Florida Real Estate exam chapter 8 Questions and Answers 100% Pass

Florida Real Estate exam chapter 8 Questions and Answers 100% Pass Nature of property - Correct Answer ️️ -Allodial system allocates full property ownership rights to private individuals. Grew out of English feudal system. 1. Land 2. Real estate 3. Real property Physical components of land - Correct Answer ️️ -1. Surface rights. Land and water rights. 2. Subsurface rights. Mineral rights. 3. Air rights. Space above a tract, extending up to a height established by law. Types of water surface rights - Correct Answer ️️ -1. Riparian rights are associated with land abutting the banks of a river, stream, or other watercourse. Riparian - river 2. Littoral rights are associated with land abutting tidal bodies of water such as the ocean, sea, or lake. Littoral - Lake 2 Basic types of property - Correct Answer ️️ -Real property Personal property Personal property Also known as chattel - Correct Answer ️️ -Movable items not attached to real property; items severed from real property. Trade fixtures or items of personal property attached to real property that is owned by a tenant and is used in a business, legally removable by tenant. Real property - Correct Answer ️️ -Real estate or real property is land and anything permanently attached to it. Fixtures are items of personal property converted to real property by attaching it to the real property with the intention that it become permanently apart thereof. Example fence. Fixtures - Correct Answer ️️ -Fixtures are objects that were personal property but then permanently attached to or made part of real estate and thus are now real property. Test for fixtures - Correct Answer ️️ -IRMA Intent of the parties Relationship between parties Method of annexation Adaptation of the article Trade fixture - Correct Answer ️️ -An article that is attached by a commercial tenant as a necessary part of the tenants trade or business and his personal property Bundle of rights - Correct Answer ️️ -Right of disposition (sell or giveaway) Right of use (control) Right of possession (occupy) Right of exclusion (quiet enjoyment) DUPE Disposition, use, possession, exclusion Freehold estates - Correct Answer ️️ -Estates of ownership. They can be held as long as the owner likes. Kinds of freehold estates - Correct Answer ️️ -Fee simple (absolute) is the most comprehensive estate and it is inheritable. It is subject only to governmental restrictions. for example taxation and police powers. Life estate is measured by a natural life span or "for the life of." When the life estate ends, the property reverts or returns to the original grantor or the previous owner or goes to a third-party, called a remainderman. Nonfreehold or leasehold Estates - Correct Answer ️️ -Time limitation. These have a known duration and do not involve an ownership interest. Leasehold estate - Correct Answer ️️ -An interest in real property that the tenant possesses. Measured in calendar time. Under a lease, the tenant possesses a leasehold estate and the landlord or property owner possesses a reversion estate. At the end of the leasehold estate, possession and use of the property reverts to the property owner. Three types of leasehold Estates - Correct Answer ️️ -1. Estate for years or tenancy for years with a specific start and end date. 2. Tenancy at will. A tenency at will is a lease agreement that has a beginning date and no fixed termination date, such as a week to week or month-to-month agreement. Example. Recreational property rented for a week, two weeks or a mon