1. © 2008 by South-Western, Cengage Learning Chapter 4 Charles J. Jacobus Thomas E. Gillett

2. © 2008 by South-Western, Cengage Learning Georgia Real Estate An Introduction to the Profession Seventh Edition Chapter 4 Rights and Interests in Land

3. © 2008 by South-Western, Cengage Learning Exclusive Right to Use of Land Feudal System Allodial System

4. © 2008 by South-Western, Cengage Learning Government Rights in Land PETE olice Power minent Domain axation scheat

5. © 2008 by South-Western, Cengage Learning Government Rights in Land Regulation of private property for the safety, health, morals and general welfare of the public.

6. © 2008 by South-Western, Cengage Learning Government Rights in Land Government’s right to take private property  Public Purpose  Just Compensation Process is condemnation

7. © 2008 by South-Western, Cengage Learning Government Rights in Land Tax private property

8. © 2008 by South-Western, Cengage Learning Government Rights in Land If no will or heirs, ownership passes to the government.

9. © 2008 by South-Western, Cengage Learning Fee Simple Bundle of Rights

10. © 2008 by South-Western, Cengage Learning Bundle of Property Rights Mortgage Lease Impose covenants or conditions Grant easement Grant license Build or remove structures

11. © 2008 by South-Western, Cengage Learning Bundle of Property Rights Occupy as residence Use as place of business Farm Mine/drill for oil, etc. Place of recreation

12. © 2008 by South-Western, Cengage Learning Bundle of Property Rights Maintain privacy Non-trespass Sell or refuse to sell Give Will Abandon

13. © 2008 by South-Western, Cengage Learning Removing Sticks from the Fee Simple Bundle The fee simple bundle shrinks as an owner voluntarily removes rights. Encumbrances

14. © 2008 by South-Western, Cengage Learning Easements Grant Reservation Condemnation Necessity Prescription

15. © 2008 by South-Western, Cengage Learning Easements Easement Appurtenant: 2 properties Servient Estate Dominant Estate Easement in Gross: 1 property Commercial Easement in Gross Personal Easement in Gross

16. © 2008 by South-Western, Cengage Learning Easements Party Wall Easement Termination of Easements End of necessity Merger Release Abandonment

17. © 2008 by South-Western, Cengage Learning Commonly Found Easements

18. © 2008 by South-Western, Cengage Learning Commonly Found Encroachments

19. © 2008 by South-Western, Cengage Learning Liens Monetary Encumbrance Voluntary vs. Involuntary Special vs. General Lienor vs. Lienee

20. © 2008 by South-Western, Cengage Learning Liens Types of Liens Property Tax Liens Mechanic’s Liens Perfecting the lien Judgment Lien Mortgage Lien

21. © 2008 by South-Western, Cengage Learning Qualified Fee Estates Subject to limitations imposed by the Grantor Fee Simple Determinable Estate Fee Simple to Condition Subsequent Fee Simple upon Condition Precedent

22. © 2008 by South-Western, Cengage Learning Life Estates For the duration of someone's life Ordinary Life Estate: Based on the life of the life tenant Reversion Reservation Life Estate Pur Autre Vie: Based on someone else's life May not commit waste

23. © 2008 by South-Western, Cengage Learning Statutory Estates Created by state law Dower: Wife’s interest in her husband’s estate Curtesy: Husband’s interest in his wife’s estate Community Property Homestead Protection: protection from judgments

24. © 2008 by South-Western, Cengage Learning Freehold Estates Ownership Requires actual ownership Indefinite duration

25. © 2008 by South-Western, Cengage Learning Leasehold Estates Non Ownership Lessee: Tenant Lessor: Landlord Types of Leasehold Estate Estate for Years Periodic Estate Estate at Will Tenancy at Sufferance: Holdover Tenant

26. © 2008 by South-Western, Cengage Learning Rights and Interests in Land

27. © 2008 by South-Western, Cengage Learning Overview License: Personal privilege to use land Chattel: Personal Property Chattel Mortgage Common Law vs. Statutory Law

28. © 2008 by South-Western, Cengage Learning Key Terms Key Terms Chattel Easement Eminent domain Encroachment Encumbrance Estate Fee simple Lien Title