Unit 2: Real Property and The Law
Real Property and The Law Learning Objectives
When you have completed this unit, you will be able to accomplish the following.
- Describe the concepts of land and ownership rights in real and personal property.
- Discuss the limitations of the real estate professional under the law.
KEY Terms
accession
erosion
real property
accretion
fixture
reliction
air rights
improvement
riparian rights
annexation
land
severance
appurtenance
littoral rights
situs
area preference
manufacturing housing
subsurface rights
avulsion
nonhomogrneity
surface rights
chattle
prior appropriation
water rights
emblements
real estate
OVERVIEW
A variety of transactions take place in the real estate market. The real estate professional is the person who brings together the parties, whether for a sale, lease, exchange, or other type of transaction. As any successful real estate professional will tell you, product knowledge is the key to success. This unit covers the fundamental principles of the product that is at the heart of every real estate transaction.
