Chapter 10 "Interest in Real Estate" Flashcards

1
Q

Police Power

A

This is the power vested in a state to established legislation to preserve order; to protect the public health’ safety, and morals; and to promote the general welfare.

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2
Q

Eminent Domain

A

The power of a government or a public entity such as a utility or railroad company to take private property for a public use.

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3
Q

Four Governmental Powers

A

PETE: Police Power, Eminent Domain, Taxation, and Escheat

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4
Q

Freehold Estate

A

Last for a lifetime and can be passed on to their heirs if there is a will stating so.

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5
Q

Fee Simple Estate

A

Complete Ownership: highest type of interest in real estate recognized by law.

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6
Q

Conventional Life Estate

A

Ownership limited to the life of the owner or another designated person.

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