"Owner as planner": chooses how and when to use property.
Real property: land , buildings, vegetation, maybe water, and maybe minerals, etc.
Back to property rights: "bundle of sticks" metaphor
Green stciks (rights and benefits): use, development, extract appreciated value; change uses; exclude; minerals, water.
Red sticks: (obligations): avoid nuisance, "harmful externalities," pay property taxes.
Types of ownership
Fee Simple (absolute) rights:
Sub-divide (division in space)
Severe use rights
Division of use in time
Leasehold, tenancy
Limits: most common are Easements for utilities.
Covenants
Purchase and sales (real property is "alienable")
Pinpointing and defining Land
Federal land survey (township and range, section, quarter-section, etc.)
Lots in a subdivision plot