Lesson_03 - Printable Lesson Materials Print these...

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Printable Lesson Materials 13218 NE 20th Street Bellevue, WA 98005 425-747-7272 800-221-9347 www.rockwellinstitute.com Print these materials as a study guide This portion of your printable materials consists of dozens of frames that summarize the content in this lesson. The frames are arranged on the page to make it easy for you to study the material and add your own notes from your textbook or the online course. Graphic Summaries Many students learn best from sets of questions, and this multiple choice quiz allows you to focus your review of the material to important topics. Quizzes These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two parts: graphic summaries of the content and a multiple choice quiz . © 2009 Rockwell Institute
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1 California Real Estate Law © Copyright 2007 Rockwel Publishing, Inc. Lesson 3: Real Property © Copyright 2007 Rockwel Publishing, Inc. Introduction This lesson will discuss: l the nature of property l natural attachments l fixtures l appurtenances © Copyright 2007 Rockwel Publishing, Inc. The Nature of Property Property : any interest capable of being transferred and enjoyed l not just physical objects (land or boat) l also includes intangible items Examples: products of labor or skills, goodwill of a business, trademarks, other rights
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2 © Copyright 2007 Rockwel Publishing, Inc. The Nature of Property Two major types of property: l real (immovable) l personal (movable) © Copyright 2007 Rockwel Publishing, Inc. The Nature of Property California Civil Code defines personal property as whatever is not real property. Real property : l land l that which is affixed to land l that which is incidental or appurtenant to land l that which is immovable by law Real property vs. personal property © Copyright 2007 Rockwel Publishing, Inc. The Nature of Property Real property includes rights inherent in ownership of real estate: l right to transfer, sell, or encumber l right to occupy or use Real property vs. personal property
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3 © Copyright 2007 Rockwel Publishing, Inc. The Nature of Property Rights are distinct from land itself: l can be transferred, sold, or encumbered separately from the land This means that property may not be “complete”: l some rights and benefits may have already been transferred in earlier transaction Real property vs. personal property © Copyright 2007 Rockwel Publishing, Inc. The Nature of Property Real Property l Sales agreement must be in writing to be enforceable l Real property governed by law of state where located l Recording system traces title transfers l Different tax laws apply Personal Property l Sales agreement must be in writing if value over $500 l Commercial sales subject to federal and state laws l No recording system l Different tax laws apply Real property vs. personal property © Copyright 2007 Rockwel Publishing, Inc. The Nature of Property
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Lesson_03 - Printable Lesson Materials Print these...

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