About This Chapter
Air, Mineral & Water Rights in Real Estate - Chapter Summary
While working through these lessons, you can strengthen your understanding of air, mineral and water rights in real estate. This self-paced chapter can also help you understand a person's subsurface rights when they buy real estate. After reviewing the lessons, you should be ready to:
- Provide a description of air, mineral and water rights
- Discuss the kinds of rights associated with owning real property
- Explain how mineral rights affect surface owners
- Recall different types of water rights recognized by the law
You'll appreciate the teaching style of our experienced instructors as they help you improve your knowledge of air, mineral and water rights in real estate. Our online learning platform offers the flexibility of studying the lessons when it's convenient for you. A brief quiz is available to test your knowledge of each lesson, and the quizzes can be printed for use as a handy study tool.
1. Extent of Ownership and Real Property: Air, Surface & Subsurface
When you buy real property, you gain several different kinds of rights. You'll likely own a bundle of rights that includes more than just the surface area of the land. This lesson explains air, surface, and subsurface rights.
2. Oil, Gas & Mineral Rights: Overview & Effects
Sometimes what lies beneath is more valuable than what lies on. In this lesson, you'll learn about mineral rights and their effect on surface owners. A short quiz follows the lesson.
3. Water Rights: Definition & Types
Just become you have water on your property doesn't mean you actually ~'own~' it. In this lesson, you'll learn about water rights including different types recognized under the law. You'll have an opportunity to take a short quiz after the lesson.
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Other chapters within the Michigan Real Estate Broker Exam: Study Guide & Practice course
- Property & Land Characteristics
- Liens & Encumbrances in Real Estate
- Types of Property Ownership
- Real Estate Land Use Controls & Regulations
- Property Valuation & Appraisal
- Basic Real Estate Financing Terms & Concepts
- Types of Real Estate Loans
- Lending & Underwriting Processes
- Agency Relationships & Agreements
- Disclosures of Property Conditions
- Real Estate Sales Contracts
- Leasing & Property Management
- Real Estate Title Transfers
- Real Estate Practices
- Common Real Estate Calculations
- Michigan Licensing & Statutory Requirements
- Michigan Real Estate Laws
- Michigan Real Estate Broker Exam Flashcards