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Real Estate Part 1 Unit 8
Terms in this set (35)
What is the allodial system of ownership and what does this system provide individuals?
The allodial system of ownership gives individuals the rights to own property without proprietary control by the government. It is one of the foundations under which the US was built.
What does P.E.T.E. stand for? Briefly explain each item.
Police Power: right of governments to make laws for good of all. Eminent Domain: government can buy property for public good from unwilling private owner. Taxation: government can collect funds to pay for public services. Escheat: government can claim ownership of property that has no legal owner.
Through what means does the government exercise its power and influence?
Legislature, planning and policymaking, regulation, exercise of police power, provision of services
What type of insurance is usually required by lender when a property is located in a Standard Flood Hazard Area?
Which policies are concerned with the control and supply of money for the purpose of assisting stability and growth in the economy?
Federal monetary policies
Which type of laws affects the activities of employers, workers, and labor unions?
Name the aspects of real property interests that are regulated by government.
the bundle of rights
Describe the kinds of interests regulated at each level of government. Federal: broad standards of usage, natural disaster, environment, discrimination, land description, lending
State: licensing, regional usage, ownership and inheritance
Local: specific land use control, taxation Judicial: case law and common law applications to ownership and use
What type of action requires the owner to accept a "fair value" for the property and lose all other benefits of ownership?
What right allows the State to take ownership of property left by an heirless and intestate deceased owner?
REGULATION OF REAL PROPERTY INTERESTS
areas regulated include: bundle of rights, legal descriptions, financing, insurance, inheritance, taxation
Police Power is the right of government to make laws for the good of all.
Eminent domain is the right of the government to take private property for a necessary public use, with just compensation paid to the owner.
Taxation is the right of the government to collect funds to pay for public services.
Escheat is the process of reversion of property to state ownership
grants overall rights of ownership
money and fiscal policies
labor, consumer protection, and environmental laws
loan assistance, HUD programs, and Fair housing and civil rights legislation
income and capital gains taxation
government agencies and services
controls broad usage standards
governs the real estate business and licensing
sets regional usage standards
state income taxation
development and tax incentives
eminent domain and escheat
applies case law and common law to disputes
levies real estate taxes
controls specific usage and zoning
building, health, occupancy codes
planning, schools, services
An owner can only develop a property for a use that is in accordance with
A government's police power is not the authority to enact laws for
Federal government-related agencies that affect how real estate markets operate do not include
Department of Consumer Affairs
A property that is taken by __________________ loses whatever value it had for future development by the current owner.
When a property is taken at the state or local level by___________ the owner must accept a "fair value" for the property, but loses all other benefits of ownership.
Which of the following is a role of state government in land use regulation?
Establishment of real estate license laws
What is characteristic of the allodial system of ownership?
Individuals own land directly.
The Equal Credit Opportunity Act and the Real Estate Settlement Procedures Act, which affect how the real estate business is transacted, are examples of what type of Federal level activity?
Consumer protection laws
Under ____________ law, a lender must require a borrower to obtain the proper amount of flood insurance before closing a loan backed by improved real property located in a Standard Flood Hazard Area if flood insurance is available.
Which level of government is the primary regulatory entities of the real estate business?
Which of the following is not included in local levels of government activity?
Zoning and building codes
Which of the following is a role of the federal government in land use regulation?
Establishment of broad standards of usage
States sometimes offer economic _________________ to businesses in the form of tax credits, special tax rates, rebates, and similar programs.
The judicial system exerts an influence on real estate ownership and use through decisions based on
case law and common law.
A state's right to take ownership of property left by an heirless and intestate deceased owner is called
At what level of government is the affect of services on value is most apparent?
A government's_____________ is the authority to enact laws to guard the safety and health of its citizens, maintain order and promote public interests.
All property in the United States is owned under the
The tax levy for _________ is one of the biggest items in most property tax bills.
Governmental activities at the state level that might affect the value of real property do not include
THIS SET IS OFTEN IN FOLDERS WITH...
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