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386 Cards in this Set
- Front
- Back
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Property
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-Rights or interests in the things owned.
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Real Property
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-Immovable.
-Bearing Wall. -Not leasehold estate. |
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Fixture
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-Incorporated into land.
-Not Cost. -Time of attachment. |
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Trade Fixtures
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-Business Office
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Run with the land
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-Appurtant.
-Easement, water company stock, covenant, minerals. -No seperate conveyance. |
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Personal Property
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-Hypothecated, alienated, becomes real property.
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Fee Simple Estate
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-Estate in Fee
-Indefinate Duration. -Freehold -Most Interest -Not free of encumbrance -Inheritance |
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Fee Simple Defeasible
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-No Alcolhol
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Life Estate - Property is Leased
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Owner dies, lease terminates.
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Less-Than-Freehold Estates
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-Lessees
-Not neccessary to sign. -6 months, estate for years. -personal property - chattel real |
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Sublease
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-Transfers possession.
-Can sublease or assign of not mentioned. |
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Quiet Enjoyment
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Paramount
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Abandonment
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Tenenat leaves volutarily
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Percentage Lease
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Based on gross receitps.
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Security Deposit
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furnished or not
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Estate for years
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fixed period
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License
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personal, revokable
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Title Vesting
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Tenency = Method
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Severalty
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Individual
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Joint Tenancy
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-Cannot Will
-Free of unsecured debt. T - Time T - Title I - Interest P - Possession |
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Tenancy in Common
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-Can Convey seperately
-Unity of possession |
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Community Property
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Husband and wife
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Agreement to sell
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unenforceable
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Cloud on title
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Single woman married
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Quiet Title Action
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remove a cloud
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Alienation
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convey
opposite of acquisition |
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Eminment Domain
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For public use taken by the government.
-Individuals do not have. -owner must be paid just compensation. |
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Police Power
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Zoning
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Escheat
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Individuals cannot use.
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Accretion
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Natural Causes
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Avulsion
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Dam breaks
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Probate Sale- Commission
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set by court
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Intestate Succession
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no will
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Deeds - Purpose
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Transfer Interest
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Grant Deed
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-Executed when signed.
-not neccessary to record |
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Quitclaim Deed
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-convey rights of grantor
-no covenants |
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Deed Essentials
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-granting clause
-legal compentance of grantor -not acknowledged -delivered and accepted |
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Constructive Notice
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-given by recording
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Acknowledgment
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-employee without interest
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Encumbrances
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limit title
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Easements
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encumbrance
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Prescriptive Easements
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-no confrontation with owner
-can easily be terminated for non use. |
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termination of easement
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dominent tenement records quitclaim deed
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appurtenant easement
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buyer has same rights
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confirmed by
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quiet title suit (court action)
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privated restictions
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-15,000 square feet
-grantor or developer |
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condition
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penalties are more severe
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public restrictions
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-public health, safety, moral and general welfare.
-one lot = variance |
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zoning changes initiated by
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owner, subdivider, government
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commercial to residencial
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down zoning
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multi-family zone
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R-3
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encroachments
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sue neighbor for trespass
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Liens
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-a charge imposed
-a trust deed or mortgage |
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Specific Lien
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trust deed
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General Lien
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all property (everything you owe)
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Promissory note
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evidence of debt
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amortization
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liquidation
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level payment
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payment applied to principal increases
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negative amortization
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payments do not cover interest
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GPAM Loan
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difers some principal payments
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Interest Rates Affected by
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not unemployment
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Simple Interest
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home loans
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Variable interest
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rate can increase or decrease
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Effective interest rate nominal interest rate
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-rate paid
-rate specified in note |
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Negotiable instrument
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not a mortgage
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Straight Note
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No principal payments made
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Balloon Loan
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-partially amortized
-entire balance due |
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Holder in Due Course
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Now knowledge of defects
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Discounting
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selling for less
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Default
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foreclose for $15,000 (full amount)
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More than once borrower
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jointly and severally
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Trustor
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signs the deed
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Beneficiary
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-loans money
-consent for consolidation and new restrictions |
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Right to Sell
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trustor to trustee
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Terminated
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reconveyance deed
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Court Sale
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-One year redemption period
-trustor possesses property |
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Trustee's Sale
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-3 months before publishing
-right of reinstatement -most expedient |
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Deed in Lieu of Foreclosure
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Lender assumes junior liens
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Request for notice protect
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beneficiary of second loan
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Lender's Basic Protection
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borrowers equity
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Priority
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recorded first
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Release Clause
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Releases portions of the property
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Assume
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Relieves seller
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Subject to
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seller liable, buyer not liable
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subordination Clause
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future loans have priority
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Acceleration Clause
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unpaid sum due
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open-end
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borrow additional money
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beneficiary statement
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gives current balance
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prepayment penalty
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trustor makes advance payments
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Mechanics Liens
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verified and recorded
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Priority
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-beginning of construction
-earlier than recording -could impare trust deed |
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Notices
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completion, cessation, non-responsibility
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Lis Pendens
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May affect title
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Lis Pendens is Effective Until
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judgement rendered or lawsuit dismissed
|
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Writ of Execution
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court order to sell
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Injunction
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court order to stop
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chain of title
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important when deciding to issue title insurance
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abstract of title
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written summary of documents
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preliminary report
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-seller is trustor
-need to remove mechanic liens |
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Standard Policy of Title Insurance
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-most buyers obtain
-no survey or onsite inspection |
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Protects Against
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-forgery
-improper delivery |
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Extended Policy
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covers improvements on adjoining land
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ALTA Policy
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Includes a survey
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Exclusions
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zoning
|
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Search
|
county clerk, recorder, federal land office.
