Exam (elaborations)
REE3433 Exam 3 (UCF Fencik)
REE3433 Exam 3 (UCF Fencik)
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REE3433 Exam 3 (UCF Fencik)*What is Lease? - ANS-A lease is an agreement or contract wherein a landlord conveys
a property interest to a tenant, for rent, for a period of time. The lease sets forth the
rights and obligations, generally, of the landlord and the tenant. In general, as regards
rental of dwellings, once you lease a dwelling, your right to possession is much the
same as if you owned it.
■ Dodd-Frank Wall Street Reform and Consumer Protection Act - ANS-Under
Dodd-Frank, lenders are required to provide borrowers with certain
forms:
Loan Estimate
Closing Disclosure
Adverse Possession
Five Requirements - ANS-1. Hostile Possession - person occupying land must be doing
so without permission of owner and with intent of claiming
ownership.
2. Actual Possession - Possessor must enter land and make
actual use of land appropriate to nature of land.
3. Open and Notorious Possession - Owner must be aware
that claim is being made
4. Continuous Possession - Must use land for certain number
of years as set forth by state statute (tacking permitted)
5. Exclusive Possession - Possessor can not share
possession and use of land with owner or third party.
Commercial Covenants, Conditions, and Restrictions (CCRS) - ANS-● Developers and
anchor tenants of large shopping malls are increasingly requiring CCRs.
● controls physical aspects of shopping mall
● store size, color, design, signage and setbacks
● binding on future tenants
Conveyance Theory - ANS-● Lease conveyed a possessory interest in property in
tenant.
● Landlord retained ownership interest in property
- A "reversion"
Cooperatives - ANS-Ownership in shares of stock in entity
,Entity is often a corp.; entity owns the building. Stock allows right to occupancy of unit.
- Unit is documented by a proprietary lease to shareholder
- Shareholder also holds a stock certificate
- By-laws: rights to sell stock, sale price
- Restrictions on alienation
Covenant of Further Assurances - ANS-The grantor promises he will perform all
reasonable acts
necessary to perfect title for the grantee.
Covenant of quiet enjoyment against encumbrances - ANS-The grantor promises there
are no encumbrances against the grantor's title
■ Encumbrance - right or interest held by a third party which diminishes
the value of the estate but does not divest the grantee of title
❑ Leases
❑ Mechanic's liens
❑ Property tax assessment liens
❑ Easements
❑ Future interests
❑ Unpaid mortgages.
Grantor promises to indemnify the grantee for any loss resulting from the
existence of encumbrances not specifically excluded from the grant
Covenant of seisin - ANS-"Seisin" comes from Middle English saysen, seysen, in the
legal
sense of to put in possession of, or to take possession of, hence, to
grasp, to seize. The covenant of seisin is "an assurance that the
grantor has the very estate in quantity and quality which he purports
to convey."
Covenant of the right to convey - ANS-The covenant of the right to convey is a promise
that the grantor has
the right to convey the state or interest that he or she purports to
convey.
Covenant to warrant and defend the title - ANS-The grantor promises to defend the title
to the land and
all the fixtures against all lawful claims and demands.
, Covenants as Private Planning - ANS-● Developers of Planned Unit Developments
(PUDS) may impose restrictive covenants to maintain architectural controls, restrict
uses and assess fees for common area maintenance.
● HOA may use covenants and restrictions and enforce
them by placing liens on property
Dedication - ANS-When a private landowner gives the public ownership of or the right to
use his/her real estate.
e.g. park, wharf, highway or
school
During Closing (Buyer & Seller) - ANS-Buyer: Pays the purchase price.
Seller: Conveys the title promised in the contract
Eminent Domain - ANS-The Fifth Amendment to the US Constitution allows the
government to take private property if the taking is for public use and the owner is justly
compensated (paid fair market value) for the loss.
● Public Use
◦ Courts defer to legislature: almost anything that may be
sanctioned by a federal or state legislative body goes
● Roads, parks, reservoirs, schools, hospitals, public
buildings
Eminent Domain (in Florida) - ANS-In Florida, eminent domain cannot be used to
transfer private property to a natural person or a private
entity:
Eminent Domain Process - ANS-● The government attempts to negotiate the purchase
of the property.
● If the owner does not wish to sell, the government files a court action to use eminent
domain, and gives notice of the hearing.
● At the hearing, the government must show that it tried in good faith to negotiate a
purchase of the property, but that no agreement was reached. The government must
also show that the taking of the property is for a public use.
● The property owner is given the opportunity to respond to the government's claims.
● If the government wins the hearing, another proceeding is held to establish the fair
market value of the property. The government's payment goes to satisfy any mortgages,
liens and encumbrances on the property, with the remaining balance paid to the owner.
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