Property Ownership
Which legal concept allows a government to take private property for public use upon payment of just compensation?
APolice power
BEminent domain✓ Correct
CEscheat
DTaxation
Explanation
Eminent domain (condemnation) is the government's power to take private property for public use, provided just (fair market) compensation is paid to the owner. In Florida, this is governed by state statutes and the Fifth Amendment.
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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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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