Real Property: Legal Interests Associated With...

- Real property: legal interests associated with ownership of the physical real estate
- Personal property: all other movable property like cars, furniture, and clothing (also known as Chattel)
- Real estate: property in land and buildings (consists of physical land and structures)
- Economic Characteristics of RE: - Fixed location - Uniqueness - Interdependence of land uses - Long life - Long-term commitments - Large transactions - Long gestation period
- Land use depends greatly on 1) provision of public services 2) nearby land uses 3) general economic vitality of neighborhood/community
- Gestation period: time between conception of development project and its actual completion and subsequent entry into available supply (may be several yrs)
- Types: 1) Owner-occupied residential 2) Renter-occupied residential 3) Commercial 4) Industrial 5) Farm and other land

RE JOBS
- Real Estate Brokerage: match buyers to sellers
- Real Estate Management: handle leasing, rent collection, building repairs, and building services (day-to-day operations)
- Real Estate Finance: lenders
- Appraisal: estimate of value
- Consulting: advises individuals and firms regarding RE investments
- Development/construction: acquisition, subdivision, designing, planning, and constructing
- Corporate Asset Management: used for companies whose primary business isn’t RE, but they own RE
- Public Sector: govt buildings and regulation of RE

- Title: ownership rights to real property
- Deed: document used to convey rights transferred from one party to another
- Lease: document used to convey rights from property owner to tenant. Conveys right of use and possession of real property under agreed-on terms, but doesn’t transfer ownership rights
- Fixture: personal property that becomes part of real property when it is attached to land or building - Important in determining 1) value of real property 2) whether a RE transaction includes the item 3) whether the item is part of security given to lender 4) whether the item remains with the landlord or can be removed by the tenant when the lease terminates -- Trade fixtures: personal property used in a trade or business (ex: barbers chair)
- Tests for Fixture Status: - Test of Intent of Parties: best way to indicate is by written agreement. As long as intent is clear there shouldn’t be any confusion - Test of Attachment: if an item of personal property becomes attached to the RE, its usually considered a fixture, and there would be damage caused to the land/building by items removal - Test of adaptability: items that have been specifically adapted to the RE are generally considered fixtures. Would removal substantially alter usefulness of remaining RE? (ex: kitchen cabinets)

- Air rights: real property rights relating to the air space above the land
- Mineral rights: includes rights of the minerals and other useful materials that exist below the surface - Both mineral and air rights can be owned by someone other than the landowner
- Water rights: who has right to withdraw water from the land - Littoral proprietors: Generally own to the high-water mark on navigable waters - Riparian rights doctrine: all owners whose land underlies/borders the water have equal rights to the water. Allows them to use all water needed as long as use doesn’t deprive other landowners who are also entitled to use the water - Prior appropriation doctrine: first person to use a body of water for some beneficial purpose has right to use all water needed, even if landowners who later find use for water are precluded from using it. First-come, first-served. - Underground water: landowner may use it for industrial, agricultural, and other uses necessary as long as it doesn’t restrict neighbor’s use

- Estates in land: collections or bundles of ownership interests in real property - Freehold estates: ownership - Fee simple absolute estate: fullest and most complete ownership rights. Type of estate acquired

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