Property Ownership
The word 'PETE' in Florida real estate refers to the government's four powers over private property. These powers are:
APurchase, Exchange, Transfer, Empower
BPolice power, Eminent domain, Taxation, Escheat✓ Correct
CPlan, Evaluate, Transfer, Encumber
DPermit, Enforce, Tax, Exempt
Explanation
PETE is a memory device for the four government powers limiting private property ownership: Police power (regulate for public welfare), Eminent domain (take for public use with compensation), Taxation (property taxes), and Escheat (take when owner dies without heirs or will).
People Also Study
Related Florida Questions
- In Florida, 'eminent domain' gives the government the power to:Land Use & Zoning
- Which legal concept allows a government to take private property for public use upon payment of just compensation?Property Ownership
- A Florida property owner dies without a will and without heirs. The property most likely passes to:Property Ownership
- A Florida property owner dies intestate (without a will) leaving a spouse and two children. Under Florida intestacy laws, the surviving spouse generally:Property Ownership
- A Florida property owner dies intestate (without a will) leaving a surviving spouse and two adult children. Under Florida's laws of descent and distribution, the surviving spouse receives:Property Ownership
- A Florida property owner owns a single-family home which they rent personally without using a real estate agent. Under the federal Fair Housing Act, which exemption might apply?Fair Housing
- The Florida Real Estate Recovery Fund provides compensation to members of the public who suffer losses due to:Florida License Law
- A Florida HOA board violates the association's bylaws by approving an expenditure without proper member vote. A unit owner may:Property Management
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Study This Topic
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →