Chapter 7: Interest In Real Estate

Front 1

governmental powers

Back 1

PETE

police power

eminent domain

taxation

escheatment

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police power

Back 2

the governments right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect public health, safety and welfare.

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eminent domain

Back 3

the right of the government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner

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taxation

Back 4

the process by which a government or municipal quasi-public body raises monies to fund its operations

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escheatment

Back 5

the reversion of property to the county (in IL) in cases where a descendent dies intestate without heirs capable of inheriting, or when the property is abandoned.

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condemnation

Back 6

is the actual process of taking the property through eminent domain.

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quick-take

Back 7

a summary proceeding permitted in Illinois law in which a plaintiff/condemnor may obtain immediate fee simple title to the real property, including the rights of possession and use.

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freehold estate

Back 8

last for an indeterminate length of time, such as for a lifetime or forever.

include fee simple (or indefeasible fee), defeasible fee, and life estates.

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fee simple absolute

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estate of inheritance, highest interest in real estate recognized by law. absolute ownership.

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fee simple defeasible (defeasible fee)

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is subject to the occurrence or nonoccurrence of some specified event. Two categories of defeasible estate exists; those subject to a condition subsequent or by a fee simple determinable.

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Leasehold estate

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last for a fixed period of time. They include estate for years and estates from period to period.

also includes estates at will and estates at sufferance.

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condition subsequent

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The new owner must not perform some action or activity. The former owner retains the right of reentry so that is the condition is broken, the former owner can retake possession of the property through legal action.

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fee simple determinable

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a fee simple defeasible estate that may be inherited. words such as "so long as", "while" or "during". The former owner retains the right of reverter.

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life estate

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a freehold estate limited in duration to the life of the owner or the life of some other designated person or persons.

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life tenant

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is entitled to the rights of ownership and can benefit from both possession and ordinary use and profits arising from ownership, just as if the individual held a fee simple interest.

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Dower

Back 16

the life estate that a wife has in the real estate of her deceased husband.

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Curtesy

Back 17

the life estate that a husband has in the real estate of his deceased wife

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Accretion

Back 18

increases in the land resulting from the deposit of soil by water's action. such deposits are called alluvion or alluvium

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Reliction

Back 19

if water recedes, new land is acquired.

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erosion

Back 20

the gradual and imperceptible wearing away of land by natural forces such as wind, rain, and flowing water.

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avulsion

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the sudden removal of soil by an act of nature.