CC&Rs — Covenants, conditions and restrictions. The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners. The CC&R’s in a deed may limit use of the property for religious or charitable purposes. The other limitations are prohibited by law.
Open listing – unilateral
STATUTE OF FRAUDS — A state law, based on an old English statute, requiring certain contracts to be in writing and signed before they will be enforceable at law, e.g.. contracts for the sale of real property, contracts not be performed within one year.
VOID —unenforceable. Contract signed under age of 18, illegal, controlled substance
VOIDABLE — That which is capable of being adjudged void, but is not void unless action is taken to make it so. False representation, undue influence or threat, duress
A broker selling a property on which he holds an option should notify the purchaser that he is acting as a Principal
Breach – failure to perform under a contract
Employment relationship
Mutual consent: offer, accept, communication
An oral contract for more than a year may be valid but unenforceable
Broker can be disciplined: failure to include a definite termination date, failure to give a copy of the listing agreement to the seller
Deed of RECONVEYANCE — The transfer of the title of land from one person to the immediate preceding owner. This instrument of transfer is commonly used to transfer the legal title from the trustee to the trustor (borrower) after a trust deed debt has been paid in full. instrument used to remove the lien of a trust deed from record
Open-end mortgage: mortgage loan which permits borrowing additional funds at a later date
IMPOUNDS — A trust type account established by lenders for the accumulation of borrowers funds to meet periodic payment of taxes, FHA mortgage insurance premiums, and/or future insurance policy premiums, required to protect their security. Impounds are usually collected with the note payment. The combined principal, interest, taxes and insurance payment is commonly termed a PITI payment. Property insurance, taxes, bond payment (x-mortgage interest)
Unlicensed assistant: most interaction with the public are not allowed
Promissory note: evidence of debt (x- trust deed)
LIQUIDATED DAMAGES — A sum agreed upon by the parties to be full damages if a certain event occurs. Limited to 3% of the sales price
Buyer can rescind an offer until the seller’s acceptance has been communicated to the buyer
TDS: buyer has 2 years to bring action against license for failure to disclose a known material fact. 3 days after personal delivery or 5 dyas after mailed delivery to terminate the offer in writing
Discloser booklet: environmental hazard, protect your family from lead, earthquake safety
Termination of escrow: mutual agreement of buyer and seller
ALTA TITLE POLICY — (American Land Title Association) A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy to include unrecorded mechanic’s liens; unrecorded physical easements; facts a physical survey would show; water and mineral rights; and rights of parties in possession, such as tenants and buyers under unrecorded instruments
CHAIN OF TITLE — A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in current owner. Abstract of title
Documents recorded: homestead exemption, abandonment of homestead, lis pendens, mechanic’s liens (x - grant deed)
Redemption period- begins with the sale, the effect of sales to the state by the tax collector, 3 months
— A deed to real property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender. Junior liens
Annual property tax – assessing land and improvement separately, total by one tax rate
Ad valorem tax – real estate tax
Federal income tax – sales expenses, commission, cost of improvement
Tax deductible for owner occupied dwelling – mortgage interest and prepayment penalty, property tax and assessment
Implied warranties: warranty deed, gift deed, grant deed (x-quitclaim)
A buyer of Common interest development (CID) receives: CC&Rs, HOA
TRUST DEED — Just as with a mortgage this is a legal document by which a borrower pledges certain real property or collateral as guarantee for the repayment of a loan. However, it differs from the mortgage in a number of important respects. For example, instead of there being two parties to the transaction there are three. There is the borrower who signs the trust deed and who is called the trustor. There is the third, neutral party, to whom trustor deeds the property as security for the payment of the debt, who is called the trustee. And, finally, there is the lender who is called the beneficiary, the one who benefits from the pledge agreement in that in the event of a default the trustee can sell the property and transfer the money obtained at the sale to lender as payment of the debt.
State Housing Law, local building codes and the Contractor’s License Law: greatest control over the housing and construction industries in California.
the holder of a life estate based on the holder’s own life may do any of the following, (A) lease the property to someone; (B) borrow against the property; (C) sell the property to someone.
A listing to sell community real property, signed by one spouse only, is a legal contract. It is enforceable in a court of law.
Appropriation describes when the government gives permission to a nonriparian owner to take water from another landowner or a public waterway.
A bill of sale must have the signature of the seller
Parallel wooden members used to support floor and ceiling loads are called joists
Residential property is normally leased on a gross lease, with the tenant paying a fixed amount each month
FREEHOLD ESTATE — An estate of indeterminable duration, e.g., fee simple or life estate
FEE SIMPLE ESTATE — The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferable and inheritable.
LIFE ESTATE — An estate or interest in real property, which is held for the duration of the life of some certain person. It may be limited by the life of the person holding it or by the life of some other person.
Being sold as is: still requires TDS
Periodic tenancy: verbal lease agreement
In residential rentals, the amount of the security deposit a landlord may collect is determined by the terms of the agreement and whether the property is furnished or unfurnished. Security deposits on residential property may not exceed two months’ rent on unfurnished dwellings or three months’ rent on furnished dwellings.
