The session will explore the concept of property rights and limitations on property rights that might be found in title reports. We will look at which sticks in the bundle of rights may have an impact on Highest and Best Use and ultimately, on market value. We will examine how these limitations might influence purchase or funding decisions. During the session participants will review several examples of exceptions and reservations from title reports and engage in a class discussion concerning how exceptions and reservations might influence Highest and Best Use and/or Market Value.