property ownership 1
Terms
undefined, object
copy deck
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REAL PROPERTY - land and everything attached to it
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REAL PROPERTY includes the RIGHTS to_________ -
-the surface of the earth
-things permanently attached to the surface
-things beneath the surface
-the air above the surface -
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TYPES of REAL PROPERTY include________ -
-residential
-commercial
-industrial
-agricultural
-special purposes (schools,
cemeteries, hospitals,parks) -
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PERSONAL PROPERTY -
refers to:
>any property that can be moved
>rights in real property that are held for less than a lifetime, such as a lease -
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Name the 2 SYSTEMS of OWNERSHIP -
-FEUDAL system: land is owned by the sovereign, not by individuals; individuals may possess rights for their lifetime only;individuals may not hold an inheritable interest (this system has nearly vanished)
-ALLODIAL system:land may be owned by individuals;
individuals may hold an inheritable interest -
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Name the 2 CATEGORIES of INTERESTS in LAND -
1. Those held by individuals
2. Those held by government -
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An ESTATE IN LAND is______ -
-interests in land held by individuals;does not refer to the land itself or to the physical property of land
-The degree, quantity, nature, and extent of one's interest in the land.
-The measure of one's property rights in land -
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2 TYPES of ESTATES in LAND -
>FREEHOLD ESTATE
>LESS THAN FREEHOLD ESTATE -
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FREEHOLD ESTATE is______ -
-an ownership interest in land
-an interest in land which is held for a lifetime or longer
-Entitles the holder to both OWNERSHIP & POSSESSION -
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LESS Than FREEHOLD is_____ -
-also called LEASEHOLD ESTATE
-considered PERSONAL PROPERTY
-"rental" interest in land
-Held for LESS than a lifetime
-Entitles the holder to POSSESSION, but NOT ownership
-A "lease" constitutes an estate less than freehold -
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GOVERNMENT INTERESTS in LAND -
An individual's rights in land are limited by the rights of the government
-All private ownership is subject to 4 limitations by the govt:
>eminent domain
>taxation
>police power
>escheat -
po1 - govt. interests in land
2. RIGHT of TAXATION -
-Right of govt. to impose taxes on the ownership of land
*It provides the basis for the levying of "property taxes" at the local level -
po1 - govt. interests in land
3. POLICE POWER -
*The right of the govt. to make reasonable rules for the use of the land
-Police power provides the authority for such things as zoning restrictions,bldg. codes, & safety/health codes
NOTE: Police Power does not refer to the authority of the Police Dept. to enforce laws. -
po1 - govt. interests in land
4. ESCHEAT -
The right of the state to assume ownership of prop. when the owner dies without a valid will and without heirs, or when the prop. is abandoned
**Property ownership reverts to the state, not the fed.govt., under the rights of escheat.