Escrow & Title
Florida's 'Homestead' protection also means that a homestead property cannot be devised (left by will) to anyone other than the owner's surviving spouse or minor children when:
AThe owner has a mortgage on the property
BThe owner is survived by a spouse or minor children✓ Correct
CThe property is worth over $1 million
DThe owner is over age 65
Explanation
Florida's constitutional homestead protection restricts devise: if a homestead owner is survived by a spouse or minor children, the property cannot be freely devised by will. The spouse receives a life estate (or fee simple if elected) and the children receive the remainder.
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Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
State-Specific Concepts
Homestead ExemptionDRE Regulation
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