Property Ownership 1

Question 0

Ownership interest in property is called a ________ estate

Answer 0

Freehold

Question 1

The two types of estates in land are________ estates and estates ________

Answer 1

Freehold and less than freehold estates

Question 2

An interest in land which is held for a lifetime or longer is called

Answer 2

Freehold estate

Question 3

Rental interest in property is called

Answer 3

Estate less than freehold

Question 4

An interest in land which is held for less than a lifetime is called an

Answer 4

Estate less than freehold

Question 5

An estate less than freehold is

Answer 5

Personal property

Question 6

An individual’s rights in land are limited by the rights of________

Answer 6

The government

Question 7

The government’s right to take land for the public’s good is called

Answer 7

Eminent domain

Question 8

The process used to acquire property under the right of eminent domain is called

Answer 8

Condemnation

Question 9

Property taken by the government under eminent domain must be used for

Answer 9

Public use or the good of the public

Question 10

Before property can be taken through condemnation under eminent domain, the government must

Answer 10

Attempt to buy the property

Question 11

When property is taken through condemnation the owner is entitled to

Answer 11

Compensation

Question 12

The right of the government to impose taxes on land is called the right of

Answer 12

Taxation

Question 13

The right of the state to assume ownership of property when the owner does not have a valid will or heirs is called

Answer 13

Escheat

Question 14

The right of the state to assume ownership of the property when it is abandoned is called

Answer 14

Escheat

Question 15

The state may not exercise its powers of escheat when an individual

Answer 15

Fails to pay taxes on time

Question 16

What are the rights of the government

Answer 16

Police power
Eminent domain
Escheat

Question 17

The “rights of ownership” is the definition of

Answer 17

Property

Question 18

The rights to use, possess, enjoy, and dispose of something are the rights of

Answer 18

Ownership

Question 19

The rights of ownership of property are often referred to as the ______

Answer 19

Bundle of rights

Question 20

The two types of property are

Answer 20

Real property and Personal Property

Question 21

Land, and all that is attached to it is referred to as

Answer 21

Real property

Question 22

Offices and shopping centers are considered

Answer 22

Commercial property

Question 23

Schools and parks are considered

Answer 23

Special use property

Question 24

Any property that can be moved is called

Answer 24

Personal property

Question 25

The main characteristic of most personal property that distinguishes it from real property is that personal property is

Answer 25

Movable

Question 26

Rights of real property that are held for less than a lifetime are called

Answer 26

Personal property

Question 27

The rights of a tenant under a lease of real property are classified as

Answer 27

Personal property

Question 28

The system in which individuals can own land for their own lifetime but cannot pass it on to their heirs is

Answer 28

Feudal system

Question 29

The system in which individuals can own land for their own lifetime as well as pass it on to heirs is

Answer 29

Allodial system