Rights in Real Estate
Автор: New Direction School
Загружено: 2020-09-21
Просмотров: 2965
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
For access to more videos and help passing the exam:
https://www.asktherealestateinstructo...
Or
If you are in New Jersey and looking to change careers go to:
https://newdirection.school
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