Key Content (Ch.1) 16% Flashcards
The right to possess and use property includes the right to;
occupy
sell or dispose
encumber
lease the property
Classes of property;
Real estate (real property) Personal property (chattel)
Real Estate
Immovable and illiquid
Personal Property
Movable
Both real and personal property can be used as____for a loan
collateral
Personal property is transferred by a _____signed by seller
Bill of sale
Search of public record will ____show title to personal property but will for ____
NOT; real estate
Bundle of Rights
Go with land and are real property
Appurtenances
incidental rights in adjoining property, such as crops/ fruit trees are real property as well
Physical Components of real estate
Land
Anything affixed to land (fixture)
Anything appurtenant to the land
Anything that cannot be removed from the land by law
Fixtures Test
M-method of attachment A-agreement of the parties R-relationship of the parties I-intention of parties A-adaptability of fixture
Trade Fixtures
used to render services or make products for the trade or business of a tenant(always personal property)
Land
The primary component of real estate; includes Soil Rocks Other earth materials Reasonable air space above earth
Improvements
structures built upon land (residential and commercial properties)
Improvements consists of the following;
Foundations
Framing
Roofing (HIP)
Types of framing consist of;
joists (horizontal)
studs(vertical)
rafters(angled to roof beam)
Easements
The right to enter or use another’s land as an encumbrance on their title.
Dominant Tenement
Benefits form the easement
Servient Tenement
burdened by the easement
Types of Easements
Prescriptive (access gained through use) Appurtenant (right to use property due to interest held in burdened real estate) In Gross (belongs to individual rather than land as their personal right in the burdened real estate)
Encroachments
Trespass on a neighbors property (tree roots)
Restrictions
Created by deed such as CC&Rs in a community governed by homeowners association
Types of leasehold agreements
Periodic Tenancy (month to month rental) Estate for years (lease with fixed term and termination date) Estate at sufferance (holdover of a property beyond the expiration of lease) Estate at will (continued occupancy beyond lease term)
The owner in a _____estate wons the fee title to a parcel of real estate.
freehold
Condominium
Legal form of ownership rather than a building design. Defined as airspace.
PUD
Planned Unit Development ; generally contain a shared common area.
Leasing parties;
Lessor (owner of real estate)
Lessee (the tenant)
Double EE’s refer to a person_____
recieving
A lease in excess of _____year must be in ____to be enforceable.
1; writting
Items that must be in written lease;
Termination date
Rental Amount
Name of the parties involved
Description of the property
Leases must be signed by the ____, a copy must be given to lessee within____days.
Lessor; 15 (Agricultural leases cannot exceed 51 yrs, urban limited to 99yrs)
Transfer of a lease may occur by;
Sublease (retains interest in other lease)
Assignment of Lease (all rights and possessions passed down)
3 baseline and meridian systems in CA;
Humbolt (north)
Mt. Diablo (central)
San Bernarndino (south)
Metes and Bounds
set forth all the boundary lines together with their terminal points and angles
PETE
Authority of CA to regulate realty activities;
Police Power
Power of eminent domain-(aka condemnation, to the 5th amendment)
Power of tax
Escheat
____and ____relate to government control of real estate development.
Zoning; building codes
Suddivided Lands Law protects fraud in the sale of property of ___ acers or less
160
Negative Declaration
(think blood test) means a subdivision does NO harm to the environment
Flooding is considered ____ when it occurs more often than once every ___ years.
frequent; 10
Surface Water
Consisting of watercourses, lakes, springs, marshes, and any other water flowing over the SURFACE of the earth (riparian rights)
Ground Water
Consisting of percolating, subterranean bodies of water located in underground basins. (overlying rights)
Alluvium
The boundary of a property that has changed due to the relocation of a river or stream.
Accession
The physical addition to property through man made efforts or by natural forces.
Accretion
Accession by natural forces only.
Avulsion
The gradual increase of the earth on a shore of an ocean or bank of steam resulting from the action of the water
Reliction
the gradual recession of water leaving land permanently uncovered
Littoral Rights
The property rights of a property bordering a pond, lake or ocean.
