Chapter 5 Flashcards
(37 cards)
4 Government powers
- police power
- eminent domain
- taxation
- escheat
Police power
states can enact legislation to preserve order and protect the public
Eminent domain
the government may acquire privately owned land for public use
Taxation
taxes are imposed to raise government funds
Escheat
ownership of real property may revert to the state when an owner dies with no will and no heirs
Estate in land
the degree, quantity, nature, and extent of an owner’s interest in real property
Freehold estates
this ownership interest lasts for an indeterminable length of time and can be passed along to heirs
Life estate
based on the lifetime of a person and terminates when that individual dies
Fee simple
An interest in property that allows its holder and his or her heirs to own and possess the property in perpetuity
2 estates of inheritance
- fee simple
- defeasible fee estates
2 types of life estates
- conventional life
- legal life estates
Conventional life
created by acts of the parties
Legal life estates
created by law
Defeasible fee estates
A fee simple interest that can be terminated by the occurrence or non-occurrence of an event or condition.
2 types of defeasible fee estate
- fee simple determinable
- fee simple subject to a condition subsequent
Fee simple determinable
A fee simple interest in property that is terminated automatically upon the occurrence or non-occurrence of an event or condition
Fee simple subject to a condition subsequent
A fee simple interest that can be terminated at the will of a future interest holder upon the occurrence or non-occurrence of an event or condition
Pur autre vie
a life estate may also be based on the lifetime of a person other than the life tenant
Dowery
the life estate that a wife has in real estate of her deceased husband
Curtesy
an identical interest that a husband has in the real estate of deceased wife
Encumbrance
a claim, charge, or liability that attaches to real estate
Liens
a monetary charge against a property that provides security for a debt or obligation of the property owner (EX: taxes, mortgages, judgments, and mechanics lien)
Deed restrictions
private restrictions that affect the use of the land
Easements
the right acquired by one person to use another’s real estate