housing and Urban Development

Division of Florida Condominiums, Timeshares and Mobile Homes

All of the following statements about elective share are accurate, EXCEPT: - Elective share provides for a surviving spouse to be entitled to 30% of the decedent's real and personal property at the time of death. - Elective share is an automatic right created upon marriage. - The purpose of elective share is to prevent a surviving spouse from being harmed by an unfair will. - Elective share can be used to override the will of the decedent.

Elective share is an automatic right created upon marriage.

Which statement is most correct concerning a property owned by a married couple as tenants by the entirety? - When one spouse dies, the other spouse receives a life estate - If the couple divorces, the tenancy would be terminated, and the owners would be tenants in common, unless a court determined otherwise. - Liens against one party only can result in the foreclosure of the property. - The owners can take title to the property at different times.

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

All of the following statements about tenancy by the eentireties are accurate, EXCEPT: - A tenancy by the entireties is created automatically when a husband and wife purchase real property at the same time and both names appear on the deed. - If the husband of wife dies, the surviving spouse becomes the sole owner of the property. - Tenancy by the entireties prevents either spouse from selling their interest in the property or leaving their interest in a will. - If the husband and wife divorce, the estate becomes a join tenancy, unless the court states otherwise.

If the husband and wife divorce, the estate becomes a join tenancy, unless the court states otherwise.

All of the following are included in the ownership of a condominium unit, EXCEPT: - Insurance coverage for the interior of the unit. - Maintenance of the exterior of the structure and grounds - Fractional ownership of common areas. - The airspace within the walls, floor, and ceiling of the unit.

Insurance coverage for the interior of the unit.

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 - Intent, abandonment, redemption, and accretion - Size, annexation, avulsion, and adaptation - Intent, size, annexation, and redemption

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? - Fee simple estate - Life estate - Remainder estate - Estate for years

Life estate

The party who receives ownership of a life estate is called what? - Contingent remainderman - Grantor - Life tenant - Vested remainderman

Life tenant

All of the following are ways by which a tenancy for years can be ended, EXCEPT: - Breach of contract by the landlord or tenant - Expiration of the agreed-upon lease period - At will by the landlord - Mutual agreement by the landlord and tenant

Mutual agreement by the landlord and tenant

What is an estate in severalty? - Ownership of the entire bundle of rights by one person - Ownership of the entire bundle of rights by the two or more persons - Ownership of a limited bundle of rights by one person - Ownership of equal rights of use and possession by two or more persons.

Ownership of the entire bundle of rights by one person

The owner of a house has the right to occupy that house. This is an example of which right? - Possession - Disposition - Exclusion - Control

Possession

What are the four unities required to create a joint tenancy? - Interest, survivorship, possession, and time - Possession, deed, title, and time - Possession, interest, time, and title - Person, use, interest, and purpose

Possession, interest, time, and title

What four unities are required for the creation of a join tenancy? - Possession, inheritability, time, and title - Property, interest, time, and title - Possession, interest, time, and title - Possession, interest, time, and tenancy

Possession, interest, time, and title

Real property laws in the United States are based on the allodial system. What does this mean? - Private citizens have the right to own land and to enjoy a bundle of rights associated with ownership of the land. - Private citizens have the right to own land, without the risk of seizure by eminent domain. - Private citizens have the right to own land, with no restrictions on their use of the land. - Private citizens have the right to own land, free of taxation.

Private citizens have the right to own land and to enjoy a bundle of rights associated with ownership of the land.

What is the purpose of the Florida Homestead protection? - Provide protection of the Homestead property from the debts of an improvident breadwinner. - Provide a tax exemption to anyone living in Florida. - Provide protection from any and all debts that may be incurred against the homeowner. - Provide protection from all specific liens that may be incurred by the homeowner.

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

Which of the following statements most accurately describes the distinction between real estate and real property? - Real estate is physical, tangible, and immobile; real property includes the rights to own or use the property. - Real estate includes the air above the property; real property does not include the air above the property. - Real estate can be divided into separate components that can be bought and sold; real property cannot be divided. - Real estate includes everything on the land that is providing by natural real property includes main-made improvements to the land.

Real estate is physical, tangible, and immobile; real property includes the rights to own or use the property.

