Aceable: California Real Estate Practice Flashcards

Aceable: California Real Estate Practice Flashcards

agreementwhen the parties to a contract agree that personal property will remain with the real property (make sure to get this in writing!) real estateland plus improvements affixation or annexationthe process of creating a fixture. in this process, personal property is turned into real property bundle of rightsownership of land with all of the legal rights of possession, user (control), transfer (disposition), exclusion, encumber and quiet enjoyment air rightsThese have to do with the area above the property, and can be sold separately.quiet enjoymenta lessee's (or owner's if they live there) right to possess a property without interference from lessor, previous owner, or anyone else about the claim to the title surface rightsSurface rights govern what happens on the surface of the land, and include natural elements and improvements.conveyanceproperty changing hands; Personal property is conveyed by bill of sale or by bequest in a will; Real property is conveyed by deed.fiduciary dutiesthe full sum of obligations owed to the client in an agency relationship trust accountsused for holding others' funds until $$ can be disbursed.

(ex: earnest money, down payments, rents, HOA dues,

etc); not mandatory in CA, but helpful AF for brokers scarcitythe economic characteristic that informs the economic principle of supply and demand. The supply of land will never increase, but the demand for land will increase as the population grows. And this is because land is scarce.trade fixturepersonal property that is owned by and needed for a tenant's business erosionthe gradual loss of land over time. This most often happens when bodies of water wash away bordering land.fixturean object that was once personal property but is now firmly attached to the land in such a way that it is considered to be real property adoptioncustomization of personal property for use with real

property (ex: custom drapes for a really tall window)

modificationhuman-made changes can affect the value of a property.

(ex: if the city builds a park in a neighborhood, nearby

houses will probably appreciate in value)

close associationconceptual linkage to real property (ex: garage opener

remote) accretionthe process that results in the gradual increase in land area through deposits of soil by natural forces.illiquiditythe relative difficulty of converting an asset to cash without

loss of value. (ex: if you have to sell a house quickly, you

might not get the full market value vs a stock you could sell immediately and get full value) improvementany non-natural structure built on or affixed to land relictiona gradual increase in land area when water gradually withdraws.the state of being responsible for something vicarious liability blockbustingarbitration littoral rightswater rights; governs lake front or ocean front property; allows use of water, prohibits changing of water location emblementscrops (or the profit from crops) grown by a farmer that are considered personal property accessionthe right to (access) all that one's own property produces, including that which is added, either naturally or by human action, to the property already owned. This often comes into play when dealing with crops chattela commonly used term for personal property in the world of real estate subsurface rightsownership rights to everything underneath a piece of land,

all the way to the earth's center. aka: "mineral rights" like

oil, gas, etc. Can be sold separately from surface rights.Has priority over surface rights.real propertyland from the surface to the center of the earth and upward into space, all attachments, and the bundle of legal rights of ownership riparian rightswater rights; govern the use of flowing water (streams, rivers); property owners can use water, not own it.titlethe actual ownership of a real property that includes the bundle of rights in which a party may own a legal or equitable interest; not an actual document personal propertyany unattached, movable asset on the property not considered real estate (land plus improvements); aka chattel or personalty appurtenanceAppurtenances secure a right for one party. something subordinate or belonging to a larger entity; another type of

right that belongs to or accompanies a property (ex: air

rights, water rights, subsurface rights, surface, rights.) comes with property, but possible to sell separately common lawthe side of law that arises from judgments and decisions made in courts rather than explicit legislation.

severancethe act of converting real property into personal property.opposite of affixation landthe surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity equityamount of the property's value the title owner holds. (value of property - any debts) supporting rightsSupporting rights are a property owner's right to not have their land slide around because of what a neighbor is getting up to. Lateral support comes from adjacent properties and subjacent support is from below.MARIAhow to determine if something is a fixture (Method of attachment, Adaptability, Relationship of the parties, Intent, Agreement between parties in writing) percolating rightswater rights; use and ownership of underground water; owners have right to access and use waters through wells no hourly wage or salary, mainly commission based, broker can't tell them how to work liability procuring causeBeing the procuring cause of a transaction essentially means that you are the person who brought the buyer or tenant to the transaction. You caused the sale or lease to happen because you procured the buyer or tenant. Note that in procuring cause cases, the sale or lease must have closed and the listing broker must have been paid.material factany fact that is significant or essential to the transaction. It's a piece of information that could impact the buyer's decision to purchase the property.the illegal act of mixing personal funds with a client's

funds.(Ex: if a broker deposited their personal paycheck in

the same account they deposited a client's earnest money) conversion attachmentsphysical objects permanently attached to land (can be human-made or natural) makes a person liable for the actions of those acting with authority on their behalf. Vicarious liability makes responsible brokers liable for any mistakes or performance issues of the associate licensees working under their authority.commingling trade fixturepersonal property attached to real property that is owned by and needed for a tenant's business. It is not subject to the same rules of transfer as fixtures in general.mediationdue process avulsionthe sudden loss of land by flood or when a stream or river changes course. Because it's a sudden change, no title is lost. Avulsion is caused by water.

branch officeindependent contractor fixitythe fact that real estate exists in a fixed location and cannot be moved.situsthe economic significance of a property's location.