Jeopardy Title Law PDF

Estates and Tenancies Categories of Legal Methods of Property Descriptions Title Holding Misc 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500 Estates can be divided into these two major categories. What are freehold e...

Estates and Tenancies Categories of Legal Methods of Property Descriptions Title Holding Misc 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500 Estates can be divided into these two major categories. What are freehold estates and leasehold estates? This is the greatest estate one may hold. What is a fee simple absolute? The holder of a life estate does not have this legal right. What is the right of disposition? “DUPE” stands for this. What are the rights of disposition, use, possession, and exclusion? These are the four types of leaseholds. What are an estate for years, a tenancy from period to period, a tenancy at will, and a tenancy at sufferance? This is the term for a subdivision containing individual lots with common areas controlled by a homeowners’ association. What is a planned unit development (PUD)? This is the definition of a cooperative. What is a multi-unit building or set of buildings owned by a corporation? These two things must be recorded to create a planned unit development. What are a subdivision plat and a Declaration of Covenants and Restrictions? This is the cooling off period provided by statute to purchasers of a time share. What is ten days? These are the time periods within which to cancel a contract for a condominium unit if a new sale and if a resale. What are 15 days for a new sale and 3 days for a resale? This is the oldest form of legal description. What is the metes and bounds method? A comma in a government survey legal description means this. What is “of”? This is the size of a section. What is one mile square or 640 acres? A plat method legal description must contain these elements. What are the name of the development, the lot and block, the plat or official records book, the page number, the county and state ? This is the size of the following property: NE ¼, NW ¼, SW ¼ of Section 3 What is 10 acres? Property owned in only one name is owned in this manner. What is severalty? This is the name of ownership of property by more than one person. What is concurrent ownership? In Florida, if special language is not used in a deed, concurrent owners are deemed to hold title to property in this fashion. What is as tenants in common? With this type of concurrent ownership, the owners can own equal or unequal shares. What is a tenancy in common? This document authorizes the purchase or sale of real property by a corporation. What is a corporate resolution? This is the current amount of the homestead exemption in Florida. What is $50,000? A filing for homestead exemption must be filed by this date. What is March 1st? This has replaced the concepts of dower and curtesy. What is the spousal elective share? These are the size restrictions for homestead in Florida. What are ½ acre within a municipality and 160 acres outside a municipality? A construction lien must be filed within this time period. What is 90 days from completing work on the property or last supplying materials to the property?