Re 27

Front 1

Covered loan amendments

2

Back 1

1) APR on mortgage/deed must be more than 8% over the yield on Treasury securities with comparable periods of maturity.

2) the total points and fees payable by the consumer must be higher than 6% of the total loan amount.

Front 2

Points and fees

(Finance code 4970)

Back 2

Items required to be disclosed as financial charges, not including interest; all compensation paid to mortgage brokers in connection with the loan transaction.

Front 3

Consumer loan

(Finance code 4970)

Back 3

Consumer credit transaction secured by real property located in California, which is used as the principal dwelling of the consumer.

Front 4

Original Principal Balance

Back 4

The total initial amount the consumer is obligated to repay on the loan.

Front 5

Unruh Civil Rights Act

Back 5

Protects people from discrimination because of sex, race, color, religion, ancestry, national origin,disability, medical condition, marital status and sexual orientation.

Front 6

Is discrimination due to means of income illegal?

Back 6

Yes!

Front 7

Restrictive Covenant Modification

Back 7

A person can record this, IF they believe that their property has been placed under unlawful restriction

Front 8

“Notice of intention” must include: 4

(Amendment to Subdivided Lands Public Report)

Back 8

1) owner’s and subdivider’s NAME AND ADDRESS

2) the legal description and area of lands; copies of contracts to be used

3) any provisions that have already been made for public utilities in the proposed subdivision.

4) The location of all existing airports located within two statute miles of the subdivision

Front 9

Bankruptcy Abuse Prevention and Consumer Act

Exceptions from the “auto stay” law

2

Back 9

1) if the lessor took action to obtain possession of property before the date the lessee/debtor’s bankruptcy petition was filed, the previously-filed proceeding taken by the lessor will remain in effect.

2) the landlord may legally evict the lessee and take possession of the property (provided that the lessor filed a certification, under penalty or perjury), based on some type of endangerment on the property or on the illegal use of controlled substances on the property.

Front 10

Condominium project

(Davis-Stirling Common interest Development Act)

Back 10

A condominium consists on an undivided interest in common in a portion of real property coupled with a separate interest in a space called a unit.

Front 11

Community apartment project

(Davis-Stirling)

Back 11

“A development in which an undivided interest in land is coupled with the right of exclusive occupancy of any apartment located thereon”

Front 12

Stock cooperative

(Davis-Stirling)

Back 12

“A development in which a corporation is formed for the purpose of holding title to real property, and the shareholders receive a right of occupancy in a portion of the real property”.

Front 13

Planned Development

(Davis-Stirling)

Back 13

The common area is owned either by an association or in common by the owner’s of the separate interests and/or a power exists in the association to enforce an obligation of an owner of a separate interest, by means of an assessment which may become a lien upon the separate interests

Front 14

The HOA of a common interest development must what?

Back 14

Make ALL association records available to ANY owner who belongs to the HOA

Front 15

3 requirements an HOA must do in keeping associated records

Back 15

1) make available to members records from the previous 2 fiscal years

2) the current association records must be made available within 10 business days of receipt of the member’s request.

3) minutes of member and board meetings must be made PERMANENTLY available

Front 16

CID amendment

In order to grant the exclusive use of a common area to an owner, there must be a passing affirmative vote of what % ? of the owners in common interest development

Back 16

67% of the owners in common interest development

Front 17

Who inspects elections of the owners in CID?

Back 17

Independent third party which MAY NOT be a candidate for OR a member(or relative to one) of the board of directors; a person employed to the CID association

Front 18

CID association’s board of directors FISCAL RESPONSIBILITIES

5

Back 18

1) current reconciliation of the association’s operating costs, the current year’s actual reserve revenues and expenses compared to the current year budget, an income and expense statement for the CID association’s operating and reserve accounts, all in at least a quarterly basis.

2) the last account statements prepared by the financial institutions where the association has its accounts

3) In order to withdraw money from the association’s reserve accounts, the signatures of 2 people is required

4) MAY temporary transfer funds (must be restored within one year of the date of the initial transfer) from the reserve fund into the general operating fund of the association, if necessary to meet short-term cash flow needs or other expenses.

5) Authority to levy a special assessment

Front 19

How often must the board of directors have an inspection conducted of the common area?

Back 19

Every 3 years if the area has a remaining useful life of less than 30 years.

