Chapter 7 Interests in Real Estate Different types

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.

7 Interests 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 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 © 2013 Kaplan, Inc. 2

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

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

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

7 Interests 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) © 2013 Kaplan, Inc. 6

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

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

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