Intro Flashcards
What does MLS stand for?
Multiple Listing Services
When was California purchased?
The USA purchased California from Mexico as part of the Treaty of Guadalupe Hidalgo in 1848 and became a state September 9, 1850
When was the nations first real estate law established?
1917 by California
When did California achieve statehood?
September 9, 1850
How many total acres is California?
101,803,000
How is land ownership in California divided?
Private 50%
Federal 45%
State 3%
Local 2%
Real estate definition of possession
The right to occupy, rent, or keep others out
Real estate definition of enjoyment
The right to peace and quiet without interference from others
Real estate definition of control
The right to physically change or keep the property how you want it
Real estate definition of disposition
The right to transfer all or part of your property to others as you see fit
What are the bundle of rights?
Possession, enjoyment, control, and disposition
What are the two types of property?
Real property- immovable
Personal property-movable
Define riparian right
The right of a landowner to the use of flowing water on, under, or adjacent to their land
Riparian, rivers
Define littoral right
The right of a landowner to the use of nonflowing water on their land
Littoral, lakes
Appropriation of water
The private taking and use of water flowing on public domain