Chapter 8
Knowing the Limitations on Real Estate Ownership
IN THIS CHAPTER
Finding out about different private limitations
Understanding government regulations that limit property use
Checking out land-use regulations
Real estate ownership conveys many automatic rights, such as the right to sell it or build on it. But those rights usually aren’t unlimited. Your right to use a piece of real estate that you own often is limited by or subject to the physical, financial, or legal rights of others, including other people or the government. Sometimes the limitations simply prevent you from doing something specific with your property, such as building a commercial building in a residential area because of government restrictions on land use. A private, as opposed to a government, limitation may give the right to another person, usually the person who sold you the property, to determine the style of house you can build.
This chapter provides information about private and government limitations that are likely to be on the real estate license exam. I specifically discuss topics such as voluntary and involuntary liens, regulations concerning new construction, and much more.
Carrying a ...
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