Mod 3 - Property Interests & Rights; Types of Ownership Flashcards
A system of land ownership from the 13th century and before in which all land was owned by the king who merely allowed people to use the land in exchange for their services
Feudal System
System of land ownership in which individuals were only tenants with limited rights of use and the king had title to all land
Feudal System
A system which recognizes the principle that land is owned by individuals, free of any proprietary control of the land
Allodial System
A system which recognizes the right of individuals to the free ownership of land
Allodial system
a system of land ownership that includes a package of rights for land owners known as the bundle of rights
Allodial system
An ownership theory which groups together all possible benefits and rights to ownership
Bundle of rights
What are the four broad categories of the Bundle of Rights
PoCoEnDi(e)
Possession, Control, Enjoyment, Disposition, Devise
What are the four government restrictions enforced for the mutual welfare of the community
PETE
Police Power, Eminent Domain, Taxation, Escheat
The government’s right to enact and enforce laws that may restrict the use of property, without compensation to the owner, for the health, morals, safety and general welfare of other citizens. Ex: zoning laws and building codes
Key words: laws, use
Police Power
The right the government has to take privately owned property with just compensation paid to the owner for some worthwhile public use. The owner must be paid the fair market value of the property in return for giving up ownership
Key words: right or power
Eminent Domain
T or F: Eminent Domain is without compensation to the owner
F
In Eminent Domain, The owner must be paid the fair market value of the property in return for giving up ownership. However, in Police power, there is no compensation.
The process of taking private property, with just compensation to the owner, for some public use by some branch of government under their power of eminent domain
Condemnation
What is the legal proceeding involved in eminent domain?
Condemnation proceeding
A charge of money imposed upon persons, property, or business for public purposes
Taxation
The reversion of property to the state when a person dies intestate and without heirs capable of inheriting the property. May also occur when property is abandoned
Escheat
What government right prevents a property from becoming ownerless
Escheat
Without a will
Intestate
The rights to any and all minerals laying beneath the surface.
mineral rights or subsurface rights
The right to use the air space over a parcel of land
air rights
Land, its improvements (including mineral rights and air rights) and bundle of rights
Realty
Real estate
Real property
The interest, degree, nature, quantity and extent of one’s legal interest and rights in real estate. Legal or possessory right
Estate
What are the two types of estates?
Freehold estate and leasehold estate (non freehold)
Any possessory interest a person has in a land, whether it be absolute or conditional ownership or temporary possession
Estate
An estate for an indefinite and uncertain period of time, and not less than for a lifetime
Freehold Estate