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
Define percolating water
Underground water that is not found in a defined channel
Define surface water rights
An owner can use reasonable means to protect against flood waters but not at the expense of a neighbor
Define appurtenant
Things that are a part of the land and must be sold with the land or the usefulness will reduce
Define emblements
If land is leased, any crops planted on that land are owned by the tenant, even after the expiration of the lease
Define fixtures
Items of personal property that are incorporated into the land making them real property
What is MARIA?
The 5 tests a court uses to determine if an item is a fixture Method of attachment Adaptability Relationship to the parties Intention Agreement
What are the 3 means of property identification?
Metes and bounds(surveyors maps - irregular)
Sections and townships(USA gov - rural)
Lots, blocks, & tracts(recorded subdivision - cities)
Define Metes and Bounds
Surveyors maps
Simply measuring boundaries, distances and angles
Define sections and townships
The use of bass and meridian lines to define a a parcel of land
Define base line
Horizontal line running easy to west from any 3 CA starting points
Define meridian lines
Vertical lines running north and south from any 3 CA starting points
Define tiers and tier lines
Intervals of 6 miles running parallel to the base lines
Define range lines
Intervals of 6 miles running parallel to the meridian line
Define township
36 square mile section of land where a tier intersects with a range
How many acres in a square mile?
640 acres in 1 square mile
How many feet in one acre?
43,570 square feet in 1 acre
Or
4,840 square yards in 1 acre
How long is a mile?
A mile is 5,280 feet long
