Barney Fletcher Ch.2 Questions with 100%
Correct Answers
Police Power
1. zoning
2. building codes
3. health and safety regulations
Eminent Domain
1. government takes private property for public use
2. Owner receives just compensation
Taxation
1. Government can tax real estate
2. failure to pay taxes can result in a tax lien or tax sale
Escheat
if someone dies without a will and without heirs, property goes to state
Fee Simple Absolute
Highest ownership interest
Life estate
Ownership lasts for someones lifetime
Leasehold estate
Tenant has the right to possess, not own
Tenancy in common
, no right of survivorship
Joint tenancy
1. right of survivorship
2. equal ownership interests
Ownership in Severalty
One owner only
lien means
a legal claim against property to secure payment of a debt
Voluntary liens
owner agrees to them
EX. Voluntary Liens
mortgages, home equity loans
Involuntary liens
placed without the owners consent
EX. involuntary liens
property tax liens, mechanic lien, judgment lien
Easements
the right to use another persons land for a specific purpose
Easement Appurtenant
Correct Answers
Police Power
1. zoning
2. building codes
3. health and safety regulations
Eminent Domain
1. government takes private property for public use
2. Owner receives just compensation
Taxation
1. Government can tax real estate
2. failure to pay taxes can result in a tax lien or tax sale
Escheat
if someone dies without a will and without heirs, property goes to state
Fee Simple Absolute
Highest ownership interest
Life estate
Ownership lasts for someones lifetime
Leasehold estate
Tenant has the right to possess, not own
Tenancy in common
, no right of survivorship
Joint tenancy
1. right of survivorship
2. equal ownership interests
Ownership in Severalty
One owner only
lien means
a legal claim against property to secure payment of a debt
Voluntary liens
owner agrees to them
EX. Voluntary Liens
mortgages, home equity loans
Involuntary liens
placed without the owners consent
EX. involuntary liens
property tax liens, mechanic lien, judgment lien
Easements
the right to use another persons land for a specific purpose
Easement Appurtenant
