================================================================================
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934

                   For the fiscal year ended November 30, 1996

                          Commission file number 1-6643

                               LENNAR CORPORATION
             (Exact name of registrant as specified in its charter)

           DELAWARE                                              59-1281887
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

                700 NORTHWEST 107TH AVENUE, MIAMI, FLORIDA 33172
               (Address of principal executive offices) (Zip Code)

        REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (305) 559-4000

           SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:

                                                        NAME OF EACH EXCHANGE
        TITLE OF EACH CLASS                              ON WHICH REGISTERED
        -------------------                              -------------------
 Common Stock, par value 10 /cents/                    New York Stock Exchange

           SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

                                      NONE

        Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.        YES [X]    NO [ ]  
1
        Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.                     YES [X}   NO [ ] 

        As of February 7, 1997, registrant had outstanding 25,990,827 shares of
 common stock and 9,968,731 shares of Class B common stock (which can be
 converted into common stock). Of the total shares outstanding, 25,545,984
 shares of common stock and 38,701 shares of Class B common stock, having a
 combined aggregate market value (assuming the Class B shares were converted) on
 that date of $665,201,810, were held by non-affiliates of the registrant.

 Documents incorporated by reference:

 RELATED
 SECTION                            DOCUMENTS
 -------                            ---------
   II               Pages 18 through 39 of the Annual Report to
                    Stockholders for the year ended November 30, 1996.

   III              Definitive Proxy Statement to be filed pursuant to
                    Regulation 14A on or before March 30, 1997.

================================================================================

<PAGE>

                                     PART I

ITEM 1.    BUSINESS.

GENERAL DEVELOPMENT OF BUSINESS

       Lennar Corporation (together with its subsidiaries, the "Company") is a
diversified national real estate company with three principal businesses:
homebuilding, real estate investment and financial services. The Company's
homebuilding operations include the construction and sale of homes, as well as
the purchase, development and sale of residential land. The Investment Division
is involved in the ownership, development, management and leasing, as well as
the acquisition and sale, of commercial real estate and other real estate
related assets. The financial services operations arrange mortgage financing,
title insurance and closing services for Lennar homebuyers and others; acquire,
package and resell residential and commercial mortgage loans and mortgage-backed
securities and perform mortgage loan servicing activities. This division also
invests in partnerships and in issues of rated portions of commercial real
estate mortgage-backed securities for which Lennar's Investment Division is the
special servicer and an investor in the unrated portions of those securities.

       For more than 25 years, the Company has owned and managed commercial and
residential rental properties. In 1992, the Company, through its Investment
Division, began acquiring portfolios of commercial real estate assets, including
real estate related loans, which it believed it could liquidate at a profit. As
of November 30, 1996, the Company had entered into a total of twelve
partnerships, all of which were formed to acquire and manage portfolios of
assets. One new partnership was formed during 1996. The Company shares in the
profits and losses of the partnerships and also receives fees for the management
and disposition of the partnerships' assets.

       In 1994, the Company began acquiring, at a discount, portions of
commercial real estate mortgage-backed securities. The Company's Investment
Division invests in the unrated portions of these securities and the Financial
Services Division generally invests in the rated portions. The Company's
Investment Division partnerships also retain portions of these securities when
they are the issuer of the securities. The Company's Investment Division is the
special servicer on behalf of all the certificate holders (the majority of which
are not affiliates of the Company) of the commercial mortgage-backed securities
which are held by the Company and its partnerships.

       Since 1991, the Company has expanded its homebuilding operations by
entering the following new markets: Dallas, Texas in 1991, Houston, Texas and
Port St. Lucie, Florida in 1992 and Sarasota, Florida in 1994. In addition, the
Company began the development of an adult-community in the Orlando, Florida area
in 1995. During 1996, the Company significantly expanded its operations in Texas
with the acquisition of the assets and operations of Houston-based Village
Builders (a homebuilder) and Friendswood Development Company (a developer of
master-planned communities). Additionally in 1996, the Company entered the
California homebuilding market through several acquisitions and partnerships.
These acquisitions included Bramalea California, Inc. (a Southern California
builder) and the assets of Renaissance Homes, Inc. (a Sacramento, California
builder). The partnerships in California are primarily involved in the
development of master-planned communities.

FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS

       The Company operates in three industry segments - homebuilding, real
estate investment and financial services. The financial information related to
these industry segments is contained in the financial statements incorporated by
reference to pages 25 through 38 of the Company's 1996 Annual Report to
Stockholders.

                                       1

<PAGE>

NARRATIVE DESCRIPTION OF BUSINESS

                                  HOMEBUILDING

       The Company and its predecessor have been building homes since 1954. The
Company believes that since its acquisition of Development Corporation of
America in 1986, it has each year delivered more homes in Florida than any other
homebuilder. The Company has been building homes in Arizona since 1972, where it
currently is one of the leading homebuilders. In 1991, the Company began
building homes in the Dallas/Fort Worth area of Texas. In 1992, it started
homebuilding operations in Houston, Texas and Port St. Lucie, Florida. In late
1994, the Company began homebuilding operations in Sarasota, Florida and in 1995
it started development of an adult-community in the Orlando, Florida area.
During 1996, the Company significantly expanded its operations in Texas with the
acquisition of the assets and operations of Houston-based Village Builders (a
homebuilder) and Friendswood Development Company (a developer of master-planned
communities). Additionally in 1996, the Company entered the California
homebuilding market through the acquisitions of Bramalea California, Inc. and
Renaissance Homes, Inc. and through several partnership investments. The Company
has constructed and sold over 130,000 homes to date.

