Chapter 7- Interest In Real Estate

Question 1

Memory Tip

Answer 1

Remember the four government powers are PETE:
-Police power
-Eminent domain
-Taxation
-Scheatment

Question 2

Police power

Answer 2

Every state has the power to enact legislation to preserve order, protect the public health and safety, and to promote the general welfare of it’s citizens.

Question 3

Eminent Power

Answer 3

Is the power of the government to acquire privately owned real estate for private or economic development purposes

Question 4

Condemnation

Answer 4

Is the process by which the government exercised this right, by either judicial or administrative proceedings (this is the actual process of taking the property)

Question 5

Taxation

Answer 5

Is a charge on real estate to raise funds to mee the public needs of a government

Question 6

Escheat

Answer 6

Is a process by which the state may acquire privately owned real or personal property. State laws provide for ownership to transfer, or escheat when the owner dies and leaves no heirs and also no will or living trust to tell how it should be distributed.

Question 7

Estate in land

Answer 7

Is the degree, quantity, nature and extent of an owners interest in real property.

Question 8

Freehold estates

Answer 8

Lasts for an i determinate length of time, such for a lifetime or forever.

Question 9

Leasehold states

Answer 9

Lasts for a fixed period of time. They include for years and estates from period to period

Question 10

Fee Simple Absolute

Answer 10

Estate is the highest interest in real estate recognized by law. Fee simple ownership is absolute ownership; the holder is entitled to all rights to the property. It is limited only by certain public and private restrictions, such as zoning and restrictive.

Question 11

Fee simple defeasible

Answer 11

Situation, ownership is dependent upon the buyer meeting specific conditions, which are clearly spelled out by the seller in the contract.If the buyer violates these conditions at any point, then the property could legally revert back to the seller or to a specified party. Ie religious property.

Question 12

VoIP contract

Answer 12

Is one that lacks all or one of the else that make a contract valid. The contract is valid…

Question 13

Voidable Contract

Answer 13

Is a legal agreement between two parties that may be unenforceable for any number of reasons.