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Real Estate Principles - Anderson - Robert Rooks
Classes
1
California
Real Estate Principles
Real Estate Principles
Chapter
1
I=
ntroduction
to Real Estate
=
Thomson
South-Western
Real Estate Principles - Anderson - Robert Rooks
Classes
2
•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
![](3D"slide0018_image006.gif")
Chapter 1
Real Estate Principles - Anderson - Robert Rooks
Classes
3
Calif=
ornia
History
<=
span
class=3DBB style=3D'position:absolute;left:-5.41%'>•1. Native
Americans
<=
span
class=3DBB style=3D'position:absolute;left:-5.41%'>•2. Explor=
er
Balboa (1513)
<=
span
class=3DBB style=3D'position:absolute;left:-5.41%'>•3. SPANIS=
H rule
(1542-1822)
<=
span
style=3D'font-size:64%'>–San Diego: lst settlement, by Cabrillo
=
<=
span
class=3DBB style=3D'position:absolute;left:-5.41%'>•4. Spanish
developments (1769)
<=
span
style=3D'font-size:64%'>–Forts =3D =
presidios Villages =3D =
pueblos
<=
span
style=3D'font-size:64%'>–Land grants =3D ranchos
– 21 Missions
<=
span
class=3DBB style=3D'position:absolute;left:-5.41%'>•5. MEXICA=
N rule
(1822)
<=
span
class=3DBB style=3D'position:absolute;left:-5.41%'>•7. UNITED=
STATES
rule
<=
span
style=3D'font-size:64%'>–Treaty of Guadalupe Hidalgo (1848)
<=
span
style=3D'font-size:64%'>–Statehood (September 9, 1850)
![](3D"slide0001_image008.jpg")
Real Estate Principles - Anderson - Robert Rooks
Classes
4
Calif=
ornia
Real Estate
<=
span
class=3DBB style=3D'position:absolute;left:-4.97%'>•Board of =
Land
Commissioners
<=
span
class=3DBB style=3D'position:absolute;left:-4.97%'>•Californi=
a legal
system
<=
span
class=3DBB style=3D'position:absolute;left:-4.97%'>•Modern Ca=
lifornia
San
Diego, Sacramento, San Francisco/Oakland
![](3D"slide0006_image010.jpg")
Real Estate Principles - Anderson - Robert Rooks
Classes
5
Real =
Estate
Real property is the physical + plus
the legal
rights of ownership =3D the
Bundle of=
Rights
Real estate in a physical sense is land =
and =
buildings,
things you can touch.
![](3D"slide0015_image012.gif")
Real Estate Principles - Anderson - Robert Rooks
Classes
6
BUNDLE OF
RIGHTS*
![](3D"slide0004_image013.gif")
Include the right to:
<=
/div>
1.Own
and possess
2.Use
3.Enjoy
4.Encumber
or borrow against
5.Dispose
6.Exclude
others who do not share ownership
![](3D"slide0004_image015.gif")
*Subject
to government controls
Real Estate Principles - Anderson - Robert Rooks
Classes
7
Sampl=
e Test
Question
<=
span
class=3DBB style=3D'position:absolute;left:-4.47%'>•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
Real Estate Principles - Anderson - Robert Rooks
Classes
8
Property Rights Do NOT Include
the Right to:
![](3D"slide0007_image016.gif")
•
![](3D"slide0007_image017.gif")
<=
span
style=3D'mso-special-format:bullet;position:absolute;left:-1.66%'>•<=
/span>Value
to neighboring property (vacant lot)
<=
span
style=3D'mso-special-format:bullet;position:absolute;left:-1.57%'>•<=
/span>Health
& safety issues on tear downs (environment)
Why?
