Florida Real Estate Section 8

Front 1

Real property is defined as the land including the sky above, the trees (etc.), the ground, what is below the ground plus man made attachments such as buildings. Real estate is defined as including all of these things described in real property plus the legal bundle of rights that goes with ownership.

Back 1

False

Front 2

The Four Unities of Joint Tenancy includes that the property must have been acquired on the same deed, at the same time and gives the holder an undivided, equal share.

Back 2

true

Front 3

The Florida Statute 720 requires that a disclosure summary be included with a purchase and sale agreement for property that is subject to mandatory Homeowner Association membership, fees and assessments, and restrictions.

Back 3

true

Front 4

Riparian rights relate to the ownership of the property that abuts an ocean, sea, or lake and is concerned with the use and enjoyment of the shore.

Back 4

false

Front 5

The word Estate refers to the degree, quantity, nature, and extent of the interest (ownership rights) a person can have in real property.

Back 5

true

Front 6

Disclosures required by The Cooperative Act when a new property is sold by a developer includes the fact that the buyer has a right to cancel the contract within 3 business days after signing a contract and having received the cooperative documents.

Back 6

false

Front 7

A Community Development District is a Special Tax District created to take care of long-term needs of a community. A CDD may impose taxes and/or assessments on property for public facilities, construction operations and maintenance of such.

Back 7

true

Front 8

A life estate is use of property which is always granted based on the life of the holder.

Back 8

false

Front 9

Accretion is the process of land being increased from the water depositing rock, sand and soil.

Back 9

true

Front 10

Trade fixtures, unless otherwise designated within the lease agreement, will remain owned by the tenant and can be removed upon the end of the lease.

Back 10

true

Front 11

The Robert Development Group wanted to build a super train that would pass across Florida fifteen stories above the ground. Because of the design of the suspension rails they didn't need to mount support posts on everyone's property that it would cross over, what rights could they negotiate to own for these properties where supports were not needed?

Back 11

Air

Front 12

As tenants in common, Ciro and Lucy bought an investment property together. Ciro sold his interest in the property to Walter. Walter died in an accident. Who now owns Walter's share?

Back 12

Walter's heirs

Front 13

The owner's right to prevent others from trespassing onto your property.

Back 13

Exclusion

Front 14

Which tenancy ownership creates the right of survivorship?

Back 14

Joint Tenancy

Front 15

When purchasing an existing condominium, which form is NOT required for the buyer receive?

Back 15

Estimated operating budget

Front 16

Time-share ownership involves what type of legal ownership formats?

Back 16

Both

(1) Right to Use (2) Interval Ownership

Front 17

A creditor holding a note for a car loan cannot foreclosure on an owner's home if protected by:

Back 17

Homestead Act

Front 18

Betty rented a property from Landlord Larry. While living there, Betty installed a hot tub on the terrace. While she was moving out, Larry showed up and prevented the movers from taking the hot tub. Upon going to court, which of the following is NOT a legal tests a judge would use to determine whether the hot tub stays with the property:

Back 18

Whether the item added value to the real estate

Front 19

Ali hand crafted the built-in bookcases in the study. These bookcases would automatically be considered

Back 19

Real Property

Front 20

Carlo wanted to rent his place to Bella. In order to create a tenancy at will which of the following statements is NOT correct?

Back 20

No notice needs to be given to Bella to end the lease