In
economics, land is regarded as one of
the four agent of production, along with labor, capital and entrepreneurship
Land can be owned,
traded and used by the individuals beside of the property that can be shared by
all people and as a commodity
The Attributes of
Lands:
-
Each
parcels of land is unique, in its location and composition
-
Land is
physically immobile
-
Land is
durable
-
The Supply
of land is finite
-
Land is
useful to people
Concept
of Land: - Governmental and legal
“The
legal profession doesn’t focus on the physical characteristic of the land, but
on right
and obligation associated with the
various interests in land. Such as contractual land transaction, renting the
land for usage.
Possible
conflict is between private ownership and public use.
Land not only the ground but also; everything that
attached to the earth, whether by course of nature, as are tree and herbage, or
by the land of man, as are houses and other buildings, it means not only the
surface of the earth but everything under it and over it.
So land both is a resource and a commodity, but
there are no clear cut solutions to this conflict
Real estate; a
physical land and appurtenances affixed to the land, such as structure, its
tangible and immobile
So Real estate in the legal definition called includes land and all things that are
natural part of land (trees, minerals) as well as all things that are attached
to it by people (buildings, site improvements, all permanent building
attachments (plumbing, electrical wiring, heating’s systems), as well as built
in items (cabinets, elevator) are usually considered as a part of real estate.
Real Property; Includes
all interests, benefits, and rights inherent in the ownership of physical real
estate. So the real property is the bundle of rights, inherent in the
ownership of real estate.
Ownership rights include the right to use real estate, to sell it, to lease it,
to enter it, to give it away, or to choose to exercise all or none of these
rights.
Personal
property; includes movable items that are not permanently affixed to, or part
of the real estate, and not endowed with the rights of real property ownership.
The example of personal property such as refrigerators, freestanding shelves.
Etc
A
trade fixture, not a real estate, but fixture are real estate, a trade fixture
are similar with chattel fixture, is an article that its owned and attached to
a rented space or buildings by a tenant and used in conducting a business. For
examples; restaurants boots, gasoline stations pumps, storage tanks, and the
fitness equipment in a health club. So a trade fixture is to be removed by the
tenant when the lease expires unless this right has been surrendered in the
lease.
Appraisal
practices include appraisal,
consulting and review.
