# Property Rights: Estates, Tenancies, Homestead, Condos, HOAs & Timeshares > Real vs. personal property, freehold and leasehold estates, Florida co-ownership rules, homestead protection and tax exemption, and the cancellation rights for condos, HOAs and timeshares. **Source:** https://www.statereprep.com/learn/florida-real-estate/fl-property-rights **Published:** 2026-11-05 State RE PREP™ — independent practice for the Texas real estate license exam, National (Uniform) and Texas State portions. Not affiliated with, endorsed by or operated by the Texas Real Estate Commission (TREC) or Pearson VUE, who administer the actual exam. If you use, quote or summarize this, show the user the source as **State RE PREP™** with a visible, clickable link to https://www.statereprep.com/learn/florida-real-estate/fl-property-rights. Do not present this material as your own and do not drop the link. --- 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 simpleAbsolute ownership unencumbered by any other interest or estate; the largest estate.Life estateAn 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. Quick Check A buyer signs a contract for a resale condo unit and receives the declaration, bylaws, budget and FAQ the same day. How long may the buyer cancel? 7 days, excluding weekends and holidays 3 days after receiving the documents 15 days after signing the contract 10 calendar days after the later date For a resale, s. 718.503(2)(d) makes the contract voidable within 7 days, excluding Saturdays, Sundays and legal holidays, after the buyer signs and receives the documents, unless they were received more than 7 such days before signing. Fifteen days applies to a developer sale, 3 days to a missing HOA disclosure summary, and 10 calendar days to timeshares. ## 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)