1. 41.1 Law for Business, 15e by Ashcroft Chapter 41: Nature of Real Property Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business, a Division of Thomson Learning

2. 41.2 Chapter 41 Objectives  Define real property and explain the rules about vegetation, running water, and fixtures.  Name the types of multiple ownership of property.  List the estates and other interests in real estate.  Identify methods of acquisition exclusive to real property.

3. 41.3 Real Property Trees and perennial crops  Can be real or personal, depending upon the type of vegetation and harvestation. Rivers and streams  Riverbed is owned by a property owner if an unnavigable river flows through the property. Fixtures  Personal property attached to land or building.

4. 41.4 Multiple Ownership Tenancy in common  When two or more persons own property, and when one dies, the property passes to decedent’s heirs. Joint tenancy  When two or more persons own property and upon death of one, property passes to other owner(s). Tenancy by entirety and community property  Exist between husband and wife whereby upon the death of one, the spouse becomes sole owner of the property.

5. 41.5 Estates in Property Fee simple  Owner has the right to possess property forever and may sell, lease, or dispose of the property. Life estate  At the death of a life tenant, title passes as directed by the original owner.

6. 41.6 Other Interests in Real Property  Easements - an interest in land for nonexclusive or intermittent use.  License - right to do certain acts on land.  One may acquire property by accretion by having property that is increased by the gradual deposit of solids by water.  Adverse possession is acquiring title to land by occupying it for a fixed period.

7. 41.7 Any questions?