       The Company's homebuilding activities in Florida are principally
conducted through Lennar Homes, Inc. In Arizona, these activities are conducted
through Lennar Homes of Arizona, Inc. In Texas, these activities are conducted
through Lennar Homes of Texas, Inc., Friendswood Development Company and Houston
Village Builders, Inc. Homebuilding activities in California are principally
conducted through Lennar Homes of California, Inc., Bramalea California, LLC,
Lennar Renaissance, Inc. and Stevenson Ranch, LLC.

       The Company is involved in all phases of planning and building in its
residential communities, including land acquisition, site planning, preparation
of land, improvement of undeveloped and partially developed acreage, and design,
construction and marketing of homes. The Company subcontracts virtually all
segments of development and construction to others.

       The Company sells single-family attached and detached homes and
condominiums in buildings generally one to five stories in height. Homes sold by
the Company are primarily in the moderate price range for the areas in which
they are located. They are targeted primarily at first time homebuyers, move-up
homebuyers and, in some communities, retirees. The average sales price of a
Lennar home was $149,900 in fiscal 1996.

CURRENT HOMEBUILDING ACTIVITIES

       The table on the following page summarizes information about the
Company's recent homebuilding activities:

                                       2

<PAGE>
<TABLE>
<CAPTION>

                LENNAR CORPORATION AND CONSOLIDATED SUBSIDIARIES
                             Real Estate Activities

                                                                                      NOVEMBER 30, 1996
                                                           -----------------------------------------------------------------------
                                  HOMES DELIVERED                                                               ESTIMATED NUMBER
                                   IN YEARS ENDED          HOMES COMPLETED OR UNDER CONSTRUCTION              OF HOMES THAT COULD
                                    NOVEMBER 30,           -------------------------------------  SOLD HOMES   BE CONSTRUCTED ON
                              ---------------------------                      AVAILABLE FOR        NOT YET      LAND CURRENTLY
REGION AND TYPE OF PRODUCTS     1996     1995      1994        SOLD (1)             SALE          STARTED(1)  OWNED(2)(3)(4)(5)(6)
---------------------------   -------- -------- ---------  ----------------- -------------------  ----------  --------------------
<S>                             <C>      <C>       <C>           <C>               <C>                <C>             <C>
Florida

  Single-family detached        2,603    2,400     2,471           504               429              461             13,960
  Single-family attached          270      437       426            71                84               74              1,090
  Multi-family                    490      558       820            66               117               29              6,670

Arizona

  Single-family detached          706      466       586           180                71               67              1,650
  Single-family attached            9       38        46            --                --               --                 --
  Multi-family                     --       --        --            --                --               --                170

Texas

  Single-family detached        1,832      781       616           394               336               44              6,130
  Single-family attached           --       --        --            --                --               --                 --
  Multi-family                     --       --        --            --                --               --                490

California

  Single-family detached           58       --        --            39                60               --              8,260
  Single-family attached           --       --        --            --                --               --                 --
  Multi-family                     --       --        --            --                --               --                 --
                                -----    -----     -----         -----             -----              ---             ------
     Totals                     5,968    4,680     4,965         1,254             1,097              675             38,420
                                =====    =====     =====         =====             =====              ===             ======

<FN>
     Notes:

      (1) Although firm contracts relating to these homes were executed, there
          can be no assurance that purchasers will meet their obligations under
          the contracts.
      (2) Based on current management estimates, which are subject to change.
      (3) The Company owns additional property, which it may decide to develop or
          sell in the future.
      (4) As of November 30, 1996, the Company had contracts or options to purchase
          approximately 9,300 additional homesites.
      (5) Includes homesites that are currently designated for sale to other builders.
      (6) As of November 30, 1996, the Company's Homebuilding Division had investments
          in partnerships which owned approximately 5,900 homesites for both sale to
          the Company and sale to other builders.
</FN>
</TABLE>

                                       3

<PAGE>

PROPERTY ACQUISITION

       The Company continuously considers the purchase of, and from time to time
acquires, land for its development and sales programs. It generally does not
acquire land for speculation. In some instances, the Company acquires land by
acquiring options enabling it to purchase parcels as they are needed. Although
some of the Company's land is held subject to purchase money mortgages or is
mortgaged to secure $60 million of term loans, most of the Company's land
(including most of the land on which it is currently building or expects to
build during the next year) is not subject to mortgages. The Company believes
its land inventory gives it a competitive advantage, particularly in Florida.

CONSTRUCTION AND DEVELOPMENT

       The Company supervises and controls the development and building of its
own residential communities. It employs subcontractors for site improvements and
virtually all of the work involved in the construction of homes. In almost all
instances, the arrangements between the Company and the subcontractors commit
the subcontractors to complete specified work in accordance with written price
schedules. These price schedules normally change to meet changes in labor and
material costs. The Company does not own heavy construction equipment and
generally has only a small labor force used to supervise development and
construction and perform routine maintenance and minor amounts of other work.

       The Company generally finances construction with its own funds or
borrowings under its unsecured working capital lines, not with secured
construction loans.

MARKETING

       The Company always has an inventory of homes under construction. A
majority of these homes are sold (I.E., the Company has received executed sales
contracts and deposits) before the Company starts construction.

       The Company employs sales associates who are paid salaries, commissions
or both to make onsite sales of the Company's homes. The Company also sells
through independent brokers. The Company advertises its residential communities
through local media and sells primarily from models that it has designed and
constructed. In addition, the Company advertises its retirement communities in
areas where potential retirees live.

