{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

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

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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: ________________ Personal and household goods
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}