Unit 3 : Week 3 - Homework 6

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Question 1.1. real property - In English Common Law, real property is any subset of land that has been legally defined and the improvements to it made by human efforts: any buildings, machinery, wells, dams, ponds, mines, canals, roads, various property rights, and so forth. | Question 2.2. personal property - Personal property is generally considered property that is movable, as opposed to real property or real estate. In common law systems, personal property may also be called chattels or belongings. | Question 3.3. eminent domain - The power the government has to obtain the property of an individual even without the person's full consent. In most countries, including the U.S., the land owner will be compensated for the land at fair market value. This power allows the government to seize land to be used in public enterprises such as roads, schools, or utilities | Question 4.4. condemnation - the seizure, as of property, for public use. | Question 5.5. inverse condemnation - is a term used in the law to describe a situation in which the government takes private property but fails to pay the compensation required by the 5th Amendment of Constitution. In some states the term also includes damaging of property as well as taking it. In order to be compensated, the owner must then sue the government. In such cases the owner is the plaintiff and that is why the action is called inverse – the order of parties is reversed, as compared to the usual procedure in direct condemnation where the government is the plaintiff who sues a defendant-owner to take his or her property. | Question 6.6. Which provisions of the Constitution protect property rights and economic interests? Briefly