Unit 1: Land, Real Property, and Real Estate (Lesson 1: Getting the Lay of the Land)

Definitions:

Land: Earth's surface extending downward to the center of the Earth and upward to infinity, including permanently attached natural objects.

Real estate: includes everything in definition of Land, plus all things permanently attached to it naturally or artificially.
Improvements: artificial attachment to Land (ex: fencing, buildings, walkways)

     Real property: includes real estate plus the interests, benefits and rights automatically included with real estate ownership.
            Possession: the right to occupy the property
            Enjoyment: the right to possess the land without harassment or interference
            Exclusion: the right to refuse other interests in your property
            Control: the right to determine interest in the property for others
            Disposition: the right to determine how, when, and if the property to is be sold/transferred

Personal property: everything that is not defined as real property

Unit 1: Land, Real Property, and Real Estate (Lesson 2: Real Property vs. Personal Property)

Next up

Previous

Key Areas of Concern in Real Estate Practice