MORTGAGE FINANCING

       The Company's financial services subsidiaries make conventional,
FHA-insured and VA-guaranteed mortgage loans available to qualified purchasers
of the Company's homes. Because of the availability of mortgage loans from the
Company's financial services subsidiaries, as well as independent mortgage
lenders, the Company believes access to financing has not been, and is not, a
significant problem for most purchasers of the Company's homes.

COMPETITION

       The housing industry is highly competitive. In its activities, the
Company competes with numerous developers and builders in and near the areas
where the Company's communities are located, including homebuilders with
nationwide operations. The Company has for the past 26 years been one of the
largest homebuilders in South Florida and for the past several years has
delivered more homes in Florida than any other homebuilder. The Company is also
a leading homebuilder in Arizona and Texas and entered the California market in
1996. The Company's homebuilding operations account for less than 1% of all
deliveries of new single-family homes in the United States.

                                   INVESTMENT

       The Company has been engaged for more than 25 years in developing and
managing commercial and residential rental properties. Currently, through its
Investment Division, the Company owns and manages more than 2,600 rental
apartment units (which are approximately 87% occupied) and more than 2.7 million
square feet of office buildings, warehouses and neighborhood retail centers
(which are approximately 90% occupied), as well as two hotels consisting of 462
rooms,

                                       4


<PAGE>

a mobile home park, and golf and other recreational facilities in various
communities. At times, when properties reach what the Company believes to be
optimum value, the Company sells them.

       Since 1992, the Investment Division has been acquiring, by itself and
through partnerships, portfolios of real estate assets which it believes it can
liquidate at a profit and from which it can generate rental, interest and other
income during the liquidation process which can last several years. As of
November 30, 1996, the Investment Division had entered into twelve partnerships.
The Company's equity interests in these partnerships range from 15% to 50%
(which in one instance includes an investment by the Company's Financial
Services Division). In addition to the Company participating in the
partnerships' purchases of portfolios of real estate assets, the Investment
Division oversees the management of those portfolios, for which it receives
management fees. A portfolio may consist of a combination of performing loans,
non-performing loans and real estate. With regard to performing loans, principal
and interest payments are collected until the loans are paid in full, or the
loans are used as collateral for non-recourse debt (which has the effect of
accelerating the partnerships' cash realizations). With regard to non-performing
loans, the partnerships attempt to renegotiate the terms with the borrowers or
pursue other remedies, depending on the circumstances. These loans either become
performing, are paid off, or the partnerships become the owners of the
underlying real estate. This real estate is then managed and value enhanced
until it is sold.

       In several instances, loans held by partnerships have been grouped into
pools, which have obtained funding by issuing rated and unrated securities
entitling the holders to the future proceeds of the loans. Often, the
partnerships retain the unrated portions of the securities issued. In 1994, the
Investment Division began acquiring, at substantial discounts from their face
amounts, unrated portions of commercial mortgage-backed securities issued by
others. The Investment Division is the special servicer on behalf of all
certificate holders of these securities, both those issued by the partnerships
and by others. The principal business of the special servicer is the management
of real estate loans requiring attention. The division earns interest on its
investment as well as fees for the special servicing activities.

                               FINANCIAL SERVICES

       The Company's financial services subsidiaries arrange mortgage financing,
title insurance and closing services for Lennar homebuyers and others; acquire,
package and resell residential and commercial mortgage loans and mortgage-backed
securities and perform mortgage loan servicing activities. This division also
invests in partnerships and in issues of rated portions of commercial real
estate mortgage-backed securities for which Lennar's Investment Division is the
special servicer and an investor in the unrated portions of those securities.

MORTGAGE ORIGINATION

       Through the financial services subsidiary, Universal American Mortgage
Company, the Company provides conventional, FHA-insured and VA-guaranteed
mortgage loans to buyers of the Company's homes and others from offices located
in Florida, California, Arizona, Texas, North Carolina and Maryland. In 1996,
loans to buyers of the Company's homes represented approximately 33% of the
Company's $527 million of loan originations.

       The Company sells the loans it originates in the secondary mortgage
market, generally on a non-recourse basis, and retains most of the servicing
rights. The Company has an interest rate risk management policy under which it
hedges its interest rate locked loan commitments and loans held for sale against
exposure to interest rate fluctuations. The Company finances its loans held for
sale with borrowings under the financial services subsidiaries' $125 million
line of credit (secured by the loans and by certain servicing rights) or from
Lennar Corporation when, on a consolidated basis, this enables the Company to
minimize its overall cost of funds.

MORTGAGE SERVICING

       The Company obtains significant earnings from servicing loans originated
or acquired by its financial services subsidiaries. The Company services loans
for the Government National Mortgage Association (Ginnie Mae), the Federal
National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage
Corporation (Freddie Mac) and other mortgage investors. At November 30, 1996, it
had a servicing portfolio of approximately 42,100 loans with an unpaid principal
balance of approximately $3.3 billion.

                                       5


<PAGE>

       Revenues from servicing mortgage loans include servicing fees, late
charges and other ancillary fees and all, or in some states part, of the
interest on sums held in escrow for tax, insurance and other payments.

ASSET ACQUISITION AND DISPOSITION

       The Company, from time to time, purchases pools of mortgage loans
originated by financial institutions and then resells the loans in the secondary
market. The benefits to the Company from these transactions include gains from
the sales of the loans and retention of the right to service the loans after
they are sold in the secondary market. In 1994, the Financial Services Division
expanded its investment activities beginning to acquire rated portions of
commercial mortgage-backed securities for which Lennar's Investment Division is
the special servicer.

