Chapter 10 "Interest in Real Estate"

Question 1

Police Power

Answer 1

This is the power vested in a state to established legislation to preserve order; to protect the public health’ safety, and morals; and to promote the general welfare.

Question 2

Eminent Domain

Answer 2

The power of a government or a public entity such as a utility or railroad company to take private property for a public use.

Question 3

Four Governmental Powers

Answer 3

PETE: Police Power, Eminent Domain, Taxation, and Escheat

Question 4

Freehold Estate

Answer 4

Last for a lifetime and can be passed on to their heirs if there is a will stating so.

Question 5

Fee Simple Estate

Answer 5

Complete Ownership: highest type of interest in real estate recognized by law.

Question 6

Conventional Life Estate

Answer 6

Ownership limited to the life of the owner or another designated person.