What is a homestead? - Any residential real property, including the buildings and land - Real property that is owned by the head of a household who may or may not be reside therein. - Residential real property in an agricultural area. - Real property that is owned by the head of a household who resides therein

Real property that is owned by the head of a household who resides therein

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? - Reversion estate - Remainder estate - Estate for years - Joint estate

Remainder estate

The right of a grantor to regain ownership of the estate upon the death of the life tenant is called what? - Remainder estate - Reversion estate - Grantor estate - Estate pur autre vie

Reversion estate

Upon the termination of a life estate, the estate may go back to the original grantor. What term refers to this right to regain ownership? - Reversion estate - Right of succession - Receivership estate - Remainder estate

Reversion estate

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

Riparian

In a community property state, property acquired during the marriage is called community property. What is property called that was acquired by one spouse prior to the marriage? - Exclusive Property - Separate Property - Joint Property - Protected Property

Separate Property

Which of the following is intangible? - Furniture - Stocks and bonds - Land - Buildings

Stocks and bonds

Which of the following is the best description of real property? - Items which are attached to a building - Air, water, surface, and sub-surface rights - Surface, sub-surface, and air rights, along with anything that is permanently attached to the property - Items which are attached to the property for the purposes of conducting a specific business

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

What is the required cooling off period for purchases of timeshares? - Three days - Ten Days - None; there is no cooling off period - Thirty Days

Ten Days

A husband and wife purchase a home together, at the same time, on the same deed. What type of tenancy has been formed? - Life Tenancy - Joint Tenancy - Tenancy by the Entireties - Tenancy in Common

Tenancy by the Entireties

All of the following estates include legal title to real property, EXCEPT: - Tenancy for years - Fee simple estate - Life estate - Tenancy by the entireties

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 at will - Tenancy at sufferance - Tenancy for years - Tenancy in common

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 - Tenancy by the entireties - Joint tenancy - Non-freehold tenancy

Tenancy in common

Four partners purchase a property together, at the same time, and on the same deed, without the right of survivorship. What type of estate have they formed? - Non-freehold tenancy - Tenancy in common - Joint tenancy - Tenancy for years

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? - Joint tenants - Tenants in common - Tenants by the entireties - Joint tenants with the right of survivorship

Tenants in common

Which entity regulates condominiums, cooperatives, mobile home parks, and timeshare facilities? - The Florida Department of Community Associations - The Division of Florida Condominiums, Timeshares, and Mobile Homes - The Florida Real Estate Commission - The Division of Real Estate

The Division of Florida Condominiums, Timeshares, and Mobile Homes

All of the following must be disclosed to a buyer when membership is required in a homeowners' association, EXCEPT: - That membership in the HOA is required - That HOA assessments are required with failure to pay leading to possible lien recording and fireclosure - The financial status of the HOA, including the prior year's association tax returns and financial accounting records. - That the property use and occupancy is governed by recorded private restrictions.

The financial status of the HOA, including the prior year's association tax returns and financial accounting records.

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 must be licensed as a stock broker and a real estate broker to sell cooperative units - The individual selling the unit must hold a Florida Cooperative Sales license to perform this task - The individual selling the unit must have a Florida real estate license as cooperatives are sold as a proprietary lease in Florida. - Condominiums, cooperatives, and timeshare are all forms of ownership in a common building, and the sale of such units does not require any licensing in Florida.

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? - If the value of the lighting is less than $250 it should stay, but if it is more than $250 the tenant has the right to remove it. - The lighting is a fixture and may not be removed by the tenant. - If the removal of the lighting would cause damage to the property, then the lighting shall remain attached. - The lighting is a trade fixture and may be removed by the tenant.

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

What does it mean if a person dies intestate? - The person has no lineal descendants - The person did have a will - the person had a will that is contested - The surviving spouse of the person will receive 50% of the person's property.

The person did have a will

The owner of real property is considered to have the full bundle of legal rights which includes all of the following, EXCEPT: - The right of possession - The right of disposition - The right of control - The right of unlimited freedom to use the property in any manner

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

Which statement best describes a tenancy at sufferance? - The tenant suffers from the landlord's failure to maintain the property. - The landlord suffers from the tenant's failure to pay rent. - The lease instrument is valid. - The tenant remained in possession after expiration of a lease.

The tenant remained in possession after expiration of a lease.

What is the difference between a reversion estate and a remainder estate? - Upon death of the life tenant, a reversion estate passes to a party other than the grantor, whereas a remainder estate returns to the grantor. - Upon death of the life tenant, a reversion estate returns to the grantor, whereas a remainder estate passes to the heirs of the life tenant. - Upon death of a grantor, a reversion estate returns to the heirs of the grantor, whereas a remainder estate remains the property of the life tenant. - Upon death of the life tenant, a reversion estate returns to the grantor, whereas a remainder estate passes to a party other than the grantor.

Upon death of the life tenant, a reversion estate returns to the grantor, whereas a remainder estate passes to a party other than the grantor.