After reading this chapter, you should understand the following:
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 and in Chapter 12 "The Transfer of Real Estate by Sale" and Chapter 13 "Landlord and Tenant Law", we focus on regulation of land use and the environment (see Figure 11.1 "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 land—for example, the right to air, water, and minerals; and (3) easements—the rights in lands of others.