UNIT 8 – PROPERTY RIGHTS: ESTATES AND TENANCIES; CONDOMINIUMS, COOPERATIVES, COMMUNITY DEVELOPMENT DISTRICTS, HOMEOWNER ASSOCIATIONS, AND TIME-SHARING

You can expect to see eight questions on the end-of-course exam and eight questions on the state exam from this chapter.

Learning Objectives

After successfully completing this unit, you will be able to

  • 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

community development districtslife estate
condominiumpersonal property
cooperativeproprietary lease
declarationprospectus
estate for yearsreal estate
exempt propertyreal property
fee simple estateremainderman
fixtureright of survivorship
freehold estateseparate property
homeowner associationstenancy at sufferance
homesteadtenancy at will
joint tenancytenancy by entireties
landtenancy in common
leasehold estatetime-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.