Real Estate Principles - Anderson - Robert Rooks
Classes
9
Prope=
rty
Ownership
<=
span
class=3DBB style=3D'position:absolute;left:-4.76%'>•Is not absolute
<=
span
class=3DBB style=3D'position:absolute;left:-4.11%'>•Is subject to government
controls, such as:
<=
span
class=3DB1B style=3D'position:absolute;left:-4.29%'>–Zoning and building codes=
<=
span
class=3DB1B style=3D'position:absolute;left:-4.29%'>–Fair housing and
antidiscrimination
<=
span
class=3DB1B style=3D'position:absolute;left:-4.29%'>–Health & safety
regulations
<=
span
class=3DB1B style=3D'position:absolute;left:-4.29%'>–Police power
<=
/span>
<=
span
class=3DB1B style=3D'position:absolute;left:-4.29%'>–Permits and licenses
=
<=
span
class=3DB1B style=3D'position:absolute;left:-4.29%'>–Public interest issues
Real Estate Principles - Anderson - Robert Rooks
Classes
10
Definition: Real
Estate
•LAND
•AFFIXED TO LAND
•APPURTENANT TO LAND
•IMMOVABLE BY LAW
Real Estate Principles - Anderson - Robert Rooks
Classes
11
REAL
PROPERTY is LAND:
•LAND includes:
<=
span
style=3D'font-size:114%'>–Earth’s surface
<=
span
style=3D'font-size:114%'>–Materials under the surface
• Substanc=
es,
including water
• Minerals=
, oil
& gas
![](3D"slide0019_image019.jpg")
Real Estate Principles - Anderson - Robert Rooks
Classes
12
![](3D"slide0030_image021.gif")
Air rights: above the surface
•F=
rom
earth’s
surface
to
the
Federal
Aviation
(FAA)
floor
Real Estate Principles - Anderson - Robert Rooks
Classes
13
![](3D"slide0032_image023.jpg")
![](3D"slide0032_image025.jpg")
Mineral Rights
<=
span
class=3DB1B style=3D'position:absolute;left:-4.33%'>–Rule of
Capture
<=
span
class=3DB1B style=3D'position:absolute;left:-4.33%'>–Rule of
Extraction
Real Estate Principles - Anderson - Robert Rooks
Classes
14
Water Rights
•Prior Appropriation
•Underground water
–Riparian – =
borders
steam or lake
–Littoral – borders
shore of sea or ocean<=
span
style=3D'mso-special-format:lastCR;display:none'>
![](3D"slide0014_image026.gif")
Real Estate Principles - Anderson - Robert Rooks
Classes
15
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 <=
span
style=3D'position:absolute;top:47.82%;left:0%;width:98.17%;height:52.17%'>=
of
water for benefit to the land (irrigation)
![](3D"slide0020_image027.gif")
![](3D"slide0020_image028.gif")
Real Estate Principles - Anderson - Robert Rooks
Classes
16
Prope=
rty
Affixed to the land:
•Affixed – Buil=
ding
improvements
•Appurtenances – Landscaping atta=
ched
by roots
•Incidental – U=
tility
pipes
<=
span
class=3DHBB style=3D'position:absolute;left:-4.67%'>•Attachme=
nts
– Fence
<=
span
class=3DHBB style=3D'position:absolute;left:-4.67%'>•Easements
– Right of way
<=
span
class=3DHBB style=3D'position:absolute;left:-4.67%'>•Fixtures=
–
Patio cover
<=
span
class=3DHBB style=3D'position:absolute;left:-4.67%'>•Stock in=
a
mutual water company
<=
span
class=3DHBB style=3D'position:absolute;left:-4.67%'>•Immovabl=
e, by
law
Real Estate Principles - Anderson - Robert Rooks
Classes
17
![](3D"slide0031_image030.jpg")
![](3D"slide0031_image032.jpg")
Appurtenances
• Easements
• Stock
in a mutual water company
Real Estate Principles - Anderson - Robert Rooks
Classes
18
PERSONAL
PROPERTY is
everything tha= t is NOT
real property
everything tha= t is NOT
real property
<=
span
class=3DBB style=3D'position:absolute;left:-4.57%'>•Chattel -
Chose
<=
span
class=3DBB style=3D'position:absolute;left:-4.57%'>•Movable
goods
<=
span
class=3DBB style=3D'position:absolute;left:-4.57%'>•Paper Doc=
uments
about real property: money, stocks, contracts, deed, lea=
se, promissory
note.
