Estates/Interests Flashcards
Bundle of Rights
Rights of Possession, Quiet Enjoyment, Disposition, Exclusion and Control
Right of Possession
The right to physically occupy the land, use the land and make it productive according to zoning laws, without interfering w/other’s rights
Right of Quiet Enjoyment
Freedom to possess and use the land without interference from other people and society, w/o infringement of neighbors’ rights.
Right of Disposition
Allows owner to transfer some or all of other rights to whom they choose; can sell, lease, give away in accordance with law.
Right of Exclusion
Right of owner to stop others from using or tresspassing upon their land.
Right of Control
Right to physically alter or change property within bounds of HOA, town law, coop regulation/authority, contract.
The law classifies property as either…
Real or Personal (anything verified by bill of sale)
Appurtenances
Rights of real property ownership beyond surface of land i.e. air rights, mineral rights, access rights, water rights, which can be sold severally.
Categories of Real Property
Residential/Commercial/Industrial/Agricultural/Special Purpose
Residential Property
Dwellings for homes, condominiums, apartments, apartment buildings, cooperatives, etc.
Commercial Property
Land zoned and used for business purpose; warehouses, restaurants, retail space and office bldgs
Industrial Property
Manufacturing and distribution warehouses, and storage facilities
Agricultural Property/Real Estate
Land and land improvement/buildings for and associated with use in farming, grazing and crop production
Special Purpose Real Estate
For limited use, publicly or privately owned i.e. schools, museums, golf/rennis courts/courses, churches, parks
