California Real Estate Exam: Crash Course | Preview

California Real Estate Exam: Crash Course | Preview

Ian Medina: Let me ask you guys a question. Is this property? Student: Yes, personal property. Ian Medina: Personal property. Does everyone agree? Audience: Yes. Ian Medina: Does this property have rights
and interest? Student: Well, you have rights over it. Ian Medina: Yes, no? I have rights. This is a bottle of water. That’s all this is. This is a bottle of water. The rights and interest inherent in the ownership
of that bottle of water belong to the owner of the bottle of water. That is a fundamental concept you have to
grasp. With that bottle of water, here is the bundle
of rights. May I have your name? Student: Chuna. Ian Medina: Chuna. Here is a bundle of rights. With that bottle of water, I can lease it
to Chuna. Student: Henri. Ian Medina: Henri. I can give an easement on it to Henri. Student: Michelle. Ian Medina: Michelle. I can take out a mortgage against the money
against it. It’s my bottle of water. Those are the rights that are inherent in
that bottle of water. The house is stuff, the car is stuff, the
rights inherent in property belong to the owner of the real property. Thank you. Do we all understand that? Legal aspects, property. The way this works is you follow along in
your manual and when the information comes up on the board, when the information slides
in, that’s what you write in your books. Property, rights or interests a person has
in the thing owned. That’s the bottle of water. Real property. Real property is typically defined by whether
it is moveable or immovable. Real property is defined by whether it is
movable or immovable. Okay, a bearing wall. What’s a bearing wall? Student: Something that is [inaudible 00:02:42]. Ian Medina: A bearing wall is a wall that
supports- Student: The house. Ian Medina: The upper load of the structure. Usually, it’s in a two story building. The bearing wall supports the second story. A bearing wall is real property. That’s a question on the test. It is real property. Why is it real property? Student: It’s immovable. Ian Medina: You can’t move it. It’s immovable. What happens if you move it? Student:The structure-
Ian Medina: The building comes down, correct. Minerals. Minerals are … when you own real property,
you own from the center of the earth … I forgot my house. When you own real property, you own from the
center of the earth up into the heavens. Does anyone recognize that concept? Student: Yes. Ian Medina: Okay. Basically, if I own property, and I own from
the center of the earth up into the heavens, why can American Airlines fly over my house
and not pay me? Student: [inaudible 00:04:04]. Ian Medina: Huh? Student: Air rights. Ian Medina: Air rights. Easements. Aviation easements. Commercial airlines have aviation easements
that allow them to fly into private ownership space. Under the house we have what’s called minerals. It may be gas, oil, coal, diamonds, whatever
may be sitting under there. Know that minerals
are automatically transferred when real property is sold, because they’re real property. Unless, specifically accepted. We don’t see a lot of that here in Southern
California, but you go back to places like Oklahoma or Texas. When people sell property, they retain a portion
of the mineral rights. If there’s oil underground, or there’s gas
underground, or coal, or whatever it may be, an individual may sell a piece of property
and retain one fourth or one half, or three quarters of the real property rights, because
that then means that whoever purchases the home, or the property, if they decide to bring
a company into mine and extract the minerals, that person that sold the property to them
gets royalties from it. Has anyone ever driven up La Cienega? Oil wells? See the grasshoppers that’s dipping down? Every time that grasshopper dips down and
sucks that oil, somebody gets paid. That property was under private ownership
at one point.


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