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18 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Land includes what type of characteristics? |
1) Economic 2) Physical |
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What is included in Economical Characteristics? |
- Relatively scarce - Improvements - Factors contributing to situs decision |
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What is involved in a Situs Decision? |
- Employment Opportunities - Cultural advantage - Gov structure - Social services - Transportation |
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What is included in Physical Characteristics? |
- Immobility (Location!!!) - Indestructibility (Land is forever) - Nonhomgeneity
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Interests in Land come from what 2 systems? |
1) Feudal System 2) Allodial System |
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What is the Feudal System? |
- Land/ownership protection - Robin Hood - King: Title holder - Knights/Lords: Tenants - Serfs: Subtenants |
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What is the Allodial System? |
Free ownerships of rights in land by individuals |
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The Allodial System is subject to what 4 powers of government? |
1) Police Power 2) Taxation 3) Eminent Domain 4) Escheat |
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What is Police Power? |
Anything contributing to health or safety |
Can sell; buyer wants to make sure seller stays alive, if seller dies the interest is gone |
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What is Eminent Domain? |
As long as serving the public |
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What is Escheat? |
- If I die, with no heirs & no will (intestate)... Land goes to state & they will sell it |
"Alcohol can not be served on the premises" |
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What are the Estates in Land? |
1) Freehold Estates 2) Conditional Fee/Determinable Fee 3) Leasehold Estate |
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Which Estate in Land has the highest interest? |
Freehold Estate |
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Which Estate in Land has a lower interest? |
Conditional Fee/Determinable Fee |
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What is a Freehold Estate? |
Fee Simple Interest (Absolute) - Has entire bundle of rights - Unlimited time - Leave in will/to heirs |
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What is Life Estate? |
- Limited to owner's lifetime - When I die, can't go to my heirs |
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What happens if you violate a condition in a Conditional Fee Estate? |
Land reverts back to the land owner (conversion) |
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What is Conditional Fee/Determinable Fee? |
- Deed: conveys title - Can place a condition in deed - Not entire bundle of rights |
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