Police powers, escheat, taxation and eminent domain are at the core of how governmental entities place restrictions and regulations on privately owned property. This video explains each of these in detail. You will need to know these Key Real Estate Terms for your real estate licensing exam:

(1) Police Powers – The right on the government to pass legislation that places controls, regulations, and restrictions on the use of private property.
(2) Escheat – Gives the right to the government to the estate of a decedent who has died intestate
(3) Taxation – “Ad Valorem Tax” an assessment on real property according to it’s market value
(4) Eminent Domain – The right of the government to take private property for the benefit of the public. “Just compensation” is required to the property owner.
(5) Intestate – A person who has died without a will
(6) Condemnation – The legal right under eminent domain to take private property for public benefit with just compensation

Best of luck with your studies…

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Paul Vojchehoske
Mr. Real Estate Seminars, Inc.
The Real Estate Classroom
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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.

Paul Vojchehoske

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