The policy is never based on property, it's based on rate. Some reservations (forgive me, I don't have an example off the top of my head, but I'll update next time I come across one) have cancellation policies that state a deposit will be taken at time of booking, without a 24-hour grace period. This is usually reserved for special events.

There is no "unspoken" 24-hour grace period, which I think this OP is implying. All cancellation policies are exactly as written.