Unit 2 Real Property and the Law

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Slide1 : Unit 2: Real Property and the Law Real estate is a market like any other. Real property is the product, and the real estate professional is the salesperson. The real estate professional needs to know enough about the product to be able to educate and guide clients and customers, whether they are buyers, sellers, renters, or investors.

2 Real Property and the Law : 2 Real Property and the Law Learning Objectives Discuss the concepts of land and ownership rights in real property. Distinguish between real and personal property and the differences in transferring ownership and title. Describe and explain the basic economic and physical characteristics of real property. (cont.) 2

2 Real Property and the Law : 2 Real Property and the Law Discuss the limitations of the real estate professional under the law. 3

2 Real Property and the Law : 2 Real Property and the Law Land, Real Estate, and Real Property Land Land is defined as the earth’s surface extending downward to the center of the earth and upward to infinity. 4

2 Real Property and the Law : 2 Real Property and the Law Real Estate Real estate is defined as land plus all human-made improvements to the land that are permanently attached (annexed) to it. An improvement to land can be any artificial thing attached on or below ground, such as a building, fence, water line or sewer pipe, as well as growing things that are made part of the landscaping. 5

2 Real Property and the Law : 2 Real Property and the Law Real Property Real property is defined as the interests, benefits, and rights that are automatically included in the ownership of real estate. 6

Land, Real Estate, and Real Property : Land, Real Estate, and Real Property 7 Land Earth’s surface to the center of the earth and the airspace above the land, including the trees and water Real Estate Land plus permanent human-made additions Real Property Real estate plus bundle of legal rights Air Rights Surface Rights Subsurface Rights Physical Improvements The Bundle of Rights

2 Real Property and the Law : 2 Real Property and the Law Bundle of legal rights Possession Control Enjoyment Exclusion Disposition 8

Bundle of Legal Rights : Bundle of Legal Rights 9

2 Real Property and the Law : 2 Real Property and the Law Title to Real Property The right to or ownership of the property, including the owner’s bundle of legal rights Evidence of that ownership by a deed 10

2 Real Property and the Law : 2 Real Property and the Law Surface, Subsurface, and Air Rights Surface rights: Ownership rights in a parcel of real estate that are limited to the surface of the earth Subsurface rights: The rights to the natural resources below the earth’s surface Air rights: The rights to use the space above the earth; may be sold or leased independently, provided the rights have not been limited by law 11

2 Real Property and the Law : 2 Real Property and the Law Water rights Riparian rights Littorial rights Accretion, Erosion and Avulsion Doctrine of Prior Appropriation 12

2 Real Property and the Law : 2 Real Property and the Law Real Property Versus Personal Property Personal property (chattels) Factory-Built Housing Plants Fructus naturales Emblements ( fuctus industriales ) 13

2 Real Property and the Law : 2 Real Property and the Law Classifications of Fixtures A fixture is personal property that has been so attached to land or a building that, by law, it becomes part of the real property. 14

2 Real Property and the Law : 2 Real Property and the Law Legal Tests of a Fixture Method of annexation Adaptability of item to land’s use Relationship of parties Intention in placing item on the land Agreement of the parties 15

2 Real Property and the Law : 2 Real Property and the Law Trade Fixtures Usually owned and installed by a tenant for the tenant’s use May be attached to a building so they appear to be fixtures, but are removable 16

2 Real Property and the Law : 2 Real Property and the Law Characteristics of Real Property Economic Characteristics Scarcity Improvements Permanence of Investment Area Preference (situs) 17

2 Real Property and the Law : 2 Real Property and the Law Physical Characteristics Immobility Indestructability Uniqueness 18

2 Real Property and the Law : 2 Real Property and the Law Laws Affecting Real Estate Contract law General property law Agency law Real estate license law Federal, state, and local laws and regulations (e.g., consumer protection, environmental, tax, land use, and zoning) 19

Greater Las Vegas Association of REALTORS
Greater Las Vegas Association of REALTORS
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