FL PL, Level 8 - Property Rights: Estates & Tenancies; Condominiums, Cooperatives, Community Development Districts, Homeowner Associations and Time-Sharing

land

the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity

real estate

the land plus all improvements made by man or nature

real property

land from the surface to the center of earth and upward into space, including everything attached by man or nature as well as the bundle of legal rights of ownership

fixture

an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be real property

personal property

an unattached, moveable asset not considered real estate, a.k.a. personalty; in business opportunity brokerage, the non-real property items being sold with the business

joint tenancy

co-ownership in which the parties have an equal and undivided interest in the property; includes the right of survivorship rather than inheritance

right of survivorship

the statutory principle of survivorship tenancy that provides that when one co-owner dies, their ownership interest reverts to the surviving co-owners

separate property

property owned by a married person that is separate and not co-owned by their spouse

tenancy by entireties

ownership by a married couple; requires five unities including the unity of person

tenancy in common

co-ownership with individual, undivided interest in the property; includes rights of inheritance rather than survivorship

exempt property

a property that has been homesteaded

fee simple estate

Maximum ownership of real property; also called a fee or a fee simple absolute and is of indefinite duration, freely transferable, and freely inheritable

freehold estate

a form of ownership with an indeterminate length

homestead

a legal life estate that protects a homeowner from loss of their principal residence from the claims of most creditors and require both spouses to execute any instruments of conveyance; in Florida it also includes tax exemptions

life estate

a type of estate limited to the duration of a measuring life

remainderman

the person who holds the remainder interest in a life estate

estate for years

a lease with a specific starting and ending date, also called a tenancy for years

leasehold estate

an interest in the occupation of a property, established through a lease, a.k.a. non-freehold or less-than-freehold

tenancy at sufferance

a tenant's occupancy of a property beyond their lease's terms and without the landlord's consent, also called estate at sufferance

tenancy at will

a tenant's occupancy of a property with the landlord's consent

condominium

property where each owner has a separate interest in their own unit and undivided interest in the common areas

cooperative

property where each owner owns shares in a corporation that owns a building, then has a proprietary lease for their unit

declaration

the legal document that, once filed, creates a condominium; in Florida one of the required condo documents

homeowner association (HOA)

a corporation responsible for the operation of a development and with the power to charge fees and levy assessments; membership is mandatory

proprietary lease

a long-term and exclusive lease given to resident and stock owner of a cooperative

Prospectus

a document prepared by a developer that summarizes what is in the condominium documents; required for condos with more than 20 units in Florida

timeshare

a form of co-ownership where each owner has use of the property at a different prescribed period of time, also known as interval ownership

community development district (CDD)

a special district empowered to levy assessments on property owners to fund infrastructure and other projects