If a landlord fails to make necessary repairs within a reasonable time after written or oral notice to the landlord of problems (plumbing, heating, electrical, etc.) and these problems render the premises uninhabitable, the tenant may make the repairs as long as the cost of such repairs is not more than one month’s rent. The tenant can deduct the expenses of the repairs from the rent when due, or terminate the lease.
In an assignment of a lease, the tenant transfers all the rights and interests to a new tenant. When a leaseholder (tenant) assigns a lease, the assignee becomes the tenant.
In a lease with a duration greater than one year, a written lease must be signed by the landlord (lessor) only. A tenant (lessee) taking possession of a property and paying rent makes the lease enforceable.
A seller enters into an exclusive right-to-sell listing with an agent but does not receive a copy of the signed agreement. The seller, believing this relieves them of any obligations, personally sells the property while the listing is in effect- The listing is valid and enforceable, but the broker is liable to be disciplined.
In a §1031 real estate exchange, "boot" - unlike property received. cash received, mortgage relief.
collectively set commissions based upon an agreed-to minimum commission schedule - in violation of antitrust law.
Selling price-debit to the buye
Writ of execution: A court order to force the sale of real estate to pay a judgment
Deed restrictions that apply to all lots in a new subdivision are created by the developer.If the seller refuses to sell after signing a valid purchase contract and the buyer wishes the property instead of money damages, the buyer will sue for specific performance.The maximum liability for the buyer is the lesser of the deposit or 3% of the sales price The Agency Law Disclosure is only required on transactions involving a licensed agent and is delivered to all parties in sales transactions or leases exceeding one year on other than five or more unit residential properties
compensating balance — leaving enough money with the bank to offset potential foreclosure costs.
Agency disclosure: disclose, elect, confirm
A real estate broker is subject to disciplinary action from the California Bureau of Real Estate (CalBRE) if they: extract secret profits that are not disclosed. commingle trust funds. fail to supervise the salespeople they employ
PRORATION — Adjustments of interest, taxes, and insurance, etc., on a pro rata basis as of the closing or agreed upon date. Fire insurance is normally paid for three years in advance. If a property is sold during this time, the seller wants a refund on that portion of the advance payment that has not been used at the time the title to the property is transferred. For example, if the property is sold two years later, seller will want to receive 1/3 of the advance premium that was paid. Usually done in escrow by escrow holder at time of closing the transaction.
Short sale: the amount of the net proceeds is less than the principal balance
owed but is accepted by the lender in full satisfaction of the loan
A valid deed must contain the signature of the grantor, granting clause, an adequate description of the property (x - an acknowledgment of the grantor’s signature)
1 square mile: 5280 feet
1 square mile: 640 acre
1 acre: 43560 square feet
Abstraction of title: a list of all the legal actions in conjunction with property
Article 7: relating to loan brokerage
Assumable mortgage: from current owner to buyer
에어컨 : energy efficiency ratio
Seasoned loan: a record of consistent and timely payments made on the loan
Tax deed: title free and clear from private liensear
Installment sale: seller receives at least one payment in a tax period and report part of gain from the sale and interest for the year
General plan: transportation, housing, conservation, open spaces, noise and safety, collecting data on local economy, formulating community goals and policies, preparing diagram, deciding on measures
Lease : to be recorded, must be acknowledged by lessor, 집주인 사인만 있으면 valid and enforceable
FIRPTA: renter to Non resident alien withhold a flat rate of 30% of rents
Escrow termination: closing, mutual agreement, or default
Broker-controlled escrow file: 5 or more transaction or 1 million
Certified residential license: 1-4units residential without regard to transaction value, non-residential up to $250,000
Veteran: maximum 25% of loan limit
Monthly child support: back end ratios
Level payment mortgage: installment equal
An agency relationship by implication: unauthorized
Valid contract: need not be in writing but have lawful object and the parties must be capable of contracting
Voidable contract: request of one party only, unenforceable but valid until declared
Mechanic lien, property tax lien: specific liens
Automatic homestead: need not be recorded
Tenants in common: undivided interest, not commit waste against the property
Adverse possession: takes 5 years
In order to record a deed: be acknowledged and signed
Statutory: signed by 2 competent witness
Land patent: used to convey government land
Lease for the production of oil, gas, mineral: 99 years
Profit a prendre: mineral extraction
An agreement for the sales of personal property must be in writing: over $500
Fiscal tax year in CA: Jul. 1
Intent to sell : delinquent property tax untile Jun 30
Depreciable life of non residential propertie: 39 years
Constructive eviction: breach by landlord
GIM: all income, not just rents
Cost to cure method: cost of curable depreciation + value of incurable depreciation
Self-contained report: narrative report
Calvet loan: minimum 90 days active service
20 hours pre-license education: MLO by SAFE act
Acceleration clause: Deed of trust allows beneficiary to declare the balance of loan due, can be violated by any material default
Broker: columnar system or System deemed compatible with accepted accounting practces
