Principle Lesson 1 - 17

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

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Unformatted text preview: 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 isnt necessarily a physical part of the property. 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 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 Support rights Appurtenances Appurtenances Mineral rights Mineral rights: A landowner has the right to extract any solid minerals located within the propertys 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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Principle Lesson 1 - 17 - Principles of California Real...

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