Flashcards in chapter 7 and 8 Deck (76)
what is police power?
every state has the power enact legislation to preserve order, protect the public health and safety and promote the general welfare of it citizens
What does state power have?
like the rights of ownership, the state power to regulate land is not absolute. the law must be uniform and nondiscriminatory, that is they not operate to the advantage or disadvantaged of particular owed
what is eminent domain?
is the right of the government to acquire privately owned real estate for public use
what is condemnation?
is the process by which the government exercise this right, by either judicial or administrative proceeding. in the taking of property, just compensation must be paid to the owner and the right of the property owner must be protected by process of law
what is taxation?
is charge on real estate to raise fund to meet the public need of the government.
what is escheat?
is process by which the state may acquire privately owned real or personal property
what is estate in land?
defines the degree, quantity, nature of an owner's interest in real property
what is free hold estate?
last for indeterminable length of time, such as for a lifetime or forever
what is lease hold estate?
las for fixed period of time
what is fee simple estate?
are unlimited duration, they are said to run "forever". upon the death of the owner, a fee simple passes to the owner heirs. a fee simple estate is also referred to an estate of inheritance
what is simple absolute?
is the highest interest in real estate recognized by law.
what is fee simple defeasible?
is qualified estate- that is subjected to occurrence of some specified event
what are the two categories for fee simple defeasible?
two categories are those subjected to the conduction subsequent or fee simple determinable
Can fee simple defeasible be inheritable?
this may be inherited. this estate is qualified by a special limitation. the language used to distinguish a special limitation- word as so long as or while during
what is life estate?
is free hold estate limited in duration to the life of the owner.
Is a life estate inheritable?
No, it is not inheritable it passes to further owner according to the prearrange provisions of the life estate
how is conventional life estate created?
by the owner
what is pur autre vie?
a life estate also may be based on the lifetime of person other than the life tenant
what is legal life estate?
is not created by an owner, rather, it is a form of life estate established by set law. it become effective automatically when certain events occur. downer, curtesy, and homestead right are the legal life setae current used in many states
what is downer?
is the life estate that wife has in the real estate of deceased
what is curtesy?
is an identical interest that a husband has in the real estate of his decease wife
what is homestead right?
is legal life estate occupied as the family home. the home is protected unsecured creditor during the occupant's lifetime
under homestead right, in IL what does the single and married couple get?
15,000 for single person and 30,000 for married couple. this extends to all types of residential property
what is encumbrance?
is claim liability that attaches to real property
what is a lien?
is charge against property that provides security for a dept or an obligation of the property owner
what is deed restrictions?
are private agreement that affect land use. Once place in the deed by previous owner, they "run with the land", limiting the sue of the property and binding to all grantees
what is covenants, conductions and restriction on property?
are private agreement that affect land use typically imposed by a developer or subdivider to maintain specific standard in subdivision.
what is a easements?
is the right to use the land of another for particular purpose.
what is appurtenant easements?
is attached to the ownership of one parcel and allows the owner the use of a neighbor's land. For appurtenant easement to exist, two adjacent parcels of land must be owned by two different parties