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Conceptual Literature Review Of Real Property

Decent Essays

. Literature Review
2.1 Introduction
Providing important theoretical background of the topic under investigation is the aim of this literature review. Various professionals’ knowledge displayed and produced by individuals and authorities related to the subject under study would be looked in this chapter. This chapter discussed ideas already exists in books, journals or websites those through the topic under study.
2.2. Conceptual Literature Review
2.2.0 Meaning of Valuation
According to Essayas Derbie (2012) Real Property is defined as any tangible or intangible entity that is owned by individuals or group of people as well as legal entity. Depending on the nature of the real property an owner of property has the right to use, sell, rent, mortgage, transfer, exchange , destroy or to exclude others .In the day today discussion, the term real property refers to things or objects such as a house, a land etc. Real Property also includes all lands, buildings, fixtures, improvements, improvements on leased land. Moreover, it also includes mines, minerals, quarries, mineral springs and wells, oil and gas wells, overriding royalty interests, and production payments with respect to leases. Lastly, all real property includes all privileges pertaining to the real property.
The term property describes a legal concept which refers to the rules that govern people’s access to and control of physical things (tangible assets) like land, natural resources, and manufactured goods as well

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