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15 Cards in this Set

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  • Back
po1

REAL PROPERTY
land and everything attached to it
po1

REAL PROPERTY includes the RIGHTS to_________
-the surface of the earth
-things permanently attached to the surface
-things beneath the surface
-the air above the surface
po1

TYPES of REAL PROPERTY include________
-residential
-commercial
-industrial
-agricultural
-special purposes (schools,
cemeteries, hospitals,parks)
po1

PERSONAL PROPERTY
refers to:
>any property that can be moved
>rights in real property that are held for less than a lifetime, such as a lease
po1

Name the 2 SYSTEMS of OWNERSHIP
-FEUDAL system: land is owned by the sovereign, not by individuals; individuals may possess rights for their lifetime only;individuals may not hold an inheritable interest (this system has nearly vanished)
-ALLODIAL system:land may be owned by individuals;
individuals may hold an inheritable interest
po1

Name the 2 CATEGORIES of INTERESTS in LAND
1. Those held by individuals

2. Those held by government
po1

An ESTATE IN LAND is______
-interests in land held by individuals;does not refer to the land itself or to the physical property of land
-The degree, quantity, nature, and extent of one's interest in the land.
-The measure of one's property rights in land
po1

2 TYPES of ESTATES in LAND
>FREEHOLD ESTATE

>LESS THAN FREEHOLD ESTATE
po1

FREEHOLD ESTATE is______
-an ownership interest in land
-an interest in land which is held for a lifetime or longer
-Entitles the holder to both OWNERSHIP & POSSESSION
po1

LESS Than FREEHOLD is_____
-also called LEASEHOLD ESTATE
-considered PERSONAL PROPERTY
-"rental" interest in land
-Held for LESS than a lifetime
-Entitles the holder to POSSESSION, but NOT ownership
-A "lease" constitutes an estate less than freehold
po1

GOVERNMENT INTERESTS in LAND
An individual's rights in land are limited by the rights of the government
-All private ownership is subject to 4 limitations by the govt:
>eminent domain
>taxation
>police power
>escheat
po1 - govt. interests in land

1. EMINENT DOMAIN
*the right of the govt. to take private prop.for public use. It's 4 major features:
-must be for public use or for a use that is in the best interest of the public
-govt. must first attept to purchase the prop. from the owner
-If the prop. can't be purchased, it is then taken thru a process called CONDEMNATION
-The govt. must provide compensation to the owner for the prop. taken
po1 - govt. interests in land

2. RIGHT of TAXATION
-Right of govt. to impose taxes on the ownership of land
*It provides the basis for the levying of "property taxes" at the local level
po1 - govt. interests in land

3. POLICE POWER
*The right of the govt. to make reasonable rules for the use of the land
-Police power provides the authority for such things as zoning restrictions,bldg. codes, & safety/health codes
NOTE: Police Power does not refer to the authority of the Police Dept. to enforce laws.
po1 - govt. interests in land

4. ESCHEAT
The right of the state to assume ownership of prop. when the owner dies without a valid will and without heirs, or when the prop. is abandoned
**Property ownership reverts to the state, not the fed.govt., under the rights of escheat.