Reading: (CU2 M2) Real Property
You have just learned about personal property. Recall from earlier reading what distinguishes real property from personal property. Real property includes land and everything “attached” to the land. This concept is critical to whether we apply concepts related to personal property or to real property. Note also the unique requirements involved in the transfer of ownership of real property and the various ways in which such a transfer can be evidenced. Become familiar with the concept of “adverse possession.” Does adverse possession seem fair to you? When might it be fair, and when might it be unfair? Familiarize yourself with the various interests and duties that may go with the ownership of real property. Also, be aware of the scope of interests in real property. Lastly, as with personal property, possession of real property may be transferred without transferring ownership. Make sure you are informed about the various possessory interests in real estate.
Please read The Legal and Ethical Environment of Business: “Chapter 8: Section 2: Real Property” (Links to an external site.)Links to an external site. (PDF)