Chapter 7 Interests in Real Estate Different types of property are affected by littoral and riparian rights. This view also suggests potential issues of estate types and taxation.

2 ©2013 Kaplan, Inc. 7Interests in Real Estate Learning objectives –Identify the kinds of limitations on ownership rights that are imposed by government action and the form of conveyance of property –Describe the various estates in land and the rights and limitations they convey –Explain concepts related to encumbrances and water rights –Distinguish the various types of governmental powers and how they are exercised

3 ©2013 Kaplan, Inc. 7Interests in Real Estate Government powers (PETE) –Police power –more fully discussed in Chapter 19 –Eminent domain –Taxation – more fully developed in Chapter 10 –Escheat

4 ©2013 Kaplan, Inc. 7Interests in Real Estate Estates in Land Estate in Land –Freehold Estates –Less than Freehold Estates – Chapter 19

5 ©2013 Kaplan, Inc. 7Interests in Real Estate Freehold estates Fee Simple –Fee simple absolute –Fee simple defeasible –Fee simple determinable –Fee simple subject to a condition subsequent

6 ©2013 Kaplan, Inc. 7Interests in Real Estate Freehold estates Life Estate –Conventional life estate Pur autre vie Remainder and reversion –Legal life estate Dower and curtesy (year’s support in Georgia) Homestead (partial exemption from ad valorem tax)

7 ©2013 Kaplan, Inc. 7Interests in Real Estate

8 ©2013 Kaplan, Inc. 7Interests in Real Estate

9 ©2013 Kaplan, Inc. 7Interests in Real Estate Encumbrances –Liens –Deed restrictions –Easements Appurtenant In gross Party wall Creation by necessity, prescription, or condemnation Terminating an Easement –Licenses –Encroachments

10 ©2013 Kaplan, Inc. 7Interests in Real Estate

11 ©2013 Kaplan, Inc. 7Interests in Real Estate

12 ©2013 Kaplan, Inc. 7Interests in Real Estate Water rights –Riparian rights –Littoral rights –Accretion, erosion, and avulsion –Doctrine of Prior Appropriation (not in Georgia)

13 ©2013 Kaplan, Inc. 7Interests in Real Estate

14 ©2013 Kaplan, Inc. 7Interests in Real Estate