Chpt 3 - Chapter 3 Legal Foundations to Value When we...

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Chapter 3 Legal Foundations to Value “When we purchase RE, its not so much the ground & bricks that we acquire but rights to do certain things with them” Chapter Objectives Rights Easements Restrictive covenants Liens Timeshares What Are Rights? Claims that the government is ____________ to enforce Derived from the ________ Different from raw power ___________ Can be reduced in the interest of health, safety, and welfare _____________ Not limited to the memory of owners and others Cannot be ___________ by government Real Property as a Bundle of Rights What do we mean by _________? What are property rights? What is real property? What is personal property? What do we do when the difference is unclear? Personal Rights vs. Property Rights Personal rights Freedoms ___________ by Constitution Supreme Court interpretations of the Constitution Property rights ____________ possession Enjoyment of the use or benefit: Use, collect rents, harvest and retain the “fruits of the land” Freedom to dispose as one pleases (within the limits of safety) Pg. 1
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Real vs. Personal Property Real property: Rights in _____ and its permanent structures Surface of the earth and improvements Air, up to reserved air space or tallest structure Beneath the earth as far as technology allows: Minerals, oil and gas, water Personal property: ________________
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This note was uploaded on 11/05/2009 for the course ECON 4010 taught by Professor Staff during the Fall '08 term at University of Georgia Athens.

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Chpt 3 - Chapter 3 Legal Foundations to Value When we...

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