Cal Real estate

Card Set Information

Cal Real estate
2012-05-31 00:28:02

Chapter 1
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  1. Commission
    Is an amount paid, usually as a percentage of the selling price, to a broker for services.
  2. Property
    Defined as the rights and interests that a person has in the thing owned.
  3. Two types of property
    Real Property, Personal Property
  4. Real Property
    Immovable- 1.Land 2. Anything permanently attached or affixed to the land 3. Anything incidental or appurtenant to the land 4. Immovable by law
  5. Personal Property
    Movable- Chattel Real
  6. Bundle of Rights Theory (Owner Rights)
    Possession, Enjoyment, Control, Disposition
  7. Airspace Right
    Is the right to use of the airspace abouve the surface of the earth. Reasonable space above a parcel; or in condominium, the cubic area of a space within the walls.
  8. Mineral Rights
    Are the Rights to unmined minerals (solids), such as gold, silver, and borax, that are part of the real property, but can be removed.
  9. Riparian Right (River and Streams)
    Is the right of a landowner to the reasonable use of moving, free flowing water on, under, and adjacent to his/her land (like a river or stream within the watershed), provided that its use does not infringe on the rights of any neighboring landowners
  10. Littoral Right (Oceans and Lakes)
    Is the right of a landowner to the reasonable usage of a nonflowing body of water (with a shoreline) abutting his/her land.
  11. Appropriation of Water (Doctrine of Appropriation)
    Is the private taking and use of water flowing on the public domian from its natural course.
  12. Percolating Water
    refers to underground water not found in a defined channel (natural water course).
  13. Allocation
    (taking) by the the state
  14. Potable Water
    Refers to water that is suitable for human consumption.
  15. Surface Water Rights
    Prohibit the diversion of runoff from rain unless confined to a channel (river or stream )to the property of another.
  16. Improvements
    Anything attached to the land such as building, fences, walls, walks and shrubs.
  17. Easements
    allow the use of someone else's land, such as a driveway to enter your land, also go with the land being sold if it is the only way to access the land.
  18. Personal Property
    minerals, oil, and gas, when extracted, are also considered personal property. movable objects
  19. Emblements
    Are planted growing crops that are cultivated annually by a tenant farmer on leased land. Crop still belongs to tennent after lease
  20. Bill of Sale
    states that the goods have been paid for and that no outstanding loans exist on the personal property.
  21. Fixtures
    Are items of personal property that are attached to, or incorporated into, the land in such a manner as to become real property.
  22. M.A.R.I.A.-System courts use to dtermine if an item is a fixture
    • Method of attachement
    • Adaptability
    • Relationship of the Parties
    • Intention
    • Agreement
  23. Method of Attachement
    If removal of an item would leave permanent damage or an unusable area, it is surely real property.
  24. Adaptability
    Ordinary use in connection with the land.
  25. Relationship of the Parties
    Depends on contract on mentioned items, however there are no set rules.
  26. Intention
    If you plan to remove an item of personal property, you may not permanentaly attach it to the land.
  27. Agreement
    Listing items that are for sale.- Listing items that you want with purchasing the property.
  28. Trade Fixtures
    Are personal property use in the normal course of business, such as shelving of refrigeration units. Tennets removing fixtures he/she installed.
  29. Methods of Land Description
    • A. Metes and Bounds (Surveyor's Maps- Irregular Parcels)
    • B. Sections and Townships (U.S. Government Survey-Rural)
    • C. Lots, blocks, and Tracts (Recorded Subdivision-Cities)
  30. Metes and Bounds (measuring boundaries)
    The method of identifying property by its boundaries, distances, and angles from a given starting point.
  31. Principal base and Meridian line intersections
    • 1. Humboldt Base Line and Meridian in Nor Cal;
    • 2. Mt. Diablo Base Line and Merdian in Cen Cal; and
    • 3. San bernardino Base Line and Meridian in So Cal
  32. Base Line
    Horizontal line that runs ease and west from any one of three starting pints in Ca. Marked in 6 mile increment, each increment is called a range.
  33. Meridian Line
    Vertical lines that run north and south from any one of the three startin points in Ca. Marked in 6 mile increments, increments are called a township or tier.
  34. Range
    A column of land six miles wide, determined by a government survey, running in a north-south direction, lying east or west of a principal meridian.
  35. Condominium
    A structure of two or more units where the interior airspace of each unit is individually owned; the balance of land and improvements is owned in common by all owners.
  36. Townships
    In the survey of public lands, a territorial subdivision six miles long, six miles wide and containing 36 sections, each one square mile