Property & Rights Foundations
This term refers to the physical land and attachments, such as buildings.
What is real estate?
This is a database of an organization’s properties with specific information on each parcel.
What is a property inventory?
These written documents help ensure property management work is completed consistently, efficiently, and with proper authority.
What are policies and procedures?
This is the control of loss that potentially or actually threatens the organization and its real estate holdings.
What is risk management?
This decision option keeps a property for present or future organizational use rather than leasing or selling it.
What is hold?
This term refers to the interests, benefits, and rights inherent in ownership of real estate.
What is real property?
This type of information may include rights acquired, grantor, price paid, legal description, and recording details.
What is acquisition information?
This organizational statement explains why the organization exists and helps guide policies, procedures, and task assignments.
What is a mission statement?
This is an unlawful use or possession of another’s property and may interfere with access, maintenance, construction, or safety.
What is an encroachment?
This decision option may generate income while allowing the organization to retain ownership of the property.
What is lease?
This collection of legal rights may include possession, use, enjoyment, income, control, and disposition.
What is the bundle of rights?
These classifications may include operating, future use, surplus, transitional, and stranded property.
What are property inventory categories?
These routine reviews are the first line of defense against many encroachments.
What are regular property inspections?
This method assigns risk to others by agreement or contract, often through insurance or indemnification provisions.
What is risk transfer?
This option is generally considered when a parcel serves no present or future organizational use and has reached its highest and best use.
What is sale or disposal?
This right allows a person or entity to use another’s property for a specific purpose without possessing it.
What is an easement?
This type of inventory information helps determine whether a property can be used by others without interfering with the organization’s primary operational needs.
What is secondary use information?
These schedules should be based on property type, risk, available resources, and organizational needs.
What are inspection schedules?
This legal concept may arise when someone acquires a right through open, continuous, and unauthorized use of another’s property over time.
What are prescriptive rights?
This is the use of organization-acquired property by others when there is no conflict with the primary use.
What is secondary use?
This analysis asks whether a use is physically possible, legally permissible, financially feasible, and maximally productive.
What is highest and best use analysis?
A property inventory should not only identify what the organization owns, but also support these four key property management functions: controlling/monitoring, analyzing, marketing, and this final action involving real estate or property rights.
What is disposing of real estate and real property rights?
These help provide checks and balances, fiscal responsibility, management support, authority, and accountability.
What are approved written policy statements?
These are the two principal methods for correcting an encroachment.
What are removing the encroachment or legalizing the encroachment?
This type of agreement involves two or more organizations using property together, often with shared rights, responsibilities, costs, access provisions, insurance, maintenance, and documentation.
What is a joint use agreement?