Lecture Notes

Question 1

List the different ways real property can be transferred

Answer 1

1. Sale
2. Gift
3. Devise
4. Intestate Succession

Question 2

Fee Simple Absolute

Answer 2

The largest estate, capable of lasting forever, fully inheritable

Question 3

Fee Simple Determinable and Possibility of Reverter

Answer 3

General Rule: A possibility of reverter has no time limit (can last forever).
FL: Possibility of reverter limited to 21 years (Except for charitable gifts).

Question 4

Joint Tenancy

Answer 4

Concurrent ownership with a right of survivorship. Requires the 4 unities: PITT

1. POSSESSION: JT must be able to possess the whole
2. INTEREST: JT must receive the same interest (equal)
3. TIME: JT must receive at the same time
4. TITLE: JT must receive in the same instrument

Question 5

Three types of leasehold estates

Answer 5

1. Tenancy for years,
2. Periodic tenancies, and
3. Tenancies at will

Question 6

Tenancy for years

Answer 6

Fixed time period. They end naturally at the conclusion of the term. Most leases in FL in multinational properties are tenancies for years.

Question 7

Notice provision under tenancy for years leases requires _____ days notice to terminate

Answer 7

60

Question 8

Periodic tenancy

Answer 8

successive periods, without a natural end point (month-to-month, year-to-year)

Question 9

Tenancy at will

Answer 9

An informal rental agreement. In FL, an unwritted nonresidential lease (and therefore not signed by landlord) is a tenancy at will.

Question 10

Tenant Duties

Answer 10

Pay rent and avoid waste.

Question 11

Adverse Possession

Answer 11

Exclusive, Continuous, Hostile, Open and Notorious for 7 years