Real Estate Principles - Chapter 3
Name the 3 Reassessment Events
1. Sale of property. 2. Improvements to the property. 3. Maximum increase in dollar amount of 2% per year
How many square ft in an acre?
43,560 square feet
How many years of non-payment of taxes before action is taken?
5 years, then a property tax sale (like a foreclosure)
How many feet in 1 mile?
5280 linear ft
Township Method: Meridian Line
Central N/S running line- Lines that parallel the meridian are called "Range Lines"
Zoning class - C
Commercial
Crops vs. Shrubs
Crops are personal property of the person who planted them. Shrubs need no cultivation and are considered real property.
Trade fixtures
Exemption to general rule of fixtures included in the sale - These are items one would use in their trade or profession - For example, a restauranteur leases space brings in stoves.
Zoning I
Industrial
Real Estate
Land plus improvements (Structures, buildings landscaping, utilities) and whatever is erected upon or affixed thereto.
Condemnation
Process of the govt taking private land for public use
Zoning classification R3
Residential, 5 or more units
Zoning mixed use
Retail on floor 1, residential units above
Escheat
Right of govt to property when one dies intestate (no will) and there are non known heirs. After 5 years, property is sold at a public auction.
Riparian rights
Right of landowner to use flowing water (such as a river) that is adjacent to the land.
Appurtenances
That which runs with the land and adds to the land's benefit (e.g. a well)
Setback
The distance a structure must be placed away from a street.
Erosion
The eating away of a coastline or land by the action of water, ice and/or wind. Or wearing away of a surface by corrosion or traffic - can accumulate elsewhere - may add to someone's existing land.
Accession
The potential right of ownership of land which is produced and then added or united to the owner's land.
Accretion
The process of gradual growth over a period of time from naturally occurring events, resulting in additional layers of matter.
Littoral rights
The right of a land owner whose land borders a body of water (such as a lake, ocean or sea) to reasonable use and enjoyment of the shore and water that borders the property.
If there is a dispute regarding fixtures what will the court defer to first?
The sales contract. CA Assoc of Realtors form to list what is included. After that, consider, intent, relationship to object, method of attachment - cause damage?
Side Yard
A yard that extends along a side lot line from the front yard to the rear yard.
Rear Yard
A yard that extends along the full length of a rear lot line.
Zoning - A
Agricultural
Township Method: Base Line
Base line runs east and west. Lines that run parallel to the base line are called "township lines."
Zoning laws
Form of police power. Controls land use and development according to a general plan set by the governing authority - city council or county board of supervisors)
Front foot
From the street line back into the lot - perpendicular
Taxation
Govt interest in land - raise $ - In Ca, Prop 13, 1979 - 1% of "assessed value" determined by what the buyer paid - plus 1/4% for the county. Plus voter-approved bonds.
Government rights in land - Police Power
Govt right to regulate for health, safety and welfare of people (zoning laws, building codes, liquor licenses, etc)
In general, what determines "real" vs "personal" property?
Immovability
Land
Included but not limited to the soil, earth and ground that is the result of nature or man-made, as well as an indefinite extent upward into the air and downward in a direct line from surface to center of the earth.
Special Use Permit
Individual can ask for a special permit to use property outside of zoning regs. E.g. In-home day care
Bundle of rights
Interests that an individual has in a particular piece of property. Right to dispose, encumber, possess, use, exclude others (quiet). (DEPUREO) Each right can be transferred separately.
Fixture
Item of personal property that becomes real property after being attached to real property.
When are property taxes paid?
No Darn Fooling Around 1st prop tax due on Nov 1, Delinquent of Dec 10 2nd installment is due Feb 1, Delinquent on Apr 10
Landowner
Owns what is directly above your land. In reality, fed govt owns much of the air.
Exceptions to Zoning - Non-conforming use
The historical use differs from new zoning rules - ask for an exception otherwise undue hardship. Property cannot be enlarged - If structure destroyed - new structure must conform with current zoning laws.
Frontage
The linear distance along which a building faces a lot or roadway. The more the better in commercial r.e.
Legal Definition of Land: Lock and Block or Tract System
Used in cities or densely populated suburb - planning offices have maps with each parcel of land. Grid like. - Contiguous - lots that touch at any point - even corners
Legal Description of land: Metes and Bounds
Uses measurements and boundaries or distance and direction - a complex method of describing land - used for irregular-shaped parcels.
Legal Description of Land: US Govt Survey Method or Township Method
Using a number and a direction. Draw a grid, cut-up into 36 sections. Farthest NE section is #1. Each section is 640 acres (1 square mile)
Eminent Domain
Right of the govt to "take" private property for public use but they must pay "just compensation"
Real Property
That which is immovable - land and things affixed to the land - Real estate plus the bundle of rights
Variance
The authorization to improve or develop a particular property in a manner not authorized by zoning. An exemption from the current zoning regulation.
Right to possession
Whoever is in possession of the property
Right to encumber
Right to borrow money against the property.
Zoning Classification R1
Single family residential (1-4 units)
Informal description of land?
Street address
The right of lateral and subjacent support
Right of land owner to have the natural physical support of the adjoining piece of land (water rights.)
Right of Quiet (Exclude Others)
Right to be free from disturbance.
Right to dispose
Right to sell the property
Right to use
Right to use the property
Water rights
Rights of land owners/occupiers to use adjacent bodies of water in a reasonable fashion
Extraction rights
Water, oil and gas beneath the surface may belong to someone else - holder of a right of extraction