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27 Cards in this Set
- Front
- Back
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Owner characteristics, the bundle of Rights |
D U P E Disposition- may pledge sell or transfer Use - may use and control Possession- May occupy in privacy Exclusion- control entry onto land |
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Estate |
A legal interest or right in land that allows possession. |
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Freehold estate |
Ownership for an indefinite duration |
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Fee simple absolute |
The largest ownership interest possible. The highest and most complete form of ownership Largest "bundle of rights" Transferable & inheritable Absolute ownership that lasts forever "To have and to hold forever" |
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Life estate |
Limited to the lifespan of 1 individual |
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Tenancy for years (Lease holder) |
-Fixed amount of time tenancy- --Specific dates ---death doesn't terminate |
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Tenancy at will |
Indefinite time period, terminated by sale, notice or death (For as long as each party will's it so) |
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Deed restrictions |
Placed by an individual |
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"Controls future uses" |
Conditions placed by a developer to promote conformity of improvements in an entire subdivision, including: Minimum sq ftg Architectural design Height limits |
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Easement appurtenant |
Has a dominant and subservient property ( driveway crossing neighbors yard) |
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Easement gross |
Not related to a dominant property (utility access) |
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Easement by necessity |
(Court created) gives grantee an easement over grantors land if landlocked |
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Easement by prescription |
Court granted After 20 yrs of using anothers property for a specific purpose wo permission |
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Judgement lien |
Court-ordered lien against an individual in property Not for closable against one's Homestead |
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Construction lien |
A hold or claim upon the property of another as security for a construction debt --rights begin at 1st labor or material --must be filed within 90 days of finish ---terminates 1 year after filing |
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License |
Revocable agreement granting privilege to use property |
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Tenancy in severalty |
Type of sole ownership Ownership by 1 individual, severed = cut off from all others |
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Syndication |
Ownership by 1 entity such as a corporation,partnership or LLC |
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Sole ownership |
Ownership by one individual or entity |
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Joint venture |
Syndication for 1 project that is terminated upon completion |
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Multiple ownership |
2 or more persons share the ownership with undivided interest because their interests are undivided. They have equal rights of possession no co-owner has a right to any specific part of the property |
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Tenancy in common |
Co-ownership without right of survivorship to other owners (goes to heirs) |
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Joint tenancy |
Co-ownership with the right of survivorship to the other owners Right of survivorship exists ( co-owners get it not heirs) Requires PITT. *Possession* *Interest* *Title* * Time* |
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Homeowner associations |
Florida Chapter 720 |
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HOA property sale contract right to cancel |
3 business days |
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Cooperative |
"Right to Occupy" Corporation owned leases space to members, right to occupy Cancellation - 1st sale - 15 business days resale - 3 business days |
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Condominium |
Cancellation- 1st sale- 15 business days resale- 3 business days |