TITLE INSURANCE AND CLOSING SERVICES

       The Company arranges title insurance for, and provides closing services
to, buyers of the Company's homes and others. It provided these services in
connection with approximately 7,300 real estate transactions during 1996. In
1994, the Company formed TitleAmerica Insurance Corporation, a title insurance
underwriter, which provides title insurance to buyers of the Company's homes and
others. In 1996, the Company acquired the assets and business of Regency Title
Company in Texas, and thereby, significantly expanded its title insurance and
closing business in that state.

STRATEGIC TECHNOLOGIES

       During 1996, the Company formed Strategic Technologies, Inc. to provide
cable TV, alarm monitoring and telephone service to residents of Lennar
communities and possibly others.

                                OTHER ACTIVITIES

       The Company has a number of limited-purpose finance subsidiaries which
have placed mortgages and other receivables as collateral for various long-term
financings. These subsidiaries pay the debt service on the long-term borrowings
primarily from the cash flows generated by the related pledged collateral. The
Company believes that the cash flows generated by these subsidiaries will be
adequate to meet the required debt payment schedules.

                                   REGULATION

       Homes and residential communities built by the Company must comply with
state and local regulations relating to, among other things, zoning, treatment
of waste, construction materials which must be used, certain aspects of building
design and minimum elevation of properties and other local ordinances. These
include laws requiring use of construction materials which reduce the need for
energy-consuming heating and cooling systems. These laws and regulations are
subject to frequent change. In some cases, there are laws which require that
commitments to provide roads and other offsite infrastructure be in place prior
to the commencement of new construction. The provisions of these laws are
usually implemented and administered by individual counties and municipalities
and may result in additional fees and assessments or building moratoriums. It is
difficult to predict the impact of these laws on future operations, or what
changes may take place in the law in the future. The Company believes that it
has the financial resources to provide for development of the balance of its
land in compliance with these laws.

       Over the past few years, there have been changes to various building
codes within Florida. These changes have resulted in higher construction costs.
The Company believes these additional costs have generally been recoverable
through increased selling prices without any significant effect on sales volume.

       Virtually all areas of the United States have adopted regulations
intended to assure that construction and other activities will not have an
adverse effect on local environmental conditions. These regulations have had an
effect on the manner in which the Company has developed certain properties and
may have a continuing influence on the Company's development activities in the
future.

                                       6


<PAGE>

       In order to make it possible for purchasers of some of the Company's
homes to obtain FHA-insured or VA-guaranteed mortgages, the Company must
construct those homes in compliance with regulations promulgated by those
agencies.

       The Company has registered condominium communities with the appropriate
authorities in Florida. It has registered some of its Florida communities with
authorities in New Jersey and New York. Sales in other states would require
compliance with laws in those states regarding sales of condominium homes.

       The Company's title insurance agency subsidiaries must comply with
applicable insurance laws and regulations.

       The Company's subsidiaries which underwrite title insurance are licensed
in the states that they do business and must comply with laws and regulations
regarding title insurance companies. These laws and regulations include
provisions regarding capitalization, investments, forms of policies and
premiums.

                                    EMPLOYEES

       At November 30, 1996, the Company employed 1,894 individuals of whom 485
were management, supervisory and other professional personnel, 212 were
construction supervisory personnel, 364 were real estate salespersons, 158 were
hospitality personnel and 675 were professional support personnel, accounting,
office clerical and skilled workers.

       Some of the subcontractors utilized by the Company may employ members of
labor unions. The Company does not have collective bargaining agreements
relating to its employees.

ITEM 2.    PROPERTIES.

       For information about properties owned by the Company for use in its
residential and commercial activities, see Item 1.

       The Company maintains its executive offices, financial services
subsidiary headquarters, Investment Division headquarters, Dade County
Homebuilding Division offices and Dade County mortgage and title company branch
offices at 700, 730 and 760 Northwest 107th Avenue, Miami, Florida in office
buildings built and owned by the Company. These offices occupy approximately
60,000 square feet. Other Company offices are located in Company-owned
communities or retail centers, or in leased space.

ITEM 3.    LEGAL PROCEEDINGS.

       The Company is a defendant in various lawsuits brought by condominium and
homeowner associations in communities constructed by the Company. Although the
specific allegations in the lawsuits differ, in general each of the lawsuits
asserts that the Company failed to construct buildings in the community involved
in accordance with plans and specifications and applicable construction codes,
and each of them seeks reimbursement for sums the plaintiff association claims
it will have to spend to remedy the alleged construction deficiencies.
Associations in other communities have threatened similar suits. Suits of this
type are common within the homebuilding industry. The Company does not believe
that these lawsuits or threatened lawsuits will have a material effect upon the
Company.

       The Company had a number of claims for damages relating to a hurricane
which occurred in 1992. Most have been settled and to date, the Company's
insurers have made all payments required under settlements. Even if the Company
were required to make any payments with regard to the remaining hurricane
related claims, the Company believes that the amount it would pay would not be
material.

       During 1996, there were claims made by homeowners and investigations by
governmental bodies commenced (but no lawsuits filed) regarding the presence of
construction debris in a common area at a community which had been developed by
the Company. The Company does not believe that the resolution of these claims
and the investigations will have a material adverse effect on it.

                                       7

<PAGE>


ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

       No matters were submitted to a vote of security holders during the fourth
quarter of fiscal 1996.
                                     PART II

ITEM 5.    MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SECURITY HOLDER
           MATTERS.

