RE-160 Lecture Notes - Lecture 23: Nonpossessory Interest In Land, Mortgage Loan, Leasehold Estate
Real estate refers to things that are not movable such as land and improvements permanently attached to the land. Real property refers to the ownership rights associated with the real estate. It is important to distinguish between physical real estate assets and ownership right is real property because many parties can have different ownership rights in a given parcel of real estate. Property rights refer to rights of a person to the possession, use, enjoyment, and disposal of his or her property. Interest refers to the broad legal term used to denote a property right. The holder enjoys some rights or degree of control or use and in turn may receive payments for the sale of such an interest. Value is viewed as the total price individuals are willing to pay for the flow of benefits associated with all of these rights.