Florida Property Rights: Estates, Tenancies, Condos, Co-ops, Time-Sharing — Printable Practice Pack

Answer key & explanations

1. 1. A — The 3-day right of rescission allows the buyer to review the condominium documents and rescind the contract if they are not satisfied with the terms.
2. 2. D — When a property owner voluntarily sells their property, it is considered a voluntary alienation.
3. 3. D — A built-in oven is a fixture because it is attached to the real property, making it a part of the home.
4. 4. D — The outdoor kitchen is a fixture because it is attached to the real property.
5. 5. D — Article X, Section 4 of the Florida Constitution provides constitutional protection from forced sale of a primary residence, also known as the homestead exemption.
6. 6. D — A freehold estate is a type of ownership where the owner has the right to sell, gift, or devise the property, and it is not limited by a fixed period of time.
7. 7. D — A freehold estate is the most complete form of ownership, where the owner has complete rights to the property and the land it sits on, whereas a leasehold estate is a temporary right to use someone else's property.
8. 8. A — The homestead property must be devised to the spouse or minor child, as per the Florida Constitution and statutes.
9. 9. D — The bundle of rights refers to the collection of rights that a property owner has in their property, including the right to use, sell, and dispose of the property.
10. 10. A — The Save Our Homes cap limits the annual increase in assessed value to 3%, which can result in a lower property tax assessment for the homeowner.
11. 11. D — The primary purpose of the homestead exemption in Florida is to protect a primary residence from forced sale by most creditors, as provided in the Florida Constitution
12. 12. D — A leasehold estate is created when a property owner grants a lease to a tenant for a specific period of time.
13. 13. A — Emblements are crops that are planted on the land and are considered personal property until they are harvested.
14. 14. D — Severalty refers to sole ownership, where one person holds the entire title to a property.
15. 15. D — The Florida Constitution restricts the devise of homestead property when there is a surviving spouse or minor child. The property may not be devised by will in certain circumstances, to protect the rights of the spouse and minor child.
16. 16. A — CC&Rs, or covenants, conditions, and restrictions, are rules and regulations that govern the use of property within a development, and are typically enforced by a homeowner's association.
17. 17. D — The crops are considered emblements, which are crops that are planted and grown on the land, making them a type of personal property.
18. 18. A — The Florida Homestead Exemption provides a tax exemption for primary residences, which can help reduce the amount of property taxes owed.
19. 19. A — The primary difference between a homeowners' association and a condominium association in Florida is the type of properties they manage. Homeowners' associations manage single-family homes and other types of properties, while condominium associations manage condominium units and common elements.
20. 20. A — The 'bundle of rights' refers to the collection of rights that come with owning real property, including the right to use, sell, and dispose of the property.