       Information concerning the market data for the Company's common stock and
related security holder matters is incorporated by reference to page 39 of the
Company's 1996 Annual Report to Stockholders.

ITEM 6.    SELECTED FINANCIAL DATA.

       Selected financial data is incorporated by reference to page 18 of the
Company's 1996 Annual Report to Stockholders.

ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
           RESULTS OF OPERATIONS.

       Management's discussion and analysis of financial condition and results
of operations is incorporated by reference to pages 19 through 23 of the
Company's 1996 Annual Report to Stockholders.

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

       Consolidated financial statements and supplementary data about the
Company are incorporated by reference to pages 25 through 38 of the Company's
1996 Annual Report to Stockholders.

ITEM 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
           FINANCIAL DISCLOSURE.

       Not applicable.

                                    PART III

ITEM 10.   DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

       Information about the Company's directors is incorporated by reference to
the Company's definitive proxy statement, which will be filed with the
Securities and Exchange Commission not later than March 30, 1997 (120 days after
the end of the Company's fiscal year). The following people were the executive
officers of Lennar Corporation on February 7, 1997:

         NAME/POSITION                    AGE            YEAR OF ELECTION
         -------------                    ---            ----------------
Leonard Miller,
    Chairman of the Board and
    President                             64                   1969
Robert B. Cole,
    Secretary                             86                   1969
Irving Bolotin,
    Senior Vice President                 64                   1969
Allan J. Pekor,
    Financial Vice President              60                   1979

                                       8


<PAGE>

NAME/POSITION                             AGE            YEAR OF ELECTION
-------------                             ---            ----------------

Sherman J. Kronick,
    Vice President                        71                   1979
Marshall H. Ames,
    Vice President                        53                   1982
Stuart A. Miller,
    Vice President                        39                   1985
Jeffrey P. Krasnoff,
    Vice President                        41                   1986
Jonathan M. Jaffe
    Vice President                        37                   1994
M. Eugene Saleda,
    Treasurer                             61                   1977
James T. Timmons,
    Controller                            31                   1993
Steven J. Saiontz,
    President, Lennar Financial
    Services, Inc.                        38                   1987

       Mr. Leonard Miller has been the Chief Executive Officer and a director of
the Company since it was founded.

       Mr. Cole was formerly a member of Mershon, Sawyer, Johnston, Dunwody &
Cole, a firm of attorneys in Miami, Florida. Since 1983, he has been a
consultant to the Company on business and legal affairs, as well as Chairman of
the Company's Executive Committee and General Counsel.

       Messrs. Bolotin, Pekor, Kronick, Ames, Krasnoff and Saleda have each held
substantially their present positions with the Company for more than five years.

       Mr. Stuart Miller (who is the son of Leonard Miller) and Mr. Jaffe have
held various executive positions with the Company for more than five years. Mr.
Stuart Miller has been a Vice President since 1985, and currently heads the
Company's Homebuilding and Investment Divisions. Mr. Jaffe has been a Vice
President since 1994 and serves as a Regional President in the Company's
Homebuilding Division.

       Mr. Timmons has been employed by the Company since 1992. He became its
Controller in 1993. Prior to joining the Company, Mr. Timmons was employed as a
Financial Auditor with Burger King Corporation and, before that, was employed by
KPMG Peat Marwick.

       Mr. Saiontz (who is the son-in-law of Leonard Miller) has been employed
by the Company since 1984 and has been the President of Lennar Financial
Services, Inc. since 1987.

ITEM 11.   EXECUTIVE COMPENSATION.

       The information called for by this item is incorporated by reference to
the Company's definitive proxy statement, which will be filed with the
Securities and Exchange Commission not later than March 30, 1997 (120 days after
the end of the Company's fiscal year).

ITEM 12.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

       The information called for by this item is incorporated by reference to
the Company's definitive proxy statement, which will be filed with the
Securities and Exchange Commission not later than March 30, 1997 (120 days after
the end of the Company's fiscal year).

ITEM 13.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

       The information called for by this item is incorporated by reference to
the Company's definitive proxy statement, which will be filed with the
Securities and Exchange Commission not later than March 30, 1997 (120 days after
the end of the Company's fiscal year).

                                       9

<PAGE>

                                     PART IV

ITEM 14.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

        (a)   Documents filed as part of this Report.

              1. The following financial statements are incorporated by
                 reference in Item 8:

                                                           PAGE IN 1996 ANNUAL
                       FINANCIAL STATEMENT                REPORT TO STOCKHOLDERS
                       -------------------                ----------------------
              Independent Auditors' Report                          24

              Consolidated Balance Sheets as of November 30,
              1996 and 1995                                         25

              Consolidated Statements of Earnings for the
              years ended November 30, 1996, 1995 and 1994          26

              Consolidated Statements of Cash Flows for the
              years ended November 30, 1996, 1995 and 1994          27

              Consolidated Statements of Stockholders' Equity
              for the years ended November 30, 1996, 1995
              and 1994                                              28

              Notes to Consolidated Financial Statements         29 - 38

              2. The following financial statement schedules are included in
                 this Report:

                 FINANCIAL STATEMENT SCHEDULE               PAGE IN THIS REPORT
                 ----------------------------               -------------------
              Independent Auditors' Report on Schedules             14

              VIII - Valuation and Qualifying Accounts              15

                XI - Real Estate and Accumulated                    16
                         Depreciation

       Information required by other schedules has either been incorporated in
the financial statements and accompanying notes, or is not applicable to the
Company.

