Chapter 8 Flashcards
Land, including things under the land (like minerals and oil), and things permanently attached to the land (like buildings, homes, structures)
Real Property
Moveable, weighable objects (like cars, computers, boats, airplanes, clothing)
Personal Property
A legal interest in real or personal property that is filled by a creditor when they are owed money by the property owner.
Lien
Example of Lien
If you own a vehicle and you finance all or some of that vehicle with a bank, the bank will file a lien on your vehicle until you pay it off. The vehicle is the bank’s security that you will pay back the money they loaned you. If you don’t pay it back, they will repossess the car.
Power of the government (or legal condemning agency like a utility company) to take private property for public use without the consent of the owner.
Eminent Domain
Example of Eminent Domain
12 private homes are in the way of a road that must be expanded to accommodate public use. The state government can legally take the property [for just compensation] via eminent domain if no agreement to purchase the property is reached first.
Example of Eminent Domain
A utility company needs to run underground utility lines on your property. It can claim easement rights to access your yard and dig without your permission in order to lay the lines.
Right to use someone’s land for specific purpose. Sometimes require payment, other times not.
Easement
Example of Easement
A utility company needs to run underground utility lines on your property. It can claim easement rights to access your yard and dig without your permission in order to lay the lines.
Police Powers by State and Local Governments
(1) Zoning Ordinance
(2) Regulatory Taking
State and local governments can regulate and control activities on private property that deal with the general welfare.
Zoning Ordinance
Example of Zoning Ordinance
Through zoning ordinance, governments can control land use and determine what areas are zoned for residential (housing) vs commercial (business) use.
Example of Zoning Ordinance
Governments can dictate how close registered sex offenders can live to schools.
When government regulations limit a private party’s personal land use, effectively depriving them of all economically reasonable use of the property.
Regulatory Taking
When a regulation causes the value of property to be completely destroyed, the government must pay the value of the property owner just compensation. Complete destruction = FMV.
Regulatory Taking