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Chapter 14 The Nature and Regulation of Real Estate and the Environment
After reading this chapter, you should understand the following:
- The various kinds of interests (or “estates”) in real property
- The various rights that come with ownership of real property
- What easements are, how they are created, and how they function
- How ownership of real property is regulated by tort law, by agreement, and by the public interest (through eminent domain)
- The various ways in which environmental laws affect the ownership and use of real property
Real property is an important part of corporate as well as individual wealth. As a consequence, the role of the corporate real estate manager has become critically important within the corporation. The real estate manager must be aware not only of the value of land for purchase and sale but also of proper lease negotiation, tax policies and assessments, zoning and land development, and environmental laws.
In this chapter we focus on regulation of land use and the environment (see Figure 14.1 "Chapter Overview"). We divide our discussion of the nature of real estate into three major categories: (1) estates; (2) rights that are incidental to the possession and ownership of landfor example, the right to air, water, and minerals; and (3) easementsthe rights in lands of others.