CA Real Estate Principles Exam Verified Answers

CA Real Estate Principles Exam Verified Answers Acre Measures to 43,560 square feet, or 160 rods. Allodial Tenure Type of system where individuals own land Feudal Tenure Type of system where the government/monarchy owns land Treaty of Guadalupe Hidalgo (1848) Signed by Mexico giving California to the USA. 1850 California was admitted to the Union Metes and Bounds Describes property by its perimeters and uses a starting point, distance, and direction. (Ex: 30 ft right from large rock) US Goverment Survey Created by Congress in 1785 to standardize land descriptions. Uses Section and Township Method Base lines imaginary lines that run east/west. Also called Township lines Meridian lines imaginary lines run north/south. Also called range lines 3 Main Base/Meridian Lines Humboldt, Mt. Diablo, San Bernadino Correction lines Run every 24 miles A township Consists of 36 sections. A square mile Consists of 640 acres A section (in a township) consists of 1 square mile Lot, Block, and Tract Systems A type of property description using approved subdivision maps. Real property Immovable. Includes Land, Mineral Rights, Lateral Support Rights, Airspace Rights, and Riparian Rights Riparian Rights The right of a landowner whose land borders on a stream or watercourse to use and enjoy the water which is adjacent to or flows over the owners land provided such use does not injure other riparian owners. Accretion Gradual addition of sediment to the shore by flowing water Alluvium The land/sediment added to a shore by flowing water Reliction The addition of land by the removal of water. Ex: a dried pond Littoral Rights the right of landowners on a shore of an ocean or a large lake to use the water. Key: water that does not 'flow'. Appurtenant Belonging to; adjunct; appended or annexed to. Appurtenant items pass with the land when the property is transferred. Physical Characteristics of Land Permanence. Each parcel is indestructible. Immobility. Each parcel has a location that cannot be changed. Non-Homgeneous. Each Parcel is unique Economic Characteristics of Land Scarcity. There is a finite commodity of parcels. Modification. Each parcel can have value affected by modification. Fixity of Location. Capital and Labor Improvements affect each parcel. Situs. Each parcel is unique physically. Emblements Growing crops. Switches from real property while growing to personal property once cut. Fixtures items of personal property that are attached to the land and become part of the real estate. Fixture Test: MARIA: M- Method of Attachment (How was it installed?) A- Adaptability for ordinary use (Custom for house?) R- Relationship of Parties (Buyers usually prevail over sellers) I- Intention of Owner (during the installation. Was it meant forever?) A- Agreement (if any between the properties to include) Trade Fixtures Commercial personal property. Stays personal property. Bundle of Rights Possess it Use & Quiet Enjoyment Encumber it Dispose of it Exclude others from using it. Rights are Severable & Dvisible. Choses in Action Intangible personal property (i.e. stock) Chosess in Possession Tangible personal property (i.e. furniture).