Property Ownership 1

Front 1

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REAL PROPERTY

Back 1

land and everything attached to it

Front 2

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REAL PROPERTY includes the RIGHTS to_________

Back 2

-the surface of the earth
-things permanently attached to the surface
-things beneath the surface
-the air above the surface

Front 3

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TYPES of REAL PROPERTY include________

Back 3

-residential
-commercial
-industrial
-agricultural
-special purposes (schools,
cemeteries, hospitals,parks)

Front 4

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PERSONAL PROPERTY

Back 4

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

Front 5

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Name the 2 SYSTEMS of OWNERSHIP

Back 5

-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

Front 6

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Name the 2 CATEGORIES of INTERESTS in LAND

Back 6

1. Those held by individuals

2. Those held by government

Front 7

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An ESTATE IN LAND is______

Back 7

-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

Front 8

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2 TYPES of ESTATES in LAND

Back 8

>FREEHOLD ESTATE

>LESS THAN FREEHOLD ESTATE

Front 9

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FREEHOLD ESTATE is______

Back 9

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

Front 10

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LESS Than FREEHOLD is_____

Back 10

-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

Front 11

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GOVERNMENT INTERESTS in LAND

Back 11

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

Front 12

po1 - govt. interests in land

1. EMINENT DOMAIN

Back 12

*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

Front 13

po1 - govt. interests in land

2. RIGHT of TAXATION

Back 13

-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

Front 14

po1 - govt. interests in land

3. POLICE POWER

Back 14

*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.

Front 15

po1 - govt. interests in land

4. ESCHEAT

Back 15

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.