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Chapter 2_updated - Chapter 2: The Nature of Real Property...

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Chapter 2: The Nature of Real Property Hua Sun Department of Accounting and Finance California State University, San Bernardino Jan 20, 2009 Hua Sun (CSUSB) The Nature of Real Property Jan 20, 2009 1 / 24
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California: Historical Perspective Textbook: Page 36-40. I Spanish conquest and Settlement: F Spanish civil law (legal codes): crown of Spain Spain Mexico (1822) United States (1848): Treaty of Guadalupe Hidalgo I California became a possession of the United States since 1848. I English common law (case judgment): major; allow absolute ownership by individuals I Honor community property from Spanish civil law Hua Sun (CSUSB) The Nature of Real Property Jan 20, 2009 2 / 24
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Statehood: in 1850 The Board of Land Commissioners was formed by Congress in 1851 to settle claims to private land. Appeal from the Board of Land Commissioners was to the U.S. District Court, then the U.S. Supreme Court. Hua Sun (CSUSB) The Nature of Real Property Jan 20, 2009 3 / 24
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California Today Info available at www.ca.gov Land ownership I Federal 45% I State 2% I Local 2% I Private 51% (78% farm; 17% forest; 5% urban and suburban) Population I California has over 37 million residents. I One out of every eight Americans. I Younger, more diverse ethnic groups. I As of 2006 F median house value: $535,700 v.s $ 185,200 nationally F median household income: $56,645 v.s $48,451 nationally Economy: 1/6 of US GDP, the eighth largest economy in the world Hua Sun (CSUSB) The Nature of Real Property Jan 20, 2009 4 / 24
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What is Real Estate? Most legal terms in real estate evolve from English common law. ”Real” ”Realty” I Land and all things that are permanently attached. I ”Personalty”: all things other than realty, e.g., automobile, stock, bank account,etc. They are all movable. ”Estate” ”all that a person owns”: realty + personalty Real Estate: the modern name of realty. Hua Sun (CSUSB) The Nature of Real Property Jan 20, 2009 5 / 24
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Real Property Making real estate investments: acquiring bundle of rights. I Right of possession I Right of enjoyment of the property I Right of control the property use I Right of exclude others from the property I Right to dispose of the property Additional rights: mortgage, lease, demolish, share, trade, etc. Property rights are not absolute (unlimited): subject to government control to promote public health, safety, and welfare. (e.g., zoning, building codes, etc) Hua Sun (CSUSB) The Nature of Real Property Jan 20, 2009 6 / 24
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Real Property Example: After purchasing a home, the new owner applies for a building permit to add another bedroom and bath. The city building department requires a $1,000 application fee and refuses to issue the permit until acceptable plans are submitted showing that the project meets all construction codes. How does this building department requirement conflict with the basic bundle of rights? I
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Chapter 2_updated - Chapter 2: The Nature of Real Property...

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