CA_Principles and cases

CA_Principles and cases - Principles of California Real...

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1 Principles of California Real Estate Lesson 1: The Nature of Real Property » Two types of property: Real property (“realty”): land & anything attached to it Personal property (“personalty”): anything not real property (usually movable) Property Real v. personal = A bundle of property rights Real property ownership » Possess » Use » Enjoy » Encumber » Will » Sell » Do nothing at all Real Property Bundle of rights
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2 Real Property Inverted pyramid Imagine a parcel of land as an inverted pyramid Summary Basic Concepts » Real property » Personal property » Bundle of rights » Inverted pyramid Real Property Appurtenances » Appurtenance : A right or interest that goes with ownership of real property, but isn ’t necessarily a physical part of the property.
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3 Appurtenances » Air rights » Water rights » Mineral rights » Support rights Appurtenances Air rights » Air rights : Landowner has the right to use the airspace above the property, within limitations imposed by law. Example: Aircraft flight paths Air Rights Restrictions on air rights » Federal aviation laws » Local laws and private restrictions
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4 Air Rights » Air rights can be sold separately from the land (makes condominiums possible). » Air rights » Water rights » Mineral rights » Support rights Appurtenances Appurtenances Water rights » Two systems for allocating water rights: Riparian rights system Appropriative rights system Either system can be applied to surface water and to subsurface water.
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5 Water Rights Riparian rights system » Riparian rights : Landowner has the right to use water that flows through, or is adjacent to the property. Water Rights Riparian rights system » Two types of water in riparian rights system: Riparian water = flowing water (river/stream) Littoral water = standing water (lake/ocean) Water may be used only on the riparian or littoral property itself. Water Rights Appropriative rights system » Developed to address needs not met by the riparian system, particularly in arid areas. » In some states, including California, it has largely replaced the riparian rights system.
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6 Water Rights Appropriative rights system » Permit required for appropriative rights. » Permit holder can take or divert water from a particular source for a specified reasonable and beneficial use. Example: Irrigation » Air rights » Water rights » Mineral rights » Support rights Appurtenances Appurtenances Mineral rights » Mineral rights : A landowner has the right to extract any solid minerals located within the property’s inverted pyramid.
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7 Mineral Rights » Minerals are: real property when in the ground personal property once extracted and brought to the surface Mineral Rights Oil and gas Special rule for oil and gas: Rule of capture » Air rights » Water rights » Mineral rights » Support rights Appurtenances
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8 Appurtenances Support rights » Support rights : Natural support provided
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This note was uploaded on 09/06/2011 for the course FI 365 taught by Professor Staff during the Spring '11 term at S.F. State.

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CA_Principles and cases - Principles of California Real...

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