Recording-2025-03-10T12:42:24.182Z

Six Legal Rights of Property Ownership

• Possess

  • The right to occupy and use the property.

• Control

  • The right to determine how the property is used.

• Enjoy

  • The right to enjoy the property without interference.

• Exclude

  • The right to prevent others from entering or using the property.

• Encumber

  • The right to place liens or mortgages on the property.

• Dispose

  • The right to sell or transfer ownership of the property.

Common Confusions

• Terms may vary in exams; for example:

  • "Execute" might replace "Possess.

  • Be cautious of new terms or synonyms introduced in questions.

Types of Land Rights

• Surface Rights

  • Refers to ownership of the land where the property is physically located.

• Subsurface Rights

  • Ownership of the land beneath the surface; includes mineral and mining rights.

  • Neighbors cannot dig under your land without permission.

• Air Rights

  • Ownership of the space above your property; includes the right to manage airspace.

  • Example: Potential legal action against drones flying over your property.

Zoning and Deed Restrictions

• Public Zoning

  • Government regulations on how property can be used (e.g., residential, commercial).

• Deed Restrictions

  • Private agreements restricting how property can be used (e.g., no music after 7 PM).

  • These restrictions stay with the property even if it changes ownership.

Real Property Components

• Tangible Property

  • Physically identifiable aspects of the property including surface, subsurface, and airspace.

• Water Rights

  • Rights pertaining to water bodies adjacent to the property.

Real Estate Valuation

• Immobility

  • Real estate cannot be relocated, making it unique to its location.

• Indestructibility

  • Land cannot be destroyed, but its value may fluctuate.

• Uniqueness

  • Each property is distinct in features and characteristics.

Erosion

• Defined as the process of earth being worn away by natural elements.

Important Exam Notes

• Real estate tests have recently changed, making it essential to stay updated on current regulations and key topics.

• Focus on new material as the landscape of real estate is evolving; older tests were more extensive but have been streamlined to enhance comprehension.