Real Property - As introduced, prohibits a planning commission or local legislative body from requiring a landowner to transfer ownership of land along an existing public right of way to the local government as a condition of approving the subdivision of property without first purchasing the property; permits landowner subject to regulatory taking to petition for a jury of inquest or sue for damages including reasonable costs and attorney's fees. - Amends TCA Title 5; Title 6; Title 7; Title 13; Title 29; Title 42, Chapter 6; Title 44 and Title 54.