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Commission
Is an amount paid, usually as a percentage of the selling price, to a broker for services.
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Property
Defined as the rights and interests that a person has in the thing owned.
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Two types of property
Real Property, Personal Property
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Real Property
Immovable- 1.Land 2. Anything permanently attached or affixed to the land 3. Anything incidental or appurtenant to the land 4. Immovable by law
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Personal Property
Movable- Chattel Real
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Bundle of Rights Theory (Owner Rights)
Possession, Enjoyment, Control, Disposition
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Airspace Right
Is the right to use of the airspace abouve the surface of the earth. Reasonable space above a parcel; or in condominium, the cubic area of a space within the walls.
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Mineral Rights
Are the Rights to unmined minerals (solids), such as gold, silver, and borax, that are part of the real property, but can be removed.
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Riparian Right (River and Streams)
Is the right of a landowner to the reasonable use of moving, free flowing water on, under, and adjacent to his/her land (like a river or stream within the watershed), provided that its use does not infringe on the rights of any neighboring landowners
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Littoral Right (Oceans and Lakes)
Is the right of a landowner to the reasonable usage of a nonflowing body of water (with a shoreline) abutting his/her land.
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Appropriation of Water (Doctrine of Appropriation)
Is the private taking and use of water flowing on the public domian from its natural course.
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Percolating Water
refers to underground water not found in a defined channel (natural water course).
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Allocation
(taking) by the the state
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Potable Water
Refers to water that is suitable for human consumption.
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Surface Water Rights
Prohibit the diversion of runoff from rain unless confined to a channel (river or stream )to the property of another.
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Improvements
Anything attached to the land such as building, fences, walls, walks and shrubs.
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Easements
allow the use of someone else's land, such as a driveway to enter your land, also go with the land being sold if it is the only way to access the land.
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Personal Property
minerals, oil, and gas, when extracted, are also considered personal property. movable objects
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Emblements
Are planted growing crops that are cultivated annually by a tenant farmer on leased land. Crop still belongs to tennent after lease
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Bill of Sale
states that the goods have been paid for and that no outstanding loans exist on the personal property.
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Fixtures
Are items of personal property that are attached to, or incorporated into, the land in such a manner as to become real property.
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M.A.R.I.A.-System courts use to dtermine if an item is a fixture
- Method of attachement
- Adaptability
- Relationship of the Parties
- Intention
- Agreement
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Method of Attachement
If removal of an item would leave permanent damage or an unusable area, it is surely real property.
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Adaptability
Ordinary use in connection with the land.
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Relationship of the Parties
Depends on contract on mentioned items, however there are no set rules.
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Intention
If you plan to remove an item of personal property, you may not permanentaly attach it to the land.
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Agreement
Listing items that are for sale.- Listing items that you want with purchasing the property.
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Trade Fixtures
Are personal property use in the normal course of business, such as shelving of refrigeration units. Tennets removing fixtures he/she installed.
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Methods of Land Description
- A. Metes and Bounds (Surveyor's Maps- Irregular Parcels)
- B. Sections and Townships (U.S. Government Survey-Rural)
- C. Lots, blocks, and Tracts (Recorded Subdivision-Cities)
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Metes and Bounds (measuring boundaries)
The method of identifying property by its boundaries, distances, and angles from a given starting point.
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Principal base and Meridian line intersections
- 1. Humboldt Base Line and Meridian in Nor Cal;
- 2. Mt. Diablo Base Line and Merdian in Cen Cal; and
- 3. San bernardino Base Line and Meridian in So Cal
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Base Line
Horizontal line that runs ease and west from any one of three starting pints in Ca. Marked in 6 mile increment, each increment is called a range.
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Meridian Line
Vertical lines that run north and south from any one of the three startin points in Ca. Marked in 6 mile increments, increments are called a township or tier.
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Range
A column of land six miles wide, determined by a government survey, running in a north-south direction, lying east or west of a principal meridian.
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Condominium
A structure of two or more units where the interior airspace of each unit is individually owned; the balance of land and improvements is owned in common by all owners.
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Townships
In the survey of public lands, a territorial subdivision six miles long, six miles wide and containing 36 sections, each one square mile
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