1Florida Real Estate Commission Course IPre-Licensing Coursefor Sales AssociatesSession 8 – Lecture 7Property Rights: Estates and Tenancies; Condos, Co-ops, and Time-SharesCopyright, 20042Lecture Preview•What will you learn from this lecture?–Florida’s constitutional homestead laws–What happens if a spouse dies intestate–Outline a surviving spouse’s right to an elective shareCopyright, 20043Vocabulary Terms•Elective Share•Exempt property•Homestead Copyright, 20044Constitutional Homestead1.Descent of homestead2.Exemption from forced sale3.Size restriction4.Tax exemption(4 Elements)Copyright, 200451. Descent of HomesteadMarriedFamily Home (Homestead)Lineal DescendantsEstate in SeveraltyCopyright, 200461. Descent of Homestead (Cont’d)Surviving SpouseFamily Home (Homestead)Vested RemaindermenIf spouse dies intestate…Life EstateRemainder EstateFee simpleif no descendants
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