MCS 3040 Chapter Notes - Chapter 19: Professional Liability Insurance, The Sequence, Land Registration

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Real property: land or real estate including buildings, fixtures and the associated legal rights. If you own real property you own the earth beneath and air above . These ownership rights are limited by legal rules facilitating air travel above the surface & mining and oil drilling below the surface etc. Fixtures: tangible personal property that"s attached to land, buildings, or other fixtures. Real property is mostly governed by common law and it determines such things as who owns the land when more than 1 person are making claim to it. Public policy now a days in areas such as environmental protection & conservation means statute law is an increasingly significant factor. Fee simple: the legal interest in real property that is closest to full ownership. This is the highest & most comprehensive level of ownership of lad possible under our system. Owner essentially owns the land (except limits) & can dispose of it in any way seen fit.