Property Ownership, Transfer of Title & Land Use 7 Flashcards Preview

Real Estate Module 1-9 > Property Ownership, Transfer of Title & Land Use 7 > Flashcards

Flashcards in Property Ownership, Transfer of Title & Land Use 7 Deck (7)
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1
Q

What do Police Powers state?

A

States and local governments can enact legislation to protect the public’s health, safety, and general welfare.

2
Q

Examples of Police Powers

A

Zoning ordinances

Building codes

Environmental protection laws

Other regulations

3
Q

What is Eminent Domain?

A

Eminent domain is the right of the government to take privately owned real estate for public use and for public benefit.

4
Q

What is the process by which the privately owned real estate is “taken” is called?

A

Condemnation

5
Q

What is Inverse condemnation?

A

Inverse condemnation is when the government takes private property but fails to pay compensation.

6
Q

What is Taxation?

A

A Tax is a charge on real estate to raise funds to meet the costs of government operations.

7
Q

What is Escheat?

A

This process provides that the ownership of real estate (and personal property) will revert to the state (or county) in which it is located when its former owner dies without a will (intestate) and has no heirs capable of being discovered by the state.

The spirit of this power is that no personal or real property will be abandoned becoming a hazard to the public.

Decks in Real Estate Module 1-9 Class (35):