Florida Real Estate Sales Associate Pre-License Course Chapter 8

Florida Real Estate Sales Associate Pre-License Course Chapter 8 Real Property - Includes physical land and improvements with legal rights to own or use the property Riparian - If house borders river owner has rights What is the opposite of erosion ? - Accretion (increase in land area) Trade Fixtures - Personal property installed to conduct a business or trade is NOT considered part of Real Estate and can be removed during termination of lease IRMA - Intent Relationship Method of annexation Adaptation Legal Rights in Property - Bundle of sticks-each stick represents a separate transferable right 3 "sticks" in the bundle of rights: - Possession-owner has right to possess/occupy property Disposition-owner has right to sell property, give it away, or leave in will Enjoyment-owner has right to use property w/out disturbance Estate in severally - Sole ownership Tenancy in common - No right of survivorship 1. Fee estate held by 2 or more persons 2. Each person has an undivided interest in whole property 3. Equal or unequal