                                       10

<PAGE>


              3. The following exhibits are filed with this Report or
                 incorporated by reference:

                 3(a).  Certificate of Incorporation - Incorporated by reference
                        to Registration Statement No. 2-36239 and definitive
                        proxy statements dated February 29, 1980, March 6, 1985,
                        March 24, 1987, March 1, 1989 and March 1, 1994.

                 3(b).  Bylaws - Incorporated by reference to Annual Report on
                        Form 10-K for the year ended November 30, 1989.

                 10(a). Lennar Corporation 1991 Stock Option Plan - Incorporated
                        by reference to Registration Statement No. 33-45442.

                 10(b). Lennar Corporation Employee Stock Ownership Plan and
                        Trust - Incorporated by reference to Registration
                        Statement No. 2-89104.

                 10(c). Amendment dated December 13, 1989 to Lennar Corporation
                        Employee Stock Ownership Plan - Incorporated by
                        reference to Annual Report on Form 10-K for the year
                        ended November 30, 1990.

                 10(d). Lennar Corporation Employee Stock Ownership/401k Trust
                        Agreement dated December 13, 1989 - Incorporated by
                        reference to Annual Report on Form 10-K for the year
                        ended November 30, 1990.

                 10(e). Amendment dated April 18, 1990 to Lennar Corporation
                        Employee Stock Ownership/401k Plan - Incorporated by
                        reference to Annual Report on Form 10-K for the year
                        ended November 30, 1990.

                 10(f). Revolving Credit Agreement dated July 29, 1994 between
                        The First National Bank of Chicago, as agent, and Lennar
                        Corporation and certain subsidiaries - Incorporated by
                        reference to Annual Report on Form 10-K for the year
                        ended November 30, 1994.

                 10(g). First Amendment to Revolving Credit Agreement dated
                        January 31, 1995 amending the Revolving Credit Agreement
                        dated July 29, 1994 - Incorporated by reference to
                        Annual Report on Form 10-K for the year ended November
                        30, 1995.

                 10(h). Second Amendment to Revolving Credit Agreement dated
                        April 6, 1995 amending the Revolving Credit Agreement
                        dated July 29, 1994 - Incorporated by reference to
                        Annual Report on Form 10-K for the year ended November
                        30, 1995.

                 10(i). Amended and Restated Revolving Credit Agreement dated
                        March 13, 1996 between the First National Bank of
                        Chicago, as agent, and Lennar Corporation and certain
                        subsidiaries.

                 13.    Pages 18 through 39 of the 1996 Annual Report to
                        Stockholders.

                 21.    List of subsidiaries.

                 23.    Independent Auditors' Consents.

                 27.    Financial Data Schedule.

        (b)   Reports on Form 8-K filed during the quarter ended November 30,
              1996. None.

        (c)   The exhibits to this Report are listed in Item 14(a)3.

                                       11


<PAGE>

        (d)   The financial statement schedules required by Regulation S-X which
              are excluded from the Annual Report to Stockholders as permitted
              by Rule 14a-3(b)(1) are listed in Item 14(a)2.

                                       12

<PAGE>

                                   SIGNATURES

       Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Company has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                            LENNAR CORPORATION

Leonard Miller                              /s/      LEONARD MILLER
Chairman of the Board and President         ----------------------------------
                                            Date:  February 26, 1997

       Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the Company
and in the capacities and on the dates indicated:

             Principal Executive Officer:

Leonard Miller                              /s/      LEONARD MILLER
Chairman of the Board and President         ----------------------------------
                                            Date:  February 26, 1997

             Principal Financial Officer:

Allan J. Pekor                              /s/      ALLAN J. PEKOR
Financial Vice President                    ----------------------------------
                                            Date:  February 26, 1997

             Principal Accounting Officer:

James T. Timmons                            /s/      JAMES T. TIMMONS
Controller                                  ----------------------------------
                                            Date:  February 26, 1997

             Directors:

Charles I. Babcock, Jr.                     /s/      CHARLES I. BABCOCK, JR.
                                            ----------------------------------
                                            Date:  February 25, 1997

Irving Bolotin                              /s/      IRVING BOLOTIN
                                            ----------------------------------
                                            Date:  February 26, 1997

Robert B. Cole                              /s/      ROBERT B. COLE
                                            ----------------------------------
                                            Date:  February 26, 1997

Stuart A. Miller                            /s/      STUART A. MILLER
                                            ----------------------------------
                                            Date:  February 26, 1997

Arnold P. Rosen                             /s/      ARNOLD P. ROSEN
                                            ----------------------------------
                                            Date:  February 26, 1997

Steven J. Saiontz                           /s/      STEVEN J. SAIONTZ
                                            ----------------------------------
                                            Date:  February 26, 1997

                                       13

<PAGE>

INDEPENDENT AUDITORS' REPORT

To the Board of Directors  and Stockholders of
    Lennar Corporation

We have audited the consolidated financial statements of Lennar Corporation (the
"Corporation") as of November 30, 1996 and 1995, and for the years then ended,
and have issued our report thereon dated January 16, 1997; such financial
statements and report are included in your 1996 Annual Report to Shareholders
and are incorporated herein by reference. Our audits also included the financial
statement schedules of Lennar Corporation, listed in Item 14. These financial
statement schedules are the responsibility of the Corporation's management. Our
responsibility is to express an opinion based on our audits. In our opinion,
such financial statement schedules, when considered in relation to the basic
financial statements taken as a whole, present fairly in all material respects
the information set forth therein.

