define real property based on the definition in Chapter 475, F.S.,
list and explain the physical components of real property,
explain the four tests courts use to determine if an item is a fixture,
distinguish between real and personal property,
describe the bundle of rights associated with real property ownership,
list the principal types of estates (tenancies) and describe their characteristics,
describe the features associated with the Florida homestead law, and
distinguish between cooperatives, condominiums and time-shares and describe the four main documents associated with condominiums.

Key Terms

condominium	personal property
cooperative	proprietary lease
declaration	prospectus
estate for years	real estate
exempt property	real property
fee simple estate	remainderman
fixture	right of survivorship
freehold estate	separate property
homestead	tenancy at sufferance
joint tenancy	tenancy at will
land	tenancy by entireties
leasehold estate	tenancy in common
life estate	time-share

Overview

In this unit, you’ll learn about the three components of real property. You’ll also see how courts determine if an item is real or personal property, an important distinction when property is sold. The unit will discuss the ways people can take ownership of property, and the important differences in the way the property is divided when one of the owners dies. The last part of the unit helps you to understand ownership of condominiums, cooperatives, and time-share properties.