pollution would almost certainly cause health problems B u s i n e s s F i n a n c e
Hello, I need to do three peer reviews for a discussion below is the original discussion assignment and then I will have it labeled student 1 2 3. Please respond to each student and use at least one reference per student post. Thank you
1.Comment on a response to a question posted by another student.
2.Share additional information with other students to assist in their understanding of the answer to one or more discussion questions.
3.Provide an explanation or a more detailed clarification to responses posted by other students.
Chapter 2: Importance of Legal Description
Which is more important–understanding the legal description (physical measurement of the land) or understanding the economic characteristics of the land? Or is it equally important to have a clear cut understanding and appreciation for both. Justify your answer.
Chapter 3: Property Rights and the Power of the State
Our system of government provides for individuals the right to hold ownership to real estate utilizing the legal concept known as “fee simple ownership”. Yet, our system of government also provides for taxation on real estate holdings, eminent domain and police powers to establish rules, regulations, ordinances and zoning as it relates to real estate.
What is “fee simple” ownership? What role does the government have to “police” our property rights, that is, to establish ordinances to regulate property appearance and conditions, property line setbacks, grass and weed control, trash or hazardous materials, abandon motor vehicles or the parking of RVs in the front yard. What is the role of a community zoning plan? Why allow zoning in the first place?
And finally, what is your opinion on the issue of eminent domain as it pertains to your right to protect your property keeping in mind that the power of eminent domain is enumerated in the US Constitution? (It might be helpful to review James Madison’s writings in THE FEDERALIST PAPERS on the subject of eminent domain) It may also be helpful to review other US Supreme Court rulings prior to the Kelo case that addressed eminent domain.) What role did the Kelo case (US Supreme Court ruling) play in the state’s legislatures redefining the concept of eminent domain?
Chapter 4: Legal Title to Hold Real Estate
Chapter 4 focuses on the actual ownership of real estate. Explain your understanding of the concepts of “tenants in common” and “joint tenancy”. Is one form of ownership better than another? Provide an explanation for your opinion and provide some examples to clarify why you hold that position.
Below is each students post
CHAPTER 2: IMPORTANCE OF LEGAL DESCRIPTION
The legal description of land is important, and so are the economic characteristics of land. Trying to say that one is more important than the other is like comparing apples and oranges. So, how are both the legal description and the economic characteristics of land important in their own way?
The legal description of land is not only “a way to accurately pinpoint where a particular piece of property is located” (Farrell, 2019), but it is also “a totally unique identifier for properties” (Farrell, 2019). By having legal descriptions of land, people don’t have to mess around with potentially inaccurate directions and addresses. One shudders at the mistakes one might make by picking out the wrong parcel of land. One might start building a house in the entirely wrong spot, or something along those lines. The uniqueness aspect is important as well, as two pieces of property absolutely need to be legally distinguishable from one another, lest needless legal disputes arise.
As for economic characteristics, there are a few, all of which are important. Take situs, for instance. Situs is “the physical location of a property or entity which establishes its relationship with the applicable legal, physical, and economic environment” (CREPedia, n.d.). In essence, situs means location. Well obviously land has a location, so why does that matter? In this context, let’s say someone wants to build a factory, and they find a large plot for sale for a bargain price. They almost buy the land, but just before buying it, they realize it’s in the middle of nowhere. Suddenly the cheap price makes a lot more sense. Location itself doesn’t give value to land, as much as location in relation to other land does. This land is less valuable, as it may be difficult to gain access to services, and supplying the factory with labor will certainly be an issue.
In essence, both the legal description and economic characteristics of land are important, just in different ways.
Farrell, A. (2019). Why The Legal Description Is So Important In Land Surveys. PropLogix. https:// (Links to an external site.)
CREPedia. (n.d.). Situs. Retrieved January 14, 2021, from https:// (Links to an external site.)
CHAPTER 3: PROPERTY RIGHTS AND THE POWER OF THE STATE
Put in perhaps the simplest terms possible, “the law recognizes fee simple ownership as the highest form of ownership in real estate” (Kimmons, 2020). If someone has fee simple ownership of land, it means that they have the most extensive bundle of right to that land that they could possibly have, outsight of the rights that the government holds over land. So that’s not to be confused with having every possible right to land, just as many rights to land as one could reasonably be expected to have.
As far as the role of police power is concerned, “states have an inherent police power to promote public safety, health, morals, public convenience, and general prosperity” (Cornell Law School, n.d.). To put that into perspective, let’s say that someone burns tires in their yard, or erects statues of offensive symbols and the like. Basically this can be seen as detrimental to health, morals, or just general prosperity, and the state has the right to have a property owner cut that out.
