Property Ownership
In NJ, the concept of 'PETE' represents the four governmental powers over real estate. The 'E' in PETE stands for:
AEasement
BEscheat✓ Correct
CEminent domain
DEncroachment
Explanation
PETE stands for the four governmental powers affecting private real estate: Police power, Eminent domain, Taxation, and Escheat. Escheat is the government's right to take ownerless property when the owner dies without heirs.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
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