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32 Cards in this Set
- Front
- Back
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Police Power |
Constitutional right of government to regulate private activity for the welfare of society |
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What private property is exempt from eminent domain? |
None! No property is exempt from eminent domain |
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Is an address legal description? |
No! Use: Lot block system Metes and bounds system Rectangular survey system |
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Lot and block system |
Legal description that lists lot, block, subdivision, county, city and state. |
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Metes and bounds system |
Legal description Sometimes used to describe irregular pieces of property in areas where lot and block system is not in place. |
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Rectangular survey system |
Government survey system Meridian- vertical Baseline- horizontal |
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Range lines |
Lines on either side on principal meridian divided into 6 mile wide strips that run north to south and are parallel to meridian. |
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Township |
36-mile area formed by the intersection of township and range lines. Each township square is divided into 36 sections, each one square mile. |
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California has 3 sets of baselines and meridians |
1) Humboldt Base Line and Meridian in the Northwestern part of the State. 2) Mt. Diablo Base Line and Meridian in the central part of the state 3) San Bernardino Base Line and Meridian in the southern part of the State. |
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Subdivision map act |
Requires mapping of all new subdivisions. Regulates the DIVISION of 2 or more lots for the purpose of selling, leasing, or financing said lots. |
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Who administrates the Subdivision Map Act? And what do they focus on? |
Administered by local officials and focuses on the streets, design of subdivision, the sewers and other physical aspects. |
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Subdivided LANDS Act |
Designed to protect the purchaser of property in new subdivisions from fraud of misrepresentation when these purchasers are buying subdivided land. |
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According to Subdivided Lands Act, how is a subdivision defined? |
A division of land into 5 or more lots for purpose selling, leasing or financing. |
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The subdivided must do what in order to sell each lot ? 2 |
1) Deliver a copy of the Commissioner’s public report to prospective buyer and have it signed by buyer. 2) keep signed Commissioner public report on file for 3 yrs |
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How long is a Commissioner’s public report valid for? |
5 years |
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What happens if there is a material change in the subdivision? |
Amended public report must be issued by commissioner. |
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Preliminary public report |
Gives subdivider the opportunity to take reservations for a purchase, pending the approval and issuance of public report. |
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If a subdivided land project is located in a different state they do NOT need to have what? |
Do not need a public report from the commissioner. |
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Out-of-State subdividers MUST INCLUDE what? |
Include disclosures in both advertising and sales agreements. |
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Before any advertising can be made on a subdivision or a public report can be issued, what must happen 1st? |
A true copy of ANY advertising material proposed for use for a land project offering must be submitted as part of the documentation required BEFORE issuance of a public report. |
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Land Project |
A speculative subdivision development of 50 or more vacant lots that are located in a rural area that has fewer than 1,500 registered voters within 2 miles. |
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Can a contract in a Land Project be rescinded? |
Yes, in writing, and without cause WITHIN 14 days of signed contract |
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Common Interest Development |
CID Common areas used by all tenants, with the exception of separate interests to use as individual living units, and managed by non profit association. |
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4 types of interest ownership |
1) Planned Development (PD) 2) Community apartment project 3) condominiums (and time sharing) 4) Stock cooperatives(aka co-ops) |
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Planned development |
A subdivision in which the lots are owned separately, but certain areas are owned in common by all owners. |
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Common Area |
Part of lot or chapter in a subdivision that is shared equally by all owners (undivided interest) |
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Undivided Interest |
The right of any owner to use ANY part of the project. |
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Community apartment projects |
2 or more apartments that are defined as a subdivision, in which the operation is usually exercised by the hovering board. |
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A condominium buyer gets what or what to their unit? |
Fee interest or DEED |
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Stock cooperative |
A corporation formed to own the land and improved real property, that either owns or leases real property. |
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Developer |
One who attempts to put land to its most profitable use through the construction of improvements. |
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Subdivider |
Owner whose land is divided into two or more lots and offered for disposition. |
