Management and Organizational Studies 2275A/B Chapter Notes - Chapter 19: Concurrent Estate, Family Law, Easement
19 Oct 2017
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Document Summary
Real property- land or real estate, including buildings, xtures, and the associated legal rights. Real estate- fixtures- tangible personal property attached to land, buildings, or other xtures (includes heating, lights and plumbing) Land is permanent and immovable- easier to track and control, than other more portable property. Although land can be adapted for di erent purposes, the total quantity is nite. Fee simple- the legal interest in real property that is closest to full ownership. Owns the land but can be divided if needed. One piece of land can be owned by several people. Tenancy in common- co-ownership whereby each owner of an undivided interest can dispose of that interest (can deal with own interest in any way they want) Joint tenancy- co-ownerhship whereby the survivor inherits the undivided interest of the deceased. Gives tenant possession of the building for a period of time in exchange for rent.
