OWNERSHIP: SECTION 4, RIGHTS IN PROPERTY Flashcards
Name 4 GOVERNMENT RIGHTS & explain each.
1) TAXATION: Real Estate Taxes
2) POLICE POWER: To Keep Things In Order
3) EMINENT DOMAIN: The Right Of The Government To Take Private Property For Public Good
4) ESCHEAT: The Right Of The Government To Take Private Property Upon:
* Dying Intestate and having no will, without a will
* Abandonment: leaving; no paying of taxes
What is the difference between GOVERNMENT RIGHTS & PRIVATE RIGHTS?
GOVERNMENT RIGHTS are for the good of the community
Who is considered “THE GOVERNMENT”?
Name 6 entities.
1) Federal
2) State
3) Local
4) Schools
5) Railroads
6) Utilities
Describe “TAXATION”
REAL ESTATE TAXES
- On Real Property
- Money goes for schools, roads, ect…
- If not paid, government attaches property and sells it at a foreclosure sale
Describe “POLICE POWER”
- Used to keep things in order
- Zoning: for commercial & residential
- Building Codes: for safety
Explain “EMINENT DOMAIN”
The right of the government to take private property for Public Good
- Example: Taking land for public schools, or railroad
- Property Owners are paid fair market value
Define “CONDEMNATION”
The process used to take the property when the government exercises the right of EMINENT DOMAIN
Describe “ESCHEAT”
The right of the Government to take Private Property upon:
1) Dying Intestate and having no Will
2) Abandonment: leaving and not paying taxes
What is another word for “ESTATE”
POSSESSORY
Define “ESTATE”
The degree, quantity, nature and extent of ownership interest in Real Property
- POSSESSORY RIGHTS
Define “FREEHOLD ESTATES”
FREEHOLD ESTATES = OWNERSHIP
- What we usually think of as Ownership
- There is no definite ending date
- It’s for at least a lifetime
Define “LEASEHOLD ESTATES”
RENTING OR LEASING
- What we usually think of as Renting or Leasing
- It is for a definite period of time
- Limited duration