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Illegal Acts
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District attorney prosecutes
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Misrepresentations
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-obvious, knowledge, caused
-no expenses on income property |
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Commission to Buyer
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must inform seller
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Blind Ad
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no brokers name
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Misleading Ad
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-misleading map
-move right in-major repairs |
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secret profit by non-licensee
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no cause for action
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referral fees
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both broker and salesperson
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gifts
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-microwaves are ok - reveal to all
-450 is ok |
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commingling
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funds from brokers own property
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not a member
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not a REALTOR
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salesperson as independent contractor
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broker still liable for conduct
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unlicensed assistant
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-broker must read advertising
-must be supervised on internet -both guilty if solicits buyers or sellers |
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Manage Property
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broker
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Loan Broker Laws
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disclosure given to borrower when signed
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Advertisement
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not 1-800-FOR-A-LOAN
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Desk cost
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total expenses / number of salespersons
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company dollar
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income - only commission
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trust fund account
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-seperate trust funds
-any employee (can draw funds) |
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ethical practices
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honestly and fairness
|
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recovery account
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only pay recovery account plus interest
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selling trust deeds
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advertising must include interest rate and discount
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Can sell
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only if registered
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must remove signs
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within 48 hours
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notice of transfer
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within 10 calendar days
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Expired License
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can be renewed within 2 years of expiration
|
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temporary (150 day) license
|
deliquent in child support
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advanced fee contract
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no guarantee of sale or lease
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Fair Housing
|
-1968
-Provide fair housing -steering -unenforceable-no effect -refuse to show when out of town -blockbusting, panic peddling, not duress -no descrimination-rejected offeres -no descrimination against singles -department of fair employment and housing -different prices-money damanges -show same homes -no gender or ethical quotas -can refuse to answer (gener, marriage status) |
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Economic Theory
|
lost interest on equity is a cost of ownership
|
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Leverage
|
-$300,000
-Borrow the maximum |
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Appreciation
|
trustor
|
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Prices Decrease
|
value of money increases
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Sellers Market
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prices rise
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Impact Real Estate market
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comsumerisn, land use controls
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GNP & Employment Rise
|
income rises, home sales increase
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Lenders
|
-Portfolio risk management concerned with all.
-individual savings -pay any rate of interest -"ALWAYS select 'D'" |
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Insurance Companies
|
- Large Loans
- Work through mortgage companies |
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Savings & Loan Assns
|
-most funds in real estate
-primary source |
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Mortgage Companies
|
sell in secondary market
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Private Lenders
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Juinior loans
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Secondary Mortgage Market
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resale market place
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FHLMC
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maintains secondary market
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Increase Reserves
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decrease loan activity
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Tight money
|
-more second trust deeds
-sellers carry back a second |
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FNMA
|
-not a demand source for money
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Loan-to-Value
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lower ratio, higher equity
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Loan Commitment
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results of income, borrower and property
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Construction Loan
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interim
|
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Take out loan
|
long term
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debit-income ratio
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loan qualifying tool
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mortgage loan
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collaterlized by real property
|
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mortgage yield
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investors interest return
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lender minimize
|
-substandard loan
-degree of risk most important |
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late payment
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more than 10 days
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100% loan
|
protected by appreciation
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amortization table
|
monthly payment
|
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warehousing
|
colling loans
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FICo score
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credit history of borrower
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security interest
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credits interest in debitors property
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discount points
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percent of loan amount
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preperation charges
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loan origination fee.
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trusth-in-lending
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not agricultural
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purpose
|
meaningful disclosure by lender
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annual percentage rate advertising
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-cost of credit
-other disclosures not required |
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right to cancel
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residence is collateral
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Conditional installment sales contract
|
-legal title vendor
-security device - transfers equitable title |
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default, quitclaim deed
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signed by buyer (vendee)
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loan insured by
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FHA or private insurer
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FHA
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protects lender against default
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VA
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-no down payment
-cannot be rental property |
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Cal-Vet
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-land contract
-department of veterans affairs |
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Insurance
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promise of reimburstment for damages
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Fire Insurance
|
neither gain or lose
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escrow
|
financial code
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instructions executed by
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buyer, seller, third parties
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purpose
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ters are met
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buyer debit
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purchase price
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credit seller
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prepaid taxes
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prorations
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not unsecured loan
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impounds
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recurring costs
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two termite reports
|
get instructions from buyer and seller
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escrow can
|
call for funding of loan
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report to irs
|
escrow
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move in early
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sellers written permission
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release disputed funds
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instructions from all parties or court order
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1-4 family residential dwellings
|
required
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uniform settlement statement
|
no charge
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buyer can require
|
specific lender
|
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good faith estimate
|
must be furnished
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DISCLOSURES
- Given by |
Transferor, even if sold 'as is'
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DISCLOSURES
-Must reveal |
-all known defects
-not repairs |
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amended statement
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buyer can rescind
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licesnsee can never
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fill out seller portion
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defective statement
|
buyer can due within two years
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Alquist-Priolo
-Requires Disclosure |
nearby earthquake fault zones
|
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Alquist-Priolo
-Zone extends |
1/4 mile wide along fault lines.