<=
span
class=3DBB style=3D'position:absolute;left:-4.57%'>•Transferr=
ed by a
Bill of Sale
<=
span
class=3DBB style=3D'position:absolute;left:-4.57%'>•EMBLEMENT=
S
<=
span
class=3DB1B style=3D'position:absolute;left:-4.1%'>–Annual cu=
ltivated
crop
![](3D"slide0009_image034.jpg")
Real Estate Principles - Anderson - Robert Rooks
Classes
19
Real
OR Personal property?
•REAL Property
–=
•PERSONAL Property
![](3D"slide0010_image036.jpg")
![](3D"slide0010_image038.jpg")
Real property can
become personal property.
Personal property=
can
become real property.
Real Estate Principles - Anderson - Robert Rooks
Classes
20
TEST OF A FIXTURE
![](3D"slide0011_image040.jpg")
wNOTE: The law favors the borrower over a lender, a=
buyer
over a seller, and the =
tenant
over the landlord.
M
ethod
of Attachment
A
daptability
for Ordinary Use
R
elationship
of the Parties
I
ntent
of the Parties
A
greement
Between the Parties
Real Estate Principles - Anderson - Robert Rooks
Classes
21
TRADE
FIXTURE
•Personal property of a business affixed=
or annexed
to the real property
•Considered personal property (cash register/safe)
<=
span
class=3DBB style=3D'position:absolute;left:-3.86%'>•Tenant ma=
y remove
before the lease ends but must repair any damage to the real
property
![](3D"slide0012_image042.gif")
Real Estate Principles - Anderson - Robert Rooks
Classes
22
California Domestic Partnership Law
•Effective January 1, 2005 registered <=
/span>domestic
partners have many of the same California constitutional
real estate rights as husbands & wives.
=
<=
span
class=3DBB style=3D'position:absolute;left:-4.08%'>•Other sta=
tes also
do not recognize this law.
Real Estate Principles - Anderson - Robert Rooks
Classes
23
–
(a)real property
–
2. Zoning regulations have the great=
est
impact on which right?
(b) right=
to
possess
(c) right=
to
use
(d) right=
to
exclude
Review Quiz Chapter One - Introduction to Real Estate
Real Estate Principles - Anderson - Robert Rooks
Classes
24
Review Quiz Chapter One –
Introduction to Real Estate
Introduction to Real Estate
<=
span
style=3D'font-size:86%'>(a)fruit trees
4. In a dispute over fixtures, c=
ourts
tend to favor
(a) selle=
rs
over buyers
(b) landl=
ords
over tenants
(c) lenders
over borrowers
(d) grant=
ors
over grantees
Real Estate Principles - Anderson - Robert Rooks
Classes
25
6. Which of t=
he
following is a test of a fixture?
(a)
attachment
(b) chose
(c)
appropriation
(d)
restrictions
Review
Quiz Chapter One –
Introduction = to Real Estate
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 rig=
hts
Real Estate Principles - Anderson - Robert Rooks
Classes
26
7.
California became a state in:
(b) 1848
(c) 1849
(d) 1850
Review Quiz Chapter One –
Introduction to Real Estate
Introduction to Real Estate
8. Shelves in a retail store are an
example of:
(a) real
estate
(b)
encumbrances
(c) trade
fixtures
(d) real
property
Real Estate Principles - Anderson - Robert Rooks
Classes
27
9. All of the following "run wi=
th the
land," except:
(a) easem=
ents
(b) priva=
te
deed restrictions
(c) water
rights
(d) curre=
nt
harvest rights
10. Which real estate term is the most inclusi=
ve?
(a) real estate
(b) real property
Review Quiz Chapter One –
Introduction to Real Estate
Introduction to Real Estate
Real Estate Principles - Anderson - Robert Rooks
Classes
28
Answers
to Chapter 1 Review Quiz
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