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Exam (elaborations)

Oregon Principal Broker (100% VERIFIED)

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What is the Allodial System? correct answers The United States has adopted the allodial system of land ownership. The individual states also adopted the allodial system. The allodial system provides for individual ownership of property entitling that individual to enjoy the full rights of ownership which are only limited by a few rights retained by the government. Under the allodial system, the rights retained by the government are: The right to collect property taxes The right of eminent domain The right of police power The right of escheat What four rights are retained by the Govt. in the allodial system correct answers The right to collect property taxes The right of eminent domain The right of police power The right of escheat What is police power? correct answers The right of the government to enact laws and regulations to support and protect the public health, safety, morals, and general welfare is known as police power. Escheet correct answers When the owner of real property dies and has no heirs and doesn't leave a will, or when a real property is abandoned, the property reverts to the state through a process known as escheat (pronounced "es-cheet"). Escheat is a common law doctrine that transfers the property of individuals who die without heirs or a will back to the state so the property will not be left without ownership Real Property correct answers Real property is also referred to as realty, real estate, land, and immovable property. Real property includes the land itself and anything naturally attached to it and anything permanently attached by human effort. Appurtenances is ??? correct answers -tangible appurtenances -intangible appurtenances A tangible appurtenance can be seen, felt, and touched. These appurtenances that actually have a physical, material existence are known as corporeal. A house is an example of a corporeal appurtenance, Appurtenances that do not have a physical, material existence are known as incorporeal. A right given to an individual to travel over real estate owned by someone else is an example of an incorporeal appurtenance. Personal Property correct answers Personal property is also referred to as personalty, or chattel. While real property is immovable, personal property is movable and is anything that is not

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Oregon Principal Broker
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Oregon Principal Broker

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Uploaded on
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