Term
| Governmental Rights in land |
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Definition
| Police power, Eminent domain, Taxation, Escheat. Remember (PETE) |
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Term
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Definition
| Right to enact and enforce laws governing land. Determines how land can be developed thru zoning, planning, and building codes |
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Term
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Definition
Right to take private land for public use.
An example of involuntary alienation |
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Term
| (T/F)Tenants lease is terminated by the condemnation process (used by eminent domain) |
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Definition
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Term
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Definition
| the county where the property is located |
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Term
| (T/F)Real property taxes have priority over all other liens |
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Definition
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Term
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Definition
| Property taxes are (at assessed value) |
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Definition
| Charges against specific properties that benefit from public improvement (ex. sidewalks & street lamps) often charged on front footage |
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| (T/F) Special assessments have priority over other liens |
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Definition
| False- Ad valorem taxes have priority then special assessment |
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Term
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Definition
| Governments re-visionary right when a property is abandoned. exercised when an owner dies intestate(no will) and without heirs |
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Definition
| Assessed value x Tax rate |
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Term
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Definition
| actual value x assessment rate |
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Term
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Definition
| Degree of legal interest in or right in real property that allows or will allow possession. (Two types:Freehold estates & Leasehold) |
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Term
| Freehold estates establish ownership for (time wise) |
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Definition
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Term
| Leasehold estates establish possession for |
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Definition
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Term
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Definition
| (type of estate) complete bundle of rights. also known as fee estate or fee simple. Greatest control of property, lasts forever. |
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Term
| Types of freehold estates |
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Definition
| Fee simple absolute, Fee simple defeasible (determineable), and Life estate |
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Term
Tax rate expressed as part per 100 or part per 1,00(Mill rate)
NC=
National= |
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Definition
North Carolina / by 100
National / by 1000
(ex. Nc county tax rate is $.50 therefore $0.50 / 100 = .005[tax rate] because the property is in NC) |
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Term
| Fee simple Defeasible (determinable) |
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Definition
| also known as "qualified fee" May be a gift. If the deed is violated may revert back to grantor. Is Transferable and inheritable |
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Term
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Definition
| Life tenant(Grantee) is the owner (of life estate not property) Upon death of life tenant, estate returns to fee simple absolute and goes to the party named in the deed (either grantor or third party remainderman) |
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Term
| (T/F) Conventional Life estate is inheritable |
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Definition
| False- is transferable but not inheritable. LE may be measured by life of grantee or by life of another(pur autre vie) If Life tenant dies before the person who is being used as the measuring life the heirs of life tenant may inherit the property |
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Term
| (Leasehold estates) Statute of frauds |
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Definition
| All transfers of an interest(freehold or leasehold) in real estate must be in writing to be enforceable, except a lease of less than three years. |
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Term
| (Leasehold) Estate for years (termination) |
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Definition
| Specific termination date (no advanced notice required) Death of lessor or lessee does not terminate. Sale of property does not terminate |
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