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Lecture 2


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Administrative Studies
ADMS 3810

LECTURE 2: REVIEW QUESTIONS 1. What 3 types of physical interests in real estate can be owned? • Surface Rights, Above Surface orAir Rights, and Sub-Surface Rights can be owned in real estate. 2. Explain the difference between riparian rights and prior appropriation. • Under the riparian principle, all landowners whose property is adjoining to a body of water have the right to make reasonable use of it. Under PriorAppropriation, the right to use water is controlled by the government rather than by a landowner. 3. Name the four key rights associated with real estate ownership. • The right of possession, the right of control, the right of enjoyment, the right of disposition and the right of exclusion. 4. Why are defeasible fees looked on the disfavor by the courts? 5. What is the difference between a life estate and a fee simple absolute? • Fee simple refers to an absolute ownership for life, his heirs and assign forever. Life Estates are different in that the grantor conveys a fee simple interest to a guarantee for a period measured by the lifetime of the grantee. The remainder man will receive the property after the guarantee dies. 6. Define 2 types of leasehold estates. • Estate for years; period tenancy, estate at will; estate at sufferance. 7. How is a contract for lease consistent with for real estate contracts in general? • Both must meet such requirement
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