Chapter 7/8 Flashcards
An ____________ is an owner’s interest in a property in which two or more parties share ownership.
Undivided interest
possession. If the interest-holder enjoys the right of possession, the party is considered to have an _____________.
Estate in land
If a private interest-holder does not have the right to possess, the interest is an _________________.
Encumbrance
If the interest-holder is not private, such as a government entity, and does not have the right to possess, the interest is ______________.
Some form of public interest
The prime example of public interest is ___________, or the right of the local or county government to zone.
Police power
______________ is when the power of the government, or a public utility such as the power company, takes private property for public use.
Eminent domain
3 reasons the government may not take private property:
1) the taking confers a private benefit on a particular private party.
2) the taking is for a public use that is merely a pretext to confer a private benefit on a private party
3) the taking is for economic development purposes, unless the economic development is a secondary purpose resulting from municipal community development or urban renewal activities to eliminate slum or blighted areas.
_____________ is also utilized as a charge on a particular piece of real estate to raise funds in order to meet the public needs of a government.
Taxation
____________ is when an owner dies and there is no heir to will the property to.
Escheat
________________ gives a government entity the ability to fulfill its responsibility to provide for the health, safety and welfare of the public. The exercise of this power must always be in the best interest of the public; however, the exercise of this power may restrict some of the fundamental freedoms of the people.
Police power
Examples of police power:
Zoning ordinances, building codes, subdivision regulations, eminent domain, environmental restrictions
True or false: Property owners who are affected by the exercise of police power are often not compensated for the imposed restrictions and loss of use of their property that can result form the exercise of this power.
True - It is always believed that if restrictions are imposed, they are for the health, safety and welfare of the public.
True or false: Property tax liens typically take priority over any other liens.
True
Property which is owned by the government, a government agency or a non-profit association is exempt from ____________________.
Payment of property taxes
Another form of control through taxation results when __________________ are put in place to enable areas or neighborhoods to pay for particular improvements
Special assessments - These assessments are not permanent; they typically run for just a few years.
If a property owner dies with a valid will in place it is called ________.
Estate
If the property owner dies without a valid will, it is called ___________.
Intestate
If a person dies with no heirs and no one qualified to receive the property, the state will use the power of ________ to claim the property.
Escheat
__________________ is defined as government ownership of lands, streets, public buildings, utilities, and other business enterprises.
Public ownership
_______________ allows a government entity to purchase a fee, leasehold, or easement interest in privately owned real property for the public good and for public use, regardless of the owner’s desire to sell or otherwise transfer any interest. In exchange for the interest, the government must pay the owner “just compensation.”
Eminent domain
With eminent domain, to acquire a property, the public entity initiates a _______________.
Condemnation suit
What does a condemnation suit accomplish?
Transfer of title extinguishes all existing leases, liens, and other encumbrances on the property.
Public entities that have the power of eminent domain include:
All levels of government
School districts
Public utilities
Public service corporations (power companies, etc.)
Public housing and redevelopment agencies
Railroads
To acquire a property, the public entity must first adopt a formal resolution to acquire the property, variously called a _________________.
Resolution of necessity