Chapter 07 Flashcards
Police power
The states power to preserve order, protect the public health and safety, and promote general welfare
Condemnation
The process of the government exercising eminent domain
Escheat
The state or county taking real or personal property when someone dies without a will or legal heirs
Estate in land
The degree, quantity, nature and extent of an owner’s interest in real property.
Must be measured according to time
Freehold Estate
Last forever and can be passed down through generations
Estates
An ownership that can be transferred using a deed
Fee simple estate aka fee simple absolute
Ownership in which holder is entitled to all rights to the property.
The highest interest in real estate recognized by law.
Fee simple defeasible
An estate that is subject to occurrence or nonoccurrence.
- Fee simple determinable
- Fee simple subsequent
Fee simple determinable
Owner gives property and rights to person or organization as long as X is happening. If X stops happening, heirs can reclaim property without going to court
Fee and simple subject to condition subsequent
Owner gives property and rights to person or organization as long as X doesn’t happen. If X does happen, heirs can reclaim property but they must go to court
Future interest
A persons right and interest in real property that will not result in possession or enjoyment until sometime in the future
Life estate
An estate based o the lifetime of a person. Estate ends when person dies
Pur Autre Vie
A life estate that is based on the life of a third party and not the life of a tenant.
Often created for people who are physically or mentally incapacitated in the hope to create incentive for someone to take care of them
Remainder and Reversion
The fee simple owner who creates a life estate must plan for its future ownership when it ends. It’s then replaced with a fee simple ownership in one of two ways.
- Remainder interest
- Reversionary interest
Revisionary interest
When a life estate ends, the estate is said to revert to original owner