Flashcards in Chapter 10 "Interest in Real Estate" Deck (6)
This is the power vested in a state to established legislation to preserve order; to protect the public health' safety, and morals; and to promote the general welfare.
The power of a government or a public entity such as a utility or railroad company to take private property for a public use.
Four Governmental Powers
PETE: Police Power, Eminent Domain, Taxation, and Escheat
Last for a lifetime and can be passed on to their heirs if there is a will stating so.
Fee Simple Estate
Complete Ownership: highest type of interest in real estate recognized by law.