Review Notes

Review Notes - Appurtenance: A right or interest that goes...

Info iconThis preview shows pages 1–17. Sign up to view the full content.

View Full Document Right Arrow Icon
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
s Appurtenance : A right or interest that goes with ownership of real property, but isn’t necessarily a physical part of the property.
Background image of page 2
s Riparian water = flowing water (river/stream) s Littoral water = standing water (lake/ocean) s Two types of water in riparian rights system: Water may be used only on the riparian or littoral property itself.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
s May be natural or man-made s Attachments : Things that are permanently attached to the land. s Are usually considered part of the real estate
Background image of page 4
Five common tests: M ethod of attachment A daptation of the item lationship of the parties R elationship of the parties I ntention of the parties A greement in Writing (MARIA)
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
s Trade fixtures : Equipment and other items that a commercial tenant installs to do business. s Trade fixtures are a special category of personal property, and aren’t part of the real property no matter how they’re attached.
Background image of page 6
s If a mobile home is unattached (personal property) a broker can’t list or sell it unless it is registered with the Department of Housing and Community Development. s When a registered mobile home is sold, the Department must be notified within 20 days.
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
s Government survey description : Property is identified by its location in a particular section, township, and range on a U.S. government survey map. s Also called a rectangular survey description.
Background image of page 8
s Each individual square is called a township . s A particular township is identified by its position in relation to the base line and the principal meridian. 6 miles × 6 miles 6 miles 36 square miles Township =
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
s Each township is divided into 36 sections. s Each section is one mile on each side, or one square mile. s Each section is 640 acres. (An acre contains 43,560 square feet.)
Background image of page 10
The sections within a township are numbered from 1 to 36. Most individual parcels are only part of a section, so they are described in terms of fractions, such as quarter sections or quarter- quarter sections.
Background image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
s Recorded map description : The standard method for describing property in towns and cities. s The map is recorded by the developer when the land is subdivided. s Also called the lot and block method or the plat map method.
Background image of page 12
s A reference to : a description in an earlier recorded document; or a survey or tax assessor’s map that has been recorded. s A generalized description , such as “all my land Orange County”; in Orange County”; s Street addresses or tax numbers are usually not adequate.
Background image of page 13

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
s Two basic categories: c freehold estate (includes title) c leasehold estate (no title) s Both a freehold and a leasehold estate may exist in the same property; the relationship between the two estates is known as privity.
Background image of page 14
s Fee simple : s the most common type of estate s the highest and most complete form of land ownership s can potentially last forever A fee simple estate is perpetual, transferable, and inheritable.
Background image of page 15

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Measuring life : The life on which a life estate depends. (Need not be the life tenant)
Background image of page 16
Image of page 17
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/26/2012 for the course FIN 365 taught by Professor Staff during the Spring '11 term at S.F. State.

Page1 / 90

Review Notes - Appurtenance: A right or interest that goes...

This preview shows document pages 1 - 17. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online