Chapter 10 "Interest in Real Estate" Flashcards Preview

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Flashcards in Chapter 10 "Interest in Real Estate" Deck (6)
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Police Power

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.


Eminent Domain

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


Freehold Estate

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.


Conventional Life Estate

Ownership limited to the life of the owner or another designated person.