©2011 Cengage Learning.

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Presentation transcript:

©2011 Cengage Learning

California Real Estate Principles Chapter 1 Introduction to Real Estate ©2011 Cengage Learning

Chapter 1 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 ©2011 Cengage Learning

California History 1. Native Americans 2. Explorer Balboa (1513) 3. SPANISH rule (1542-1822) San Diego: lst settlement, by Cabrillo 4. Spanish developments (1769) Forts = presidios Villages = pueblos Land grants = ranchos – 21 Missions 5. MEXICAN rule (1822) 6. Mexican-American War (1846-1848) 7. UNITED STATES rule Treaty of Guadalupe Hidalgo (1848) Statehood (September 9, 1850) ©2011 Cengage Learning

California Real Estate Board of Land Commissioners Formed to settle private land claims 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 LA, San Diego, Sacramento, San Francisco/Oakland ©2011 Cengage Learning

Real Estate Real estate in a physical sense is land and buildings, things you can touch. Real property is the physical + plus the legal rights of ownership = the Bundle of Rights ©2011 Cengage Learning

BUNDLE OF RIGHTS* Include the right to: Own and possess Use Enjoy Encumber or borrow against Dispose Exclude others who do not share ownership *Subject to government controls ©2011 Cengage Learning

Sample Test Question Under today’s concept of the bundle of rights, a property owner has the right to all EXCEPT which of the following: A. encumber B. destroy C. possess D. alienate ©2011 Cengage Learning

Property Rights Do NOT Include the Right to: Destroy Why? Value to neighboring property (vacant lot) Health & safety issues on tear downs (environment) ©2011 Cengage Learning

Property Ownership Is not absolute Is subject to government controls, such as: Zoning and building codes Fair housing and antidiscrimination Health & safety regulations Police power Permits and licenses Public interest issues ©2011 Cengage Learning

Definition: Real Estate LAND AFFIXED TO LAND APPURTENANT TO LAND IMMOVABLE BY LAW ©2011 Cengage Learning

REAL PROPERTY is LAND: LAND includes: Earth’s surface lateral support subjacent support Materials under the surface Substances, including water Minerals, oil & gas ©2011 Cengage Learning

Air rights: above the surface From earth’s surface to the Federal Aviation (FAA) floor ©2011 Cengage Learning

Mineral Rights Oil and Gas Rights Rule of Capture Rule of Extraction ©2011 Cengage Learning

Water Rights Underground water Concept of Reasonable Use Riparian Prior Appropriation Underground water Concept of Reasonable Use Riparian – borders steam or lake Littoral – borders shore of sea or ocean ©2011 Cengage Learning

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) ©2011 Cengage Learning

Property Affixed to the land: Affixed – Building improvements Appurtenances – Landscaping attached by roots Incidental – Utility pipes Attachments – Fence Easements – Right of way Fixtures – Patio cover Stock in a mutual water company Immovable, by law ©2011 Cengage Learning

Appurtenances • Easements • Stock in a mutual water company ©2011 Cengage 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 ©2011 Cengage Learning

Real OR Personal property? Real property can become personal property Personal property can become real property REAL Property PERSONAL Property ©2011 Cengage Learning

TEST OF A FIXTURE M A R I A ethod of Attachment daptability for Ordinary Use R elationship of the Parties I ntent of the Parties A greement Between the Parties NOTE: The law favors the borrower over a lender, a buyer over a seller, and the tenant over the landlord. ©2011 Cengage Learning

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 ©2011 Cengage Learning

California Domestic Partnership Law Effective January 1, 2005 registered domestic partners have many of the same California constitutional real estate rights as husbands & wives Not recognized by federal laws & regulations Other states also do not recognize this law ©2011 Cengage Learning

Review Quiz Chapter One - Introduction to Real Estate 1. Airspace above a parcel of land is: real property (b) personal property (c) an encumbrance (d) a fixture 2. Zoning regulations have the greatest impact on which right? right to encumber (b) right to possess (c) right to use (d) right to exclude ©2011 Cengage Learning

Review Quiz Chapter One – Introduction to Real Estate 3. All of the following are real property except: fruit trees (b) chattels (c) stock in a mutual water company (d) built-in stove 4. In a dispute over fixtures, courts tend to favor (a) sellers over buyers (b) landlords over tenants (c) lenders over borrowers (d) grantors over grantees ©2011 Cengage Learning

Review Quiz Chapter One – Introduction to Real Estate 5. The right of a land owner along a river to take water is called: (a) percolating rights (b) river water rights (c) user rights (d) riparian rights 6. Which of the following is a test of a fixture? (a) attachment (b) chose (c) appropriation (d) restrictions ©2011 Cengage Learning

Review Quiz Chapter One – Introduction to Real Estate 7. California became a state in: 1803 (b) 1848 (c) 1849 (d) 1850 8. Shelves in a retail store are an example of: (a) real estate (b) encumbrances (c) trade fixtures (d) real property ©2011 Cengage Learning

Review Quiz Chapter One – Introduction to Real Estate 9. All of the following "run with the land," except: (a) easements (b) private deed restrictions (c) water rights (d) current harvest rights 10. Which real estate term is the most inclusive? (a) real estate (b) real property ©2011 Cengage Learning

Answers to Chapter 1 Review Quiz A 6. A C 7. D B 8. C C 9. D D 10. B ©2011 Cengage Learning