Oral contract to lease for less one year: need not be on writing
Statue of limitation for written contracts: 4 years
Abstract of judgement: recorded after judgement is entered
Valid will: need not acknowledge or recorded
Estate at will: 30-day notice
Tenancy for years: fixed period of time
proposition 13: ad valorem only
deposit return: 21days
delivery to escrow of the deposits and transfer instruments: irrevocable
value: demand, utility, scarcity, transferability
principle of substitution: buyer’s unwilling to pay more than one in the area
va loan: obtain certificate of eligibility
negative amortization: increasing loan balance by adding in unpaid interest
relator : member of NAR
bundle of right: right to possess, use, encumber, enjoy, sell, exclude from others
not tax deductible: loss on the sales, repairs, operating expenses
1031: like kind, boot, any property not for personal use can be exchanged
Redemption after intent to sell: 5 years
Exception to discrimination: occupied solely by 62 years, 80% od 55years
Material change: amended report
Subdivision map act: 5 or more
Nonconforming use: zoning exception
Steering : illegal
Graduate lease: escalator clause
Escrow: modified in writing
Straight line method: annual deprecation / cost of improvement / estimated useful life of improvement
Ltv: loan / lesser of the sales price + appraiser value
Pmi: housing related expense, front and back end ration
Preapproval : verification income, not appraisal of property
Hard money loan: obtained from third party lender, cash
Blanket loan: partial release clause
Defeasance clause: fully paid, released the property
reconveyance: record within 21 days
agency: estoppel, ratification, implication
the status of fraud: writing
revocation: upon mailing
lis pendens: 20days of foreclosing on a mechanics lien
notice of completion: 15days
quitclaim deed, sheriff deed: no warrantee
grant deed: signed by grantor
trade fixture: removable at the end of business
lease of agricultural land: 51 years
city lot: 99
credit: payable item to a party
teaser or initial rate: discounted rate on adjustable rate mortgage
eminent domain: condemnation proceeding
valid deed: need not be dated, recorded, or singed by grantee
fee simple absolute: government regulation
leasehold: less than freehold estate
estate at will, tenancy at sufferance, estate for years: nonfreehold
life estate: freehold
listing broker: always for seller, special agent
ECOA: not ask divorced, widowed
Subcontractor: 20days, if the owner does not file a notice of cessation, subcontractor has 90dyas in which to file a mechanics lien
Mechanic liens” 90days
Warrantee deed: after acquired interest
New structure: cost approach
Freehold: inheritance
Conventional loan: LTV 80%
Broker trust account: broker name as trustee, in ca financial institution, not interest-bearing account
Executory contract: not fully performed yet
triple net lease: lease in which the lessee is required to pay the property taxes, insurance, and maintenance
unlawful detainer: The legal action in court to remove a tenant
A lease for a definite period of time at a flat rental rate is estate for years, payable at a gross rate
If an owner deeds a property encumbered by an existing lease, the new owner is best described as grantee-lessor
Redlining in California is illegal because of the: Housing Financial Discrimination (Holden) Act
The California law that makes it unlawful for businesses to illegally discriminate: Unruh Act
Zoning: separating non-harmonious land uses
Civil Rights Act of 1968 and 1988 Amendments: The state and federal government have institute laws prohibiting illegal discrimination in real estate transactions.
Common interest development: a. condominiums b. PUD's c. stock cooperatives
April 10: The second installment of real property taxes is delinquent if not paid
To obtain a full homeowner's exemption, a new homeowner must file between March 1 and April 15
fiduciary (agency) relationship between a broker and principal : a trustee and beneficiary in a trust deed 와 유사
the revenue and taxation code: within 45 days of the recording date of the deed.
footing: the spreading part at the base of the foundation wall or pier, wider than the foundation wall itself and carries the weight of the structure
the trustor: the borrower, signs the note and trust deed.
the beneficiary: the lender, holds the note and trust deed.
income tax purposes: eminent domain proceedings=involuntary conversion.
the title company will demand proof of emancipation to be sure that the grantor is competent to convey title.
the escrow holder is the agent for both parties to the transaction
fha financing: an alienation clause is not permitted, the main benefit for the lender is mortgage insurance
an option: contract that keeps an offer open
a policy manual: the outline of the office procedures
a promissory note is never recorded
bona fide listing: capable parties, mutual consent, lawful object, consideration, and be in writing;
a listing on one-to-four residential : commissions are negotiable.
gross leases : residential property
homeowner's guide to earthquake safety : 1960 전에 지은 one-to-four units
the value of an income producing property as of a "given date" : the market conditions influencing the value of the property as of a given point in time
appropriation : the government gives permission to a nonriparian owner to take water from another landowner or a public waterway.
insurance: one party agrees to indemnify another for a named loss in return for periodic payments
the ultimate test of functional utility : marketability
police power: government land use, planning and zoning laws
state housing law, local building codes and contractors license law;
a life estate : a freehold estate
easton v. strassburger : the seller and agent were required to disclose all known material facts regarding the physical condition of the property
댓글 없음:
댓글 쓰기