Property Ownership
In Colorado, 'eminent domain' is the government's power to:
AA. Zone private property however it chooses without compensation
BB. Take private property for public use, provided just compensation is paid to the owner✓ Correct
CC. Assess property taxes without limitation
DD. Foreclose on property for unpaid taxes without a court order
Explanation
Eminent domain (the Takings Clause of the 5th Amendment, applied to states by the 14th) allows the government to take private property for public use. The key requirements are: (1) the taking must be for a public use, and (2) the owner must receive just compensation (fair market value).
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Key Terms to Know
Eminent Domain
The power of government to take private property for public use, with the requirement to pay the owner just compensation.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Community PropertyIn community property states, most property acquired during marriage is owned equally by both spouses, regardless of who paid for it.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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