Ca Real Estate Principles Ch 2

Front 1

Real Property

Back 1

Bundle of rights

Front 2

PUEED

Back 2

Acronym 5 major rights

1.Possession

2.Use of Property

3.Enjoyment

4.Exclude others from Property

5.Dispose

Front 3

All CA Property categorized as...

Back 3

Real or personal Property

Front 4

Real property =

Back 4

Real estate

Front 5

California Civil Code definition of real property

Back 5

1. Land

2. Fixtures

3. Anything incidental or appurtenant to land

4. Anything immovable by law

Front 6

Land

Back 6

Soil, oil, gas, water, air space

Front 7

Mineral rights

Back 7

Also include minerals that have fugitive or fluid nature such as oil and gas

Front 8

Mineral rights

Back 8

Right to remove substances from land usually beneath the surface includes solid materials like gold,coal, iron and gravel from soil and riverbeds

Front 9

Fixtures

Back 9

Anything including an improvement attached or affixed to land. Can be attached by roots like a tree or imbedded in land like walls

Front 10

Riparian rights

Back 10

Rights given to owners of land bordering rivers or flowing streams, owners do not own the water but have the right to reasonable use. If stream navigable then state owns land under stream. Property line is mean high water line of stream

Front 11

Littoral rights

Back 11

Owners of land bordering still body of water like a lake. Right to reasonable use of water on their property.

Front 12

Underground water right

Back 12

Belong to landowners who have right to Correlative use of water under land. May withdraw water for beneficial use only.

Front 13

Percolating water

Back 13

Underground water not defined by a stream

Front 14

Mutual water company

Back 14

Can be formed by individual lot owners of a subdivision

Front 15

Appropriative water rights

Back 15

Are subject to priority of claims file before December 19, 1914. The claims remade valid as long as the water is put to a beneficial use

Front 16

Right of appropriation

Back 16

State can divert water for public use

Front 17

Appurtenance

Back 17

Anything used with the land for the benefit of owners. I.E. Roadway or waterway.

Some examples, easements, right-of-way, condo parking spaces.

Transferred with land

Can also include passage for light, air, heat as well as stock and mutual water company

Front 18

Enablements

Back 18

Cultivated crops, part of the land until harvested once Harvested become personal property

If grown by tenant on leased land considered personal property while growing as well as harvested

Front 19

Emblements

Back 19

Cultivated crops, part of the land until harvested once Harvested become personal property

If grown by tenant on leased land considered personal property while growing as well as harvested

Front 20

Uniform commercial code

Back 20

Governs sale of growing crops

Front 21

Fructus industriales

Back 21

Crops produced by human labor

Front 22

Fructus naturales

Back 22

Naturally occurring plant growth

Front 23

Personal property

Back 23

Every kind of property not considered real property, considered movable

Front 24

Picture

Back 24

Anything attached to land

Front 25

M.A.R.I.A

5 tests for a fixture

Back 25

M- method of attachment, would gazebo on concrete foundation

A-adaptability, swimming pool cover

R-relationship to parties, tenant over [Landlord] and buyer over seller

I-intent

A-agreement of the parties

Front 26

Fixtures on leased property can be removed before end of lease if;

Back 26

1. Installed for trade, manufacture, ornament, or domestic use

2. Can be removed without damage to premises

Front 27

Differences between real and personal property

Back 27

Real property requires contract for sale, personal property only required if amount exceeds $5000

Have separate tax laws

Front 28

Deed

Back 28

Instrument used for transfer of ownership of real property

Front 29

Bill of sale

Back 29

Instrument for transfer of personal property

Front 30

Best practice for identifying real estate

Back 30

1. Legal description

2. APN- tax assessors parcel #

3. Street address

Front 31

Three methods of legal description for identifying real estate

Back 31

1. Metes and bounds

2. Rectangular survey system

3. Lot and block

Front 32

Metes and Bounds

Back 32

Surveyor uses boundary markers, measures the distance from marker to marker, determines perimeter.

This method unpredictable not used often in land descriptions for California

Front 33

Metes

Back 33

Refers to distances, can be measured in inches, feet ,yards ,and rods

Front 34

Bounds

Back 34

Natural or artificial boundaries such as Rivers and roads. Monuments or markers can be used such as rocks, fences, iron pipes and other natural objects

Front 35

Rectangular survey system

Back 35

A.k.a. section and township system or US government survey system

Basic description of land on distance from baseline (east-west) and Meridian (north-south)

Hint 35

Ca has 3 principle baselines

Front 36

Land division

Back 36

Land area is divided into townships that are measured and numbered

It is an area at 6 mile Square (36 miles)

Front 37

Tiers

Back 37

Townships that run north and south and groups

Hint 37

Wedding cake

Front 38

Ranges

Back 38

Townships that run east to west in groups

Front 39

Township

Back 39

Composed of 36 sections, one standard section is one square mile which contain 640 acres

Sections composing a township or number in order starting with number one in the north east corner of Township

Hint 39

Front 40

Computing land area

Back 40

M

Front 41

Estate

Back 41

Interest in property

Front 42

Freehold estate

Back 42

Estate in land which ownership is for indeterminate length of time, as in fee simple and life estate