Rights in Real Estate

Описание: REAL ESTATE AS PROPERTY
● Constitution guarantees private ownership of real estate; ownership rights not absolute; others may exert claims against one's property

Land
● surface, all natural things attached to it, subsurface, and air above the surface; unique aspects: immobile, indestructible, heterogeneous

Real estate
● land plus all permanently attached man-made structures, called improvements

Property
● something that is owned by someone and the associated rights of ownership
● the bundle of rights: possession, use, transfer, exclusion, and encumbrance
● property is real or personal, tangible or intangible

Real property rights
● any of the bundle of rights, applied to airspace (air rights), surface (surface rights), and subsurface (subsurface rights)

Water rights
● Doctrine of Prior Appropriation: state controls water usage; grants usage permits
● littoral rights: abutting property owners own land to high water mark; may use, but state owns underlying land
● riparian rights: if navigable, abutting property owners own land to water's edge; may use, but state owns underlying land; if not navigable, owner owns land to midpoint of waterway

REAL VS PERSONAL PROPERTY
● an item may be real or personal property depending on the "attachment" criterion and other circumstances

Fixtures
● real property converted from personal property by attachment to real estate

Differentiation criteria
● intention; adaptation; functionality; relationship of parties; contract provisions

Trade fixtures
● personal property items temporarily attached to real estate in order to conduct business; to be removed at some point

Emblements
● plants or crops considered personal property since human intervention is necessary for planting, harvesting

Factory-built housing
● housing pre-built off-site; includes mobile homes; real or personal depending on attachment to land

Conversion
● transforming real to personal property through severance, or personal to real property through affixing

REGULATION OF REAL PROPERTY INTERESTS

Federal regulation
● grants overall rights of ownership; controls broad usage standards, discrimination

State regulation
● governs the real estate business; sets regional usage standards

Local regulation
● levies real estate taxes; controls specific usage

Judicial regulation
● applies case law and common law to disputes

IN SOME STATES THIS VIDEO CAN ONLY BE USED AS STUDY GUIDE AND DOES NOT COUNT TOWARDS CLASS TIME

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