1. Residential Property - is defined as land or improved property with buildings designed for humans to live in (single-family homes, multi-family homes, apartments, vacation homes or condominiums) 2. Industrial property - is land used for industrial purposes (warehouses, factories, distribution centers and power plants) 3. Commercial property - income-producing property, such as office buildings, restaurants, shopping centers, hotels and motels, parking lots and stores. Some industrial properties may also fall into this category. 4. Agricultural property - land used primarily for growing crops or raising livestock (farms, pastureland, orchards and timberland. Zoning ordinances are usually favorable for agriculture use) 5. Special purpose real estate - has a unique use to the persons who own and use it, (churches, hospitals, schools and government buildings) 5.1 - Public open space - usually owned by private persons
or the government and includes undeveloped shorelines, public parks and lakes. In a community property state, John marries Patricia. Prior to the marriage John owned an SUV. During the marriage, John bought a Buick, John and Patricia bought a second property with money earned from Patricia's job, and each individual received a motorcycle from Patricia's uncle as a gift. What property is community property in this marriage? a. The SUV, the Buick, and the second property. Sets with similar termsLand plus permanent human made additions. Defined as land at, above, and below the earth's surface, plus all things permanently attached to it, whether natural or artificial. similar to the term land but includes not only the natural components of the land but also all permanent man-made improvements on and to the land. An improvement is any artificial thing attached to the land, such as a building or a fence, as well as infrastructures, such as sewers. "bundle of legal rights"= Real Estate plus "bundle of legal rights". It includes both land and real estate. defined as the interests, benefits, and rights that are automatically included in the ownership of land and real estate. includes the earth's surface, subsurface, and airspace, including all things permanently attached to it by nature or people, and the legal rights innate to the ownership of a parcel of real estate. Traditionally, ownership rights of real property are described as a bundle of legal rights. These rights include the right of possession, the rights to use the space above the earth, may be sold or leased independently, provided the rights have not been preempted by law. Air rights can be an important part of real estate, particularly in large cities, where air rights over railroads must be purchased or leased to construct office buildings, such as the MetLife Building in New York City and the Prudential Building in Chicago. To construct such a building, the developer must purchase not only the air rights but also numerous small portions of the land's surface for the building's foundation supports. Before air travel was common, a property's air rights were considered unlimited, extending upward into the farthest reaches of outer space. However, now that air travel is common, the courts and the U.S. Congress have put limits on air rights. Today, the courts permit reasonable interference with these rights, such as that necessary for aircraft (and presumably spacecraft), as long as the owner's right to use and occupy the land is not unduly lessened. Governmental and airport authorities often purchase adjacent air rights to provide approach patterns for air traffic. With the continuing development of solar power, air rights—and, more specifically, light or solar rights—are being closely examined by the courts. A new tall building that blocks sunlight from a smaller existing building may be held to be interfering with the smaller building's right to sunlight, particularly if systems in the smaller building are solar powered. Air and solar rights are regulated by state and local laws and ordinances. |