Chapter 3 vocab Flashcards
A state ability to enact legislation to preserve order, protect the public health and safety, and promote the general welfare
Police power
The right of a government to acquire, privately owned real estate for public
Eminent domain
The process by which the government exercises it’s right of eminent domain
Condemnation
A charge imposed on real estate to responding for government services
Taxation
The automatic transfer of real property to the state when the owner dies without heirs or a will
Escheat
The degree quantity nature and extent of the owners interest in real property
Estate in land
A class of Estates in land that lasts for an indeterminable period of time
Freehold estates
A class of Estates in land, for which the length of time can be determined
leasehold estates
The highest interest in real estate recognized by law
Fee simple absolute
estate qualified, buy some action or activity that must or must not be performed
Fee simple defeasible
A notice filed in the public record of pending litigation affecting the title to property, or a claimed ownership interest in it
lis pendes
an estate based on the lifetime of a person other than a life tenant
Life estate pur autre vie
The person to whom property passes when a life estate ends
Remainderman
an interest in real estate that is not rise to the level of ownership or possession yet still give some degree of use or control of the property
Encumbrance
A charge against property that provide security for a debt or obligation of the property owner
lien