Front 20

Estimated Remaining Useful Life

Back 20

The time reasonably calculated to remain before a major component will require replacement.

Front 21

Major component

Back 21

Components with an estimated remaining useful life of more than30 years may be included in a study as a capital asset or disregarded from the reserve calculation.

Front 22

3 regulations for assessments

Back 22

1) Annual increases in regular assessments may not be imposed (except with specific provision or a quorum)

2) The board must not impose a regular assessment that is more than 20% of preceding one.

3. The board must not impose special assessments that will be more than 5% of the budgeted expenses, unless there is a quorum affirmative vote of owners.

Front 23

Does the board limit assessment increases that are necessary for emergency situations?

Back 23

No, no limit

Front 24

Any regular assessments imposed to meet the association’s obligation are...

Back 24

Exempt from execution only to the extent necessary for the association to perform essential services.

Front 25

Any regular assessments imposed to meet the association’s obligation are...

Back 25

Exempt from execution only to the extent necessary for the association to perform essential services.

Front 26

Should the board levy an assessment...

Back 26

It becomes the owner’s responsibility to pay it

Front 27

Regular or special assessments of the association; late charges; reasonable collection costs/attorney’s fees and interest are considered ...

Back 27

Debt to the owner

Front 28

If the board approves the decision to initiate foreclosure, made by the majority vote, this vote to approve the lien foreclosure MUST be completed a minimum of how many days?

Back 28

30 days before any public sale

Front 29

In what case can the board NOT be a foreclosure on a lien?

Back 29

Delinquent assessments are less than $1,800.

Front 30

An association is permitted to foreclose on a lien if?

Back 30

Delinquent assessments equal or more than $1,800 OR the assessments are more than 12 months delinquent.

Front 31

Notice of lien requirements

Back 31

in writing 30 days before a lien is recorded

Front 32

Proposed physical changes of a unit MUST..

Back 32

Be consistent with any governing provisions of law, including the Fair Employment and Housing Act

Front 33

Nothing under the law authorizes any type of physical change to the common area, if that change is inconsistent with the association’s governing documents unless?

Back 33

Unless the change is required by law

Front 34

A real estate broker who arranges the purchase of a fractionalized interest in a Trust deed must record it in how many days?

Back 34

Within 10 days of purchase

Front 35

Is sending of unsolicited advertising faxes FROM OR TO someone in California ok?

Back 35

No, prohibited

Front 36

How much of a notice must landlords give if the want to terminate month-to-month tenants?

Back 36

30 day notice

Front 37

How much of a % of leakage must an A/C or heating duct must have in order for it to be required to be repaired?

Back 37

15%

Front 38

What must the government give if there are lower income housing units?

Back 38

Give The housing developer a density bonus

Front 39

In housing in California, Regulations must not be used for what?

Back 39

As means of disapproving a housing development project if it is proposed on a site as suitable or available for very low-, low-, or moderate-income households in the jurisdiction’s housing element, and consistent with the density specified in the housing element, even though it is inconsistent with both the jurisdiction’s zoning ordinance and general plan land use designation.

Front 40

Feasible

Back 40

Capable of being accomplished in a successful manner within a reasonable period of time, taking into account economic, environmental, social and working within the neighborhood.

Front 41

How many days does the person authorized to record a notice of default or notice of sale, deposit in the US mail an envelope to be sent with the postage prepaid?

Back 41

10 business days

Front 42

The new law permits how many postponements of the sale proceeding ANY time to the completion of the sale, for any period of time that may not exceed a total of 365 days from the date which was set forth in the notice of sale?

Back 42

Any number of postponements

Front 43

A mobile home rental agreement must not include what?

Back 43

Any provision that offers the management of a mobile home park the first right of refusal.

Front 44

The person selling the mobile home would have received this home after what?

Back 44

After the death of its original owner

Front 45

Registered domestic partners = ?

Back 45

Equal to spouses and are allowed to transfer property to each other without having to have the property reassessed and taxed at the current market value.

Front 46

The laws generally limit ad valorem taxes on real property to what %?

Back 46

1% of the full cash value of that property

Front 47

A county tax assessor is prohibited from assigning parcel numbers OR preparing a separate assessment or separate valuation to divide any existing residential structure into a subdivision UNTIL WHAT?

Back 47

Until a subdivision final or parcel map has been recorded as required by law.

Front 48

California laws are what and always what?

Back 48

Fluid and always changing