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FRECI_8-7 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 8 – Lecture 7 Property Rights: Estates and Tenancies; Condos, Co-ops, and Time-Shares Copyright, 2004 2 Lecture 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 share Copyright, 2004 3 Vocabulary Terms Elective Share Exempt property Homestead Copyright, 2004 4 Constitutional Homestead 1. Descent of homestead 2. Exemption from forced sale 3. Size restriction 4. Tax exemption (4 Elements) Copyright, 2004 5 1. Descent of Homestead Married Family Home (Homestead) Lineal Descendants Estate in Severalty Copyright, 2004 6 1. Descent of Homestead (Cont’d) Surviving Spouse Family Home (Homestead) Vested Remaindermen If spouse dies intestate… Life Estate Remainder Estate Fee simple if no descendants
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