What are the principal types of property ownership recognized in Florida for real estate transactions?

• A. Leasehold estates and life estates only.
• B. Fee simple estate (including fee simple absolute) and life estates; and concurrent ownership forms such as tenancy in common and joint tenancy.
• C. Severalty ownership and tenancy by the entirety.
• D. Cooperative ownership and condominium ownership.

Answer: (B)

Ownership in Florida can be held either in severalty (by a single owner) or concurrently (by two or more owners). The most complete form of ownership is fee simple, specifically fee simple absolute, which gives the owner all rights to the property subject only to law and any restrictions in the deed. A life estate is another recognized form, where someone has rights to use and enjoy the property for their lifetime, after which ownership passes to another person.

When multiple people hold title, the principal forms are tenancy in common and joint tenancy. Tenancy in common lets owners hold undivided interests that can be unequal and each can transfer their share independently. Joint tenancy requires equal shares and includes the right of survivorship, meaning a deceased owner's share passes to the surviving co-owners. Tenancy by the entirety is a related form for married couples with survivorship as well.

So the main categories you’ll encounter are fee simple (the broadest form of ownership) with life estates, plus the common concurrent forms like tenancy in common and joint tenancy. The other options mix in nonownership arrangements or omit key forms, making them incomplete.