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Chapter 14 Lesson - 14 Real and Personal Property Ownership...

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14 - Real and Personal Property: Ownership, Transfer and Land Use Controls OBJECTIVES: After completing this lesson, the required reading, and the assignments, learners will be able to: 1. Define real property and describe the different kinds of estates and ownership of property. 2. Discuss the process of acquiring ownership of real property. 3. List and describe the ways in which public and private laws restrict the use of real property. 4. Define and give examples of personal property and bailments. 5. Discuss how property owners can control the transfer of property through wills and trusts. Real Property Types of Ownership Real property is defined as the land and anything attached to it, such as houses, trees, etc. First, make the distinction between freehold and non-freehold estates. The four freehold estates discussed below mean ownership of some kind, as compared to a non- freehold estate, in which the holder of the estate has the right to possess the property, but does not own it. Freehold Estates The following four types of ownership are often difficult for students to comprehend - understandably so. The names are archaic and not easily remembered. Fortunately, out of the many strange legal terms relating to real property, you only have to learn and remember four. Fee simple absolute . A "fee" means an ownership interest. A fee simple absolute is the most extensive type of ownership. The owner of property in fee simple absolute may make any legal use of his property. (This lesson will cover discuss restrictions on the use of real property below.) Language granting ownership of a fee simple absolute would look something like this: "From Adam to Bob and his heirs." Adam is the grantor (the party conveying the property), and Bob is the grantee (the party receiving the property).
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