RE LEGAL FOUNDATIONS

Question 1

bundle of rights

Answer 1

a concept that has long been associated with real estate ownership. it describes all the legal rights that attach to the ownership of real property. including the right to LEASE, SELL, USE, ENCUMBER, EXCLUDE, ENJOY AND DEVISE BY WILL, AMONG OTHERS.

Question 2

property rights are nonrevocable except…

Answer 2

by their nature or due process

nature of right: some rights may end or be revoked (ex lease expirations)

due process: rights may be regulated by govt for health, safety, welfare (police powers)

Question 3

property rights are ..

Answer 3

NONREVOCABLE

ENDURING (someone holds every pencil at all times)

Question 4

3 key property rights

Answer 4

• process/exclude -> right to exclusive possession
• use/benefit -> occupy use enjoy
• convey/dispose -> sell/lease/pledge/gift(life)/devise(death)

Question 5

dimensions of property rights

Answer 5

1. surface (of land)
2. air (above surface/reserved air space or tallest permitted/feasible building/use)
3. subsurface (below surface to center of earth to extent of technology)

Question 6

what is interest

Answer 6

any one or more rights in a property

Question 7

what is an estate

Answer 7

any interest that includes the first key right of exclusive possession… (POSSESSORY INTEREST)
– freehold or nonfreehold
– exclusie posession = most valuable interests

Question 8

non possessory interest

Answer 8

without exclusive possession
-easements
-restrictive covenants
-liens