Introduction to Real Estate Law – Study Notes
| Term | Meaning |
|---|---|
| Real Property | Land plus anything permanently attached (buildings, minerals, water rights). |
| Personal Property | Movable items not attached to land (furniture, equipment). |
| Estate | Legal interest or right a person has in real property (e.g., fee simple, life estate). |
| Fee Simple Absolute | Highest form of ownership; unlimited duration, transferable. |
| Life Estate | Ownership that lasts for the life of a specified person; reverts afterward. |
| Leasehold Estate | Right to use and occupy land for a defined term under a lease. |
| Easement | Non‑possessory right to use another’s land (e.g., right‑of‑way). |
| Lien | Security interest in property to secure payment of a debt (mortgage lien, mechanics lien). |
| Encumbrance | Any claim, lien, or restriction on property (easements, covenants, liens). |
| Covenant | Promise in a deed that restricts how land may be used (e.g., residential‑only). |
| Source | Description |
|---|---|
| Statutes | Federal, state, and local statutes (e.g., Uniform Commercial Code §9 for secured transactions, state “Real Property” statutes). |
| Regulations | Administrative rules issued by agencies (e.g., HUD, EPA, local zoning boards). |
| Case Law | Judicial decisions interpreting statutes and common‑law principles (e.g., Kelo v. City of New London on eminent domain). |
| Common Law | Traditional doctrines (e.g., adverse possession, notice statutes). |
| Treaties & International Agreements | Rare, but can affect foreign investment in U.S. real estate. |
Acquisition & Disposition
Financing
Leasing & Landlord‑Tenant Law
Land Use & Zoning
Eminent Domain & Condemnation