The Legal and Ethical Environment of Business: "Chapter 8, Section 2: Real Property"

Read this section. You just learned about personal property and what distinguishes it from real 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 the unique requirements involved in the transfer of ownership of real property, and the various ways in which such a transfer can be evidenced. You should 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. 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. Be sure to do the exercises at the end of the section.