Real estate (30 hours)

Land

The earth’s surface, extending downwards to tie center of the earth and upward indirectly into space, including things permanently attached by nature, such as trees and water.

Real estate

Land; a portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially.

Real property

The interests, benefits, and rights inherent in real estate ownership. “Bundle of legal rights”

Improvement

(1) Any structure, usually privately owned, erected on a site to enhance the value of the property-for example, building a fence or a driveway. (2) A publicly owned structure added to or benefiting land, such as a curb, sidewalk, street, or sewer.

Bundle Of Legal Rights

The concept of land ownership that includes ownership of all legal

rights to the land-for example, possession, control within the law,

and enjoyment.

· right of possession,

. right to control the property within the framework of the law,

. right of enjoyment (to use the property in any legal manner),

. right of exclusion (to keep others from entering or using the property), and

. right of disposition (to sell, will, transfer, or otherwise dispose of or encumber the property).

Appurtenance

A right, privilege, or improvement belonging to, and passing with,

the land.

Water Rights

Common law rights held by owners of land adjacent to rivers, lakes,

or oceans; includes restrictions on those rights and land ownership.