California Real Estate Principles 10 1 Edition Chapter
- Slides: 21
California Real Estate Principles, 10. 1 Edition Chapter 2: Introduction to Real Estate © 2016 On. Course Learning
Chapter 2 • Trace the history of real property ownership in California • List the 4 parts for the definition of real property & distinguish between Real & Personal Property • Explain the “bundle of rights” • List the 5 legal tests for a fixture © On. Course Learning
California History • Native Americans- First inhabitants- Missionaries converted • Explorer Vasco Nunez de Balboa (1513)- sighted Pacific Ocean and claimed for Spanish King & Queen. • Under Spanish rule (1542 -1822) – San Diego: 1 st settlement, by Juan Cabrillo • Spanish developments (1769)- classified as: – Forts = presidios Villages = pueblos (agri-towns)- food – Land grants = ranchos – granted to private citizens – – 21 Missions to spread Christianity • MEXICAN rule (April, 1822) • Mexican-American War (1846 -1848) Americans from the East- created tensions. • UNITED STATES rule – Treaty of Guadalupe Hidalgo (1848)- ended the Mexican-American War – California Statehood- (September 9, 1850)
California Real Estate • Board of Land Commissioners – Formed to settle private land claims- prior rancho owners – Recording system adopted for land • California legal system – Formerly Spanish Civil Code – English common law enacted – Retained Spanish community property laws • Modern California – Urban/suburban residents – Population centers: Greater Los Angeles, San Diego, Sacramento, San Francisco Bay Area © On. Course Learning
Real Estate can refer to the industry or profession as well as the physical sense of land buildings, known as Real Property. © On. Course Learning
BUNDLE OF RIGHTS* 1. 2. 3. 4. 5. 6. Includes the right to: Own and possess Use Enjoy Encumber or borrow against Dispose Exclude others who do not share ownership *Subject to government controls
Property Rights Do NOT Include the Right to: Destroy Why? • Loss of value to neighboring property • Environmental, Health & safety issues on tear downs
Property Ownership • Is neither absolute nor unlimited • Is subject to ( examples of how the government controls property rights): – Zoning and building codes – Fair housing and antidiscrimination – Health & safety regulations – Police power – Permits and licenses – Public interest issues
Definition: Real Estate • LAND • AFFIXED TO LAND • APPURTENANT TO LAND • IMMOVABLE BY LAW
REAL PROPERTY is LAND: • LAND includes: – Earth’s surface • lateral support • subjacent support – Materials under the surface • Substances, including water • Minerals, oil & gas
Air rights: above the surface • From earth’s surface to the Federal Aviation (FAA) floor
Mineral Rights • Oil and Gas Rights – Rule of Capture – Rule of Extraction
Water Rights • Riparian – borders steam or lake • Littoral – borders shore of sea or ocean • Doctrine of Correlative Use – Underground water • Prior Appropriation
Water Rights: §Different states have different laws: - Appropriation water right –Owner has exclusive right to take all water for specific beneficial use of the land –The state grants permission to non-riparian owner. –Correlative water right –Owner entitled to take only a reasonable amount of water for benefit to the land (irrigation)
Property Affixed to the land: • • • Affixed – Building improvements Attached – Landscaping attached by roots Incidental – Utility pipes Attachments – Fence Easements – Right of way Fixtures – Patio cover
Appurtenances • Easements • Stock in a mutual water company
Immovable by Law If an object is not allowed to be moved from the land it is resting on, then it is a part of that property as a matter of law. © On. Course Learning
PERSONAL PROPERTY is everything that is NOT real property • Chattel - Chose • Movable goods • Paper Documents about real property: money, stocks, contracts, deed, lease, promissory note • Transferred by a Bill of Sale • EMBLEMENTS – Annual cultivated crop
Real OR Personal property? Real property can become personal property Personal property can become real property • REAL Property • PERSONAL Property
TEST OF A FIXTURE M ethod of Attachment A daptability for Ordinary Use R elationship of the Parties I ntent of the Parties A greement Between the Parties w. NOTE: The law favors the lender over a borrower, a buyer over a seller, and the tenant over the landlord.
TRADE FIXTURE • Personal property of a business affixed or annexed to the real property • Considered personal property (cash register/safe) • Tenant may remove before the lease ends but must repair any damage to the real property
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