1. “The past is a guidepost, not a hitching post” Chapter 2 Real Property and the Law

2. Modern Real Estate Practice 17th Edition êLand – êThe earth’s surface extending downward to the center of the earth and upward to infinity, including permanent natural objects êReal Estate – ê Land at, above and below the earth’s surface, plus all things permanently attached to it, whether natural or artificial êReal Property – êThe interests, benefits and rights that are automatically included in the ownership of land and real estate

3. Modern Real Estate Practice 17th Edition

4. Bundle of Legal Rights

5. Modern Real Estate Practice 17th Edition Real Property Rights éSurface Rights éSubsurface Rights éAir Rights éWater Rights

6. Modern Real Estate Practice 17th Edition Personal Property All property that does not fit the definition of real property éManufactured Housing éPlants éFixtures éIntent éMethod of annexation éAdaptation to real estate éAgreement éTrade Fixtures

7. Modern Real Estate Practice 17th Edition Characteristics of Real Property éEconomic Characteristics éScarcity éImprovements éPermanence of investment éLocation éPhysical Characteristics éImmobility éIndestructibility éUniqueness

8. Modern Real Estate Practice 17th Edition Laws Affecting Real Estate éContract law éGeneral property law éAgency law éReal estate license law éFederal regulations éFederal, state and local tax laws éZoning and land use laws éFederal, state and local environmental regulations