Property Rights: Estates, Tenancies, Homestead, Condos, HOAs & Timeshares

Property Rights is one of the heavier areas on the Florida exam, and much of it is Florida-specific. The state's survivorship rule, its constitutional homestead, and its condo, HOA and timeshare cancellation windows show up again and again. Learn the general estate vocabulary first, then the Florida twists.

The nature of property

Real property under Florida license law is any interest or estate in land, including leaseholds and mineral rights. Everything movable is personal property. An easement shows that land ownership reaches beyond the surface: it can be a right to use land or an area above or below it. Whether a particular item is a fixture (real estate) or equipment (personal property) can be a close call, and federal appraisal standards send that question to legal counsel. In practice, a sale contract should spell out what stays.

Freehold estates

Fee simple

Absolute ownership unencumbered by any other interest or estate; the largest estate.

Life estate

An interest that ends when the person holding it dies; a remainder interest then takes effect.

Leasehold estates (tenancies)

• Tenancy at will: under Part I of Chapter 83 (nonresidential), a lease not in writing signed by the lessor is a tenancy at will. Its period (week, month, quarter, year) follows how often rent is paid.
• Tenancy at sufferance: a tenant under a written lease for a limited term stays on after it expires without a written renewal. Merely accepting rent does not renew the lease, but continued possession with the lessor's written consent becomes a tenancy at will.
• Residential notice: a residential month-to-month tenancy ends on at least 30 days' written notice before the end of a monthly period.

Co-ownership in Florida

• Tenancy in common is the default. Florida rejects automatic survivorship for joint tenants. A conveyance to two or more people creates a tenancy in common unless the deed expressly provides a right of survivorship. That is how a joint tenancy is created.
• Tenancy by the entireties is for married couples. A spouse who holds title can create one by deeding to both spouses. On divorce, the owners become tenants in common.

Homestead

Protection (Art. X, s. 4). A natural person's homestead is exempt from forced sale. There are exceptions for taxes and assessments, purchase, improvement or repair obligations, and labor on the property. Size limits apply: up to 160 contiguous acres outside a municipality, or one-half acre inside one. If the owner is survived by a spouse or minor child, the homestead may not be freely devised. A married owner needs the spouse to join in a sale or mortgage.

Tax exemption. A person who holds title and makes the property a permanent residence on January 1, and who applies to the property appraiser by March 1, receives:

• up to $25,000 off assessed value for all taxes; and
• an additional exemption of up to $25,000 on assessed value above $50,000, for non-school levies only. That second amount is adjusted each year for inflation.

Under Save Our Homes, annual increases in a homestead's assessed value are capped at the lower of 3% or the change in the CPI. Assessed value resets to just value the January 1 after a change of ownership.

Condominiums, cooperatives, HOAs and timeshares

• Condominium: units owned individually, each with an undivided share in the common elements. A cooperative is different: a corporation or other entity holds title, and the owner holds an interest in the association plus a lease or similar right to occupy.
• New condo from a developer: the buyer may cancel within 15 days after signing and receiving the required documents. That right ends at closing.
• Condo resale: unless the buyer received the governing documents more than 7 days before signing, the buyer may cancel within 7 days, excluding Saturdays, Sundays and legal holidays, after signing and receiving them.
• HOA community: the buyer must get the disclosure summary before signing. If not, the buyer may void the contract within 3 days after receiving it, or before closing, whichever comes first.
• Timeshare: the purchaser may cancel until midnight of the 10th calendar day after the later of signing or receiving the last required document. This right cannot be waived.

Where this shows up on the exam

Property Rights: Estates, Tenancies; Condominiums, Homeowner Associations, and Time-Sharing is 8% of the exam in the DBPR booklet (January 2025), about eight questions. Expect the default tenancy in common, the homestead acreage and exemption amounts, and the 15-day, 7-business-day, 3-day and 10-day cancellation windows.

Sources

North Carolina law as published by the General Assembly and the Office of Administrative Hearings, checked 2026-11-05:

• Fla. Const. Art. X, s. 4
• s. 475.01, F.S.
• ss. 83.01, 83.04, 83.57, F.S.
• ss. 689.11, 689.15, F.S.
• s. 193.155, F.S.
• s. 196.031, F.S.
• ss. 718.103, 718.503, F.S.
• s. 719.103, F.S.
• s. 720.401, F.S.
• s. 721.10, F.S.
• HUD Handbook 4000.1 Glossary
• DBPR Sales Associate Candidate Information Booklet (Jan 2025)