Unit 7 Flashcards
Govenmental Powers
individual ownership rights limited for welfare of the community
Police Power
States authority passed to municipalities thru legislation called enabling acts
Eminent Domain
Right of government to acquire private real estate for public use.
Condemnation is process by which they exercise that right. Just compensation must be paid to owner
Quick Take in Illinois
summary proceeding in which plaintiff obtains immediate fee simple title, including possession and use
ex. highways, sanitary district remove obstructions from river, airports take land
Taxation
Charge on real estate to meet public needs of government
Escheat (revert)
State acquires private real or personal property when owner dies and leaves no heirs. in IL property escheats to the county where located
Land Estates
defines degree of an owners interest in real property
Freehold estates
last for a lifetime or forever. Fee simple, defeasible fee and life estates. Fee Simply and Defeasible continue forever and can be passed on to owners heirs
Life Estate
Based on lifetime of that person and ends when they die
Life Tenant
Entitles rights of ownership but they can’t injure (WASTE) property
Leasehold Estate
last for fixed period of time
Fee Simple Estate
last forever and pass to heirs or as stated in will. 2 kinds:
absolute - absolute ownership only limited by certain public and private restrictions ie. zoning
defeasible - subject to occurrence or nonoccurrence of a specified event
Condition Subsequent
Give land to hs, no alcohol use, if violated go to court and get rights back
Fee simple Determinable
a defeasible the may be inherited determined by special limitation ex. as long as…gets back without going to court. IL Max is 40 years
Conventional Life Estate
Created by deed or will and conveyed to life tenant
