Texas Real Estate Principles 2

TEXAS REAL ESTATE PRINCIPLES 2 Public restrictions Use of real property are those associated with government’s intervention Eminent domain Power given to government agencies to take private property for public use or purpose Taxation Right of the government to tax the owners of private property to raise revenue for both general purposes and special assessments, which have a defined purpose Escheat Process by which private property reverts to the government when the owner dies without heirs and without a will (intestate) Police power Government's authority to regulate the health, safety, welfare, and morals of its citizens Power of eminent domain Permits the government to take private property under from an owner for the public good, paying fair market value (just compensation) Physical taking When the government actually takes and occupies private land for what is indisputably a public purpose, such as building a public building or establishing a public road or utility easement Regulatory taking When the government does not physically take private real property, but places an excessive amount of restrictions on the use that can be made of land Comprehensive plan Official public document that acts as a long-range, general guide for growth and development Zoning Regulation by a municipality of the use of land located with the municipality's corporate limits as well as the regulation of the buildings and structures located thereon Height limits State how tall the building can be above the average grade