CHAMPIONS - PRINCIPLES OF REAL ESTATE 1 - CHAPTER 3: INTERESTS IN REAL ESTATE QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS

CHAMPIONS - PRINCIPLES OF REAL ESTATE 1 -
CHAPTER 3: INTERESTS IN REAL ESTATE
QUESTIONS AND ANSWERS WITH COMPLETE
SOLUTIONS


Allodial System - ANSWER The system of land ownership where anyone
can own land.


PETE (perfectly executed timing edition) - ANSWER - Government's 4
rights in land:
- Police Power
- Eminent Domain
- Taxation
- Escheat


Police Power - ANSWER Right of the government to regulate and control
the way land is used
- zonging


Eminent Domain - ANSWER - condemnation

, - right of government to take private land for public use


Taxation - ANSWER the levying of tax on real property


Escheat - ANSWER If a person dies intestate (without a will) and without
heirs, the government will take title to his real property under the right
of _____.


Freehold Estate - ANSWER - an individual owns real property
- An estate in real property which continues for an indefinite period of
time.
- Fee Simple (indefeasible)
- Fee Simple Defeasible (condition must be met)
- Life Estate


Fee Simple - ANSWER - The highest interest in real estate recognized by
the law; the holder is entitled to all rights to the property.
- indefeasible
- Freehold


Fee Simple Defeasible - ANSWER An estate which may be lost on the
occurrence or nonoccurrence of a specified event.