Real Property Rights in Real Estate: Understanding Ownership and Water Usage, Exams of Real Estate Management

Download Real Property Rights in Real Estate: Understanding Ownership and Water Usage and more Exams Real Estate Management in PDF only on Docsity! Real Estate 310 Real Property Rights 1 Dr. Longhofer Principles of Real Estate 1 Real Property Rights Real Estate 310 Principles of Real Estate Dr. Longhofer Dr. Longhofer Principles of Real Estate 2 What is Real Estate? • Real estate is defined as land at, above, and below the earth’s surface, plus all things permanently attached to it, whether natural or artificial – Mineral rights relate to everything below the surface • The rights to extract minerals are often sold • Subsurface rights may also be acquired to construct subways and other underground structures – Air rights relate to control of everything above the surface • Solar and “view” rights are an evolving area of real estate law – Although unlimited in principle, mineral rights are constrained by legal and technological restrictions Dr. Longhofer Principles of Real Estate 3 What about the Water? • What about the water that runs across the land or is adjacent to it? – The answer depends on the state in which the land is located • The riparian rights doctrine is used in most Eastern states – Each land owner has equal rights to use the water, as long as they don’t interfere with the rights of other riparians – Ownership of the land usually extends to the mid-point of the river or stream Real Estate 310 Real Property Rights 2 Dr. Longhofer Principles of Real Estate 4 What about the Water? • The prior appropriation doctrine usually applies in arid Western states – Under this doctrine, the first land owner to use the water for some beneficial economic purpose has the right to all the water needed – A permit system is typically used to assign water rights among users http://www.ksda.gov/Default.aspx?tabid=173 and http://www.ksda.gov/Default.aspx?tabid=315 Dr. Longhofer Principles of Real Estate 5 Real Property Rights Dr. Longhofer Principles of Real Estate 6 Real Property vs. Personal Property • Ownership of real estate entails more than just the physical possession of land and buildings – Real property refers to the interests, benefits, and rights that are included in the ownership of real estate • A legal interests in any other type of property is called personal property – Items that can be moved, such as cars, furniture, appliances, and clothing, are personal property