REE 3043 Lecture Notes - Lecture 1: Air Rights, Walgreens, Easement
Document Summary
Property: anything that can be owned or possessed (like real estate, tangible property, physical form, can be touched, examples: building and land. Intangible property: cannot be perceived by senses (mortgages and leases) 3 distinct concepts: tangible asset (buildings and land, real estate profession (leasing, architecture, urban planning, etc. ) Tangible asset: property consisting of land and natural resources (water and minerals), and any improvements permanently attached to that land. Improvements to the land: fundamental features for construction, lines for electric power, water, sewer (infrastructure) Improvements on the land: any fixed structure, buildings, pools, decks, fences, real property, land and everything attached to it, tangible example: house. Intangible example: lease: permanently attached mobile home, personal property, everything else, tangible example: computer. Intangible example: stock portfolio: anything movable (like mobile home on wheels) Land: refers to more than just land: may include improvements to the land, raw land, land in its natural state, with no man-made improvements.
