Now, let’s explore each of these in more detail:
One acronym you can use to help you remember governmental powers in real estate is “PETE” – “P” stands for Police Power, “E” for Eminent Domain, “T” for Taxation, and “E” for Escheat. While you may not encounter these on a regular basis, you should have a basic understanding of each of these areas. As a real estate professional, you should understand how various government powers come into play when it comes to real estate ownership.
