RPA 112 - Chapter 6 (Colour).pdf

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1、RealpropertyownershipandinterestsCHAPTER6LEGALASPECTSOFOWNERSHIP1Ownershipandinterests•Ownershipinvolves:–theidentificationofdifferentrights–thelimitationsonthoserights–howtheseaffecttheproperty’svalue•Inadditiontoappraisingthephysicalcomponentsofaproperty(l

2、andandimprovements)anappraisermustconsidertherightswhichareattachedtothepropertyOwnershipandinterests2Ownershipandinterests•Thelegalinterestinrealpropertycaninclude:1)fee-simpleownership2)leaseholdestate3)condominium/strataownership4)interestsinacooperativeo

3、wnershipofrealproperty5)airspacerights6)easements7)anycombinationoftheseseparateinterestsOwnershipandinterests•Althelegalinterestsinapropertyarereferredtoas“TheBundleofRights”TimberRightsDevelopmentRightsAccessRightsMineralRightsWaterRights3THEBUNDLEOFRIGHTS

4、Bundleofrights•Therightsapersonhaswhentheyownproperty(whattheycandowithit)•Eachrightrepresentsaseparateinterestintheownership•Eachindividualrighthassomepotentialvalue»Andcanthereforebeappraisedseparately•Theserightscanbeseparatedfrom“thebundle”bytransfer4Bun

5、dleofrights•The“BundleofRights”conceptcomparesrealpropownershiptoabundleofsticks•Eachstick(representingaseparateright)canbetransferredtosomeoneelsethough:–Sale,Lease,Mortgage,Donation,etc.BundleofRights•Thecompletebundleorrightsincludesthefollowing:–Righttos

6、ell–Righttoleaseandoccupy–Righttomortgage–Righttogiveitaway–Righttodonone(orall)oftheabove5BundleofRights•ThelargestbundleofrightsthatanyprivateownermayhaveisTheFeeSimpleownership
(SubjecttocertainPublic&Privaterestrictions)BundleofRightsPublicRestrictions•T

7、he4powersofgvt(PETE)–PolicePower–Expropriation–Taxation–Escheat6BundleofRightsPublicRestrictionsPolicePowers•GovernmentLegislation•Therighttoregulatepropertyforthepublicgood–(buildingcodes,zoning,tenant’srights,etc.)BundleofRightsPublicRestrictionsExpropriat

8、ion•Therighttotakepropertyforapublicgood7BundleofRightsPublicRestrictionsTaxation•TherighttochargepropertytaxesBundleofRightsPublicRestrictionsEscheat•Therightofgovernmenttotakepropertywhenthere