DELOITTE  & TOUCHE LLP
Certified Public Accountants
Miami, Florida

January 16, 1997

                                       14

<PAGE>

<TABLE>
<CAPTION>
         LENNAR CORPORATION AND CONSOLIDATED SUBSIDIARIES      SCHEDULE VIII

                        Valuation and Qualifying Accounts

                  Years ended November 30, 1996, 1995 and 1994

                                                                              ADDITIONS
                                                                     ----------------------------
                                                                       CHARGED        CHARGED
                                                        BEGINNING      TO COSTS    (CREDITED) TO                       ENDING
                     DESCRIPTION                         BALANCE     AND EXPENSES  OTHER ACCOUNTS    (DEDUCTIONS)      BALANCE
--------------------------------------------------   --------------- ------------- --------------    -------------    -----------
<S>                                                  <C>               <C>          <C>              <C>              <C>
Year ended November 30, 1996

   Allowances deducted from assets to which they
     apply:

       Allowances for doubtful accounts and notes
         receivable                                  $   2,372,000     1,202,000       97,000          (634,000)      3,037,000
                                                      ============     =========    =========        ==========       =========
       Deferred income and unamortized discounts     $     601,000       116,000     (116,000)             --           601,000
                                                      ============     =========    =========        ==========       =========
       Loan loss reserve                             $   3,730,000     2,490,000      896,000        (1,276,000)      5,840,000
                                                      ============     =========    =========        ==========       =========
       Valuation allowance                           $   1,286,000     3,341,000         --          (1,882,000)      2,745,000
                                                      ============     =========    =========        ==========       =========

Year ended November 30, 1995

   Allowances deducted from assets to which they
    apply:

       Allowances for doubtful accounts and notes
         receivable                                  $   1,528,000     2,209,000        1,000        (1,366,000)      2,372,000
                                                      ============     =========    =========        ==========       =========
       Deferred income and unamortized discounts     $   2,361,000         --        (681,000)       (1,079,000) (A)    601,000
                                                      ============     =========    =========        ==========       =========
       Loan loss reserve                             $   3,534,000     1,271,000         --          (1,075,000)      3,730,000
                                                      ============     =========    =========        ==========       =========
       Valuation allowance                           $       --        1,581,000         --            (295,000)      1,286,000
                                                      ============     =========    =========        ==========       =========

Year ended November 30, 1994

   Allowances deducted from assets to which they
     apply:

       Allowances for doubtful accounts and notes
         receivable                                  $   1,323,000     1,091,000      (66,000)         (820,000)      1,528,000
                                                      ============     =========    =========        ==========       =========
       Deferred income and unamortized discounts     $   1,261,000         --       1,137,000  (B)      (37,000) (A)  2,361,000
                                                      ============     =========    =========        ==========       =========
       Loan loss reserve                             $   3,595,000       472,000         --            (533,000)      3,534,000
                                                      ============     =========    =========        ==========       =========

<FN>
                   Notes:
                   (A) Amortization of discounts and recognition of deferred income.
                   (B) Includes discounts on mortgages purchased.
</FN>
</TABLE>

                                       15

<PAGE>

<TABLE>
<CAPTION>
          LENNAR CORPORATION AND CONSOLIDATED SUBSIDIARIES       Schedule XI

                  Real Estate and Accumulated Depreciation (D)

                          Year ended November 30, 1996

                                                         COSTS CAPITALIZED
                                  INITIAL COST             SUBSEQUENT TO                GROSS AMOUNT AT WHICH
                                   TO COMPANY               ACQUISITION               CARRIED AT CLOSE OF PERIOD
                              ----------------------   ----------------------    ------------------------------------
                                        BUILDING AND                CARRYING                                         
 DESCRIPTION     ENCUMBRANCES   LAND    IMPROVEMENTS   IMPROVEMENTS   COSTS       LAND(A)    BUILDINGS(A)   TOTAL(C) 
--------------   ------------ --------- ------------   ------------ ---------    ----------  ------------  ----------
<S>              <C>         <C>        <C>             <C>         <C>          <C>         <C>          <C>        
Rental
  apartment
  property:
  Dade County,
  Florida        $21,032,000  1,872,000   9,063,000      4,623,000    360,000     2,046,000   13,872,000   15,918,000
Rental office
  property:
  Dade County,
  Florida         16,839,000  1,779,000       --        13,577,000  1,959,000     4,319,000   12,996,000   17,315,000
Hotel:
  Broward
  County,
  Florida             --      1,000,000   3,478,000      8,850,000    367,000     1,367,000   12,328,000   13,695,000
Rental
  apartment
  property:
  Dade County,
  Florida             --      3,526,000   9,999,000          --         --        3,526,000    9,999,000   13,525,000
Rental office
  property:
  Orange
  County,
  California          --      3,839,000  15,356,000          --       120,000     3,862,000   15,453,000   19,315,000
Rental office
  property:
  Fulton
  County,
  Georgia         16,981,000  5,238,000  20,950,000        114,000      --        5,238,000   21,064,000   26,302,000
Other
  miscellaneous
  properties
  which are
  individually
  less than 5%
  of total        33,770,000 39,870,000  77,894,000     23,697,000  2,191,000    43,684,000   99,968,000  143,652,000
                 ----------- ---------- -----------     ----------  ---------    ----------  -----------  -----------
                 $88,622,000 57,124,000 136,740,000     50,861,000  4,997,000    64,042,000  185,680,000  249,722,000
                 =========== ========== ===========     ==========  =========    ==========  ===========  ===========
</TABLE>