Now, what is the role of a community zoning plan? “The basic purpose and function of zoning is to divide a municipality into residential, commercial, and industrial districts (or zones), that are for the most part separate from one another, with the use of property within each district being reasonably uniform” (Find Law, 2019). In essence, it keeps types of property tidy and separate. What’s the purpose of that though? Why not mix it all together? Well, there are numerous reasons. A big one is pollution. If housing got mixed in with factories and industrial plants and the like, pollution would almost certainly cause health problems. The noise pollution alone would probably cause that. It’s also nice to keep all the shops and such in one place so everyone generally knows where to buy things. All in all, it keeps people healthy, and keeps land organized.
Personally, I’m fine with eminent domain, as I’m not all that attached to real estate. This may of course be a part of being young, and I can easily envision my perspective on this changing over time. However, should the government wish to take my land in exchange for fair compensation, I would imagine that my definition of fair compensation and the government’s definition of fair compensation may be a fair bit different. Fair market value can be defined as “the price the real estate would bring after fair and reasonable negotiations between a seller willing but not forced to sell and a buyer willing but not forced to buy” (Rochford, n.d.). But how can I be certain that the government won’t skew the price in their favor? And what if the housing market is down at the time, and the government takes advantage of me with a low price? Now that I think about it, I may not be the biggest fan of this eminent domain business.
I would probably be aggravated if I was to learn, after having my land taken, that it was to be put to private use. Speaking of which, “New London, a city in Connecticut, used its eminent domain authority to seize private property to sell to private developers” (Kelo v. New London, n.d.). Kelo and other property owners, understandably, argued that this was not the condemnation of land for public use, and thusly New London is violating the 5th amendment. This went all the way to the supreme court, and it was decided that no, this actually does not violate the 5th amendment. This effectively sets the precedent that eminent domain can be used to condemn private property for public OR private use, with the justification of ultimately benefitting the public. In essence, “public use” is not to be interpreted in a literal sense. This further cements the idea that, at the end of the day, the state has the final say in just how land is to be used. I’m not sure if I agree with this expansion of state power, but I can understand the justification.
Kimmons, J. (2020, July 25). What Is Fee Simple Ownership? The Balance SMB. https:// (Links to an external site.)
Cornell Law School. (n.d.). “Property” and Police Power. Retrieved January 14, 2021, from https:// (Links to an external site.)
Find Law. (2019, July 2). Land Use and Zoning Basics. https:// (Links to an external site.)
Rochford, J. (n.d.). How Is Just Compensation Determined In An Eminent Domain Matter? Cohen & Malad. Retrieved January 14, 2021, from https:// (Links to an external site.).
Kelo v. New London. (n.d.). Oyez. Retrieved January 14, 2021, from https:// (Links to an external site.)
Chapter 4: Legal Title to Hold Real Estate
Ownership of real estate comes in two forms which are ownership in severalty and concurrent estate. Ownership in severalty is the sole owner of the property. Concurrent estate is further broken down into two more concepts: “tenancy in common” and “joint tenancy.” Joint tenancy is when there is equal ownership between all the owners. They all must have the same title, time, interest, and possession. If they are lacking any of these, they fall into the category of tenancy in common which is actually the most common form of concurrent estate. Each owner can have a different level of interest in the property. A good example is if two owners each hold 40% interest while the remaining two only have 10% each. Another key factor separating the two is that joint tenancy has the right of survivorship. If one person dies, their interest in the estate is equally distributed to the surviving owners. Tenancy in common do not have the right of survivorship. Instead, they have the ability to have wills. Whatever their will states, that is where their interest in the property will go two.
Each form of concurrent estate has its pros and cons. In my personal opinion, I believe they are equal to each other. They are equal because each one is better in different situations. For me, I would go with a joint tenancy with my wife. I would want the transfer of my interest in the property to transfer over quickly in the case one of us dies. We would skip the probate process. Another benefit is that we could avoid some taxes. I would not use this if I didn’t want my co-owners to have my share of the property when I die. Now if I was to get into investing in real estate, I would have tenancy in common. I would most likely be investing with many other people, and I do not want to be fully responsible for the property if something goes wrong. It also allows me to invest in more properties since I can go in with a smaller amount of money. I can then sell my share whenever I feel like it. Another instance is when I want to live in a higher quality house that I could not afford. The final perk is that I can have my will give my shares to my family when I die. A big downside could include having to pay for the share that the other owners own if they don’t pay their mortgage. Overall, I believe they are both equal because they are both useful in different circumstances.
LaMance, K. (2018, April 16). Joint Tenancy Pros and Cons. Retrieved January 15, 2021, from https:// class=”screenreader-only”> (Links to an external site.)
Meggitt, J. (2020, November 17). Tenancy in Common Pros & Cons. Retrieved January 15, 2021, from https://homeguides.sfgate.com/tenancy-common-pros- (Links to an external site.)
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