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Principle Lesson 1 - 17

Principle Lesson 1 - 17 - Principles of California Real...

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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 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. Appurtenances 􀂝 Air rights 􀂝 Water rights 􀂝 Mineral rights 􀂝 Support rights Appurtenances
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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 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. 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. 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
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􀂝 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. 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 Appurtenances Support rights 􀂝 Support rights: Natural support provided
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