RESTUBBED TABLE CONTINUED FROM ABOVE

<TABLE>
<CAPTION>
                                      DATE OF
                   ACCUMULATED     COMPLETION OF    DATE
 DESCRIPTION      DEPRECIATION(B)   CONSTRUCTION  ACQUIRED
--------------    ---------------  -------------  --------
<S>                <C>                <C>          <C>
Rental
  apartment
  property:
  Dade County,
  Florida           9,631,000          1979         1977
Rental office
  property:
  Dade County,
  Florida           2,852,000         Various       1980
Hotel:
  Broward
  County,
  Florida           2,709,000         Various       1987
Rental
  apartment
  property:
  Dade County,
  Florida           1,873,000         Various       1991
Rental office
  property:
  Orange
  County,
  California          825,000          1989         1994
Rental office
  property:
  Fulton
  County,
  Georgia             447,000          1973         1996
Other
  miscellaneous
  properties
  which are
  individually
  less than 5%
  of total         14,996,000         Various      Various
                   ----------
                   33,333,000
                   ==========

<FN>
          Notes:
          (A) Includes related improvements and capitalized carrying costs.
          (B) Depreciation is calculated using the straight-line method over the
              estimated useful lives which vary from 15 to 40 years.
          (C) The aggregate cost of the listed property for federal income tax
              purposes was $195,916,000 at November 30, 1996.
          (D) The listed real estate includes operating properties completed or
              under construction. Real estate inventories held for resale in the
              ordinary course of business have been excluded from this schedule.
          (E) Reference is made to Notes 1, 8 and 9 of the consolidated
              financial statements.
          (F) The changes in the total cost of investment properties and
              accumulated depreciation for the years ended November 30, 1996,
              1995 and 1994 are as follows (in thousands):
</FN>
</TABLE>

                                           1996         1995        1994
                                        -----------  -----------  ----------
Cost:
   Balance at beginning of year       $    214,910      215,856     175,144
   Additions, at cost                       40,045        7,103      53,340
   Accounting change                            --           --       7,482
   Cost of real estate sold                 (9,051)      (8,304)    (11,802)
   Transfers                                 3,818          255      (8,308)
                                        -----------  -----------  ----------

      Balance at end of year          $    249,722      214,910     215,856
                                        ===========  ===========  ==========

Accumulated depreciation:
   Balance at beginning of year       $     29,646       26,423      22,508
   Depreciation and amortization
     charged against earnings                5,572        5,292       4,338
   Accounting change                            --           --         165
   Depreciation on real estate sold         (1,885)      (2,069)       (351)
   Depreciation on transfers                    --           --        (237)
                                        -----------  -----------  ----------

      Balance at end of year          $     33,333       29,646      26,423
                                        ===========  ===========  ==========

                                       16

<PAGE>

                               LENNAR CORPORATION

                                   EXHIBITS TO

                                    FORM 10K

                  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                   OF THE SECURITIES AND EXCHANGE ACT OF 1934

                       FISCAL YEAR ENDED NOVEMBER 30, 1996


<PAGE>

                                INDEX TO EXHIBITS

                                    EXHIBITS

3(a).   Certificate of Incorporation - Incorporated by reference to Registration
        Statement No. 2-36239 and definitive proxy statements dated February 29,
        1980, March 6, 1985, March 24, 1987, March 1, 1989 and March 1, 1994.

3(b).   Bylaws - Incorporated by reference to Annual Report on Form 10-K for
        the year ended November 30, 1989.

10(a).  Lennar Corporation 1991 Stock Option Plan - Incorporated by reference to
        Registration Statement No. 33-45442.

10(b).  Lennar Corporation Employee Stock Ownership Plan and Trust - 
        Incorporated by reference to Registration Statement No. 2-89104.

10(c).  Amendment dated December 13, 1989 to Lennar Corporation Employee Stock
        Ownership Plan - Incorporated by reference to Annual Report on Form 10-K
        for the year ended November 30, 1990.

10(d).  Lennar Corporation Employee Stock Ownership/401k Trust Agreement dated
        December 13, 1989 - Incorporated by reference to Annual Report on Form
        10-K for the year ended November 30, 1990.

10(e).  Amendment dated April 18, 1990 to Lennar Corporation Employee Stock
        Ownership/401k Plan - Incorporated by reference to Annual Report on Form
        10-K for the year ended November 30, 1990.

10(f).  Revolving Credit Agreement dated July 29, 1994 between The First
        National Bank of Chicago, as agent, and Lennar Corporation and certain
        subsidiaries - Incorporated by reference to Annual Report on Form 10-K
        for the year ended November 30, 1994.

10(g).  First Amendment to Revolving Credit Agreement dated January 31, 1995
        amending the Revolving Credit Agreement dated July 29, 1994 -
        Incorporated by reference to Annual Report on Form 10-K for the year
        ended November 30, 1995.

10(h).  Second Amendment to Revolving Credit Agreement dated April 6, 1995
        amending the Revolving Credit Agreement dated July 29, 1994 -
        Incorporated by reference to Annual Report on Form 10-K for the year
        ended November 30, 1995.

10(i).  Amended and Restated Revolving Credit Agreement dated March 13, 1996
        between the First National Bank of Chicago, as agent, and Lennar
        Corporation and certain subsidiaries.

13.     Pages 18 through 39 of the 1996 Annual Report to Stockholders.

21.     List of subsidiaries.

23.     Independent Auditors' Consents.

27.     Financial Data Schedule.