Assignment #3 - Guest Speakers

Mike Gentry and Samuel Harrison

The lecture was so interesting because we were actually applying some of the things we have learned in class. The lecture focused on a current local development project located off of Briarcrest Dr which actually used to be the town of Booneville, Tx. The highlights from the lecture was how the land was won. That story about winning the piece of land in a poker game really stuck with me. You would have never guessed that this land is now worth millions of dollars. I also was surprised on how difficult it was to get structures on the land. The process is huge and can take many months, if not years. This profession must take a lot of patience, but at the same time a lot of passion. The most interesting thing to me was how claiming the land as agricultural gives you a huge tax benefit. The amount of taxes you pay is tiny compared to what you would have to pay if it wasn't agricultural. The little insights I got from this lecture really excite me about what I could possibly be doing one day.

Assignment #2 - Private/Public Restrictions on Ownership

Private Restrictions are also known as limitations and are considered encumbrances. Encumbrances are binding on anyone who has interest in the property value. Encumbrances include but not limited to, covenants, conditions, restrictions, liens, easements, profit a prendre, encroachment, adverse possession.

Really cool article on Encroachment...
http://www.mtdemocrat.com/business-real-estate/encroachment-conflicts-you-be-the-judge/

Public Restrictions are when the government creates limitations on ownership of real estate through taxation, eminent domain, police power, escheat.

Here's a article about an Eminent Domain case where the state wins againhttp://www.washingtoncitypaper.com/blogs/housingcomplex/2012/12/10/judge-rules-in-districts-favor-on-final-skyland-eminent-domain-case/