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Types of Contracts
-Bilateral |
Diligence
|
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Types of Contracts
-Executed |
Complete Performed
|
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Types of Contracts
-Voidable |
-Binding until rescinded
-duress -menace or threat -not illegal purpose |
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|
Legal Essentials of a valid contract
|
not money, performance nor writing
|
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offer & acceptance
|
must have for real estate contracts
|
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capable parties
|
minors can acquire
|
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consideration
|
valuable, good, sufficient, adequate
|
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statute of frauds
|
if not to be performed within one year, must be in writting.
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BREACH
-Specific Performance |
not by broker
|
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listings
|
bilateral employment contract
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Agency Creation
|
-Reveal as soon as possible
-For any period of time -employment contract -find purchaser, accept deposit -payment of consideration not required -not voluntary offer -terminated by completion |
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oral agreement
|
-commission permissible
-broker would sue broker |
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lease on duplex
|
broker is agent
|
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subagent of listing broker
|
duty to seller only
|
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fiduciary obligations
|
-licensee
-integrity, loyalty, honesty, confendentiality |
|
|
present all written offers
|
-at same time
-unless frivolous or express instructions |
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|
listings
|
bilateral employment contract
|
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seller fires broker
|
liable for damages
|
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broker owes buyer
|
fair and honest deal
|
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Agency Creation
|
-Reveal as soon as possible
-For any period of time -employment contract -find purchaser, accept deposit -payment of consideration not required -not voluntary offer -terminated by completion |
|
|
broker as agent of buyer (offeror)
|
-can present offers to seller and sellers agent.
-accepting unauthorized deposits -owes fiducuary duty to buyer only |
|
|
oral agreement
|
-commission permissible
-broker would sue broker |
|
|
lease on duplex
|
broker is agent
|
|
|
material facts
|
-must reveal
-leaky roof -septic tank-rescind |
|
|
subagent of listing broker
|
duty to seller only
|
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puffing
|
exaggerated features or benefits
|
|
|
fiduciary obligations
|
-licensee
-integrity, loyalty, honesty, confendentiality |
|
|
broker promises seller to find house
|
civil suit for damages
|
|
|
present all written offers
|
-at same time
-unless frivolous or express instructions |
|
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agent promises to advertise and does not
|
actual fraud
|
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seller fires broker
|
liable for damages
|
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protect confidential information
|
after listing expires
|
|
|
listings
|
bilateral employment contract
|
|
|
broker owes buyer
|
fair and honest deal
|
|
|
Agency Creation
|
-Reveal as soon as possible
-For any period of time -employment contract -find purchaser, accept deposit -payment of consideration not required -not voluntary offer -terminated by completion |
|
|
oral agreement
|
-commission permissible
-broker would sue broker |
|
|
broker as agent of buyer (offeror)
|
-can present offers to seller and sellers agent.
-accepting unauthorized deposits -owes fiducuary duty to buyer only |
|
|
lease on duplex
|
broker is agent
|
|
|
material facts
|
-must reveal
-leaky roof -septic tank-rescind |
|
|
subagent of listing broker
|
duty to seller only
|
|
|
puffing
|
exaggerated features or benefits
|
|
|
fiduciary obligations
|
-licensee
-integrity, loyalty, honesty, confendentiality |
|
|
present all written offers
|
-at same time
-unless frivolous or express instructions |
|
|
broker promises seller to find house
|
civil suit for damages
|
|
|
seller fires broker
|
liable for damages
|
|
|
agent promises to advertise and does not
|
actual fraud
|
|
|
broker owes buyer
|
fair and honest deal
|
|
|
protect confidential information
|
after listing expires
|
|
|
broker as agent of buyer (offeror)
|
-can present offers to seller and sellers agent.
-accepting unauthorized deposits -owes fiducuary duty to buyer only |
|
|
material facts
|
-must reveal
-leaky roof -septic tank-rescind |
|
|
puffing
|
exaggerated features or benefits
|
|
|
broker promises seller to find house
|
civil suit for damages
|
|
|
agent promises to advertise and does not
|
actual fraud
|
|
|
protect confidential information
|
after listing expires
|
|
|
deposits
|
may be anything
|
|
|
seller
|
deposit belongs to seller
|
|
|
hold deposit check or accept promissory note
|
must inform seller
|
|
|
conflict between buyer and seller
|
interpleader
|
|
|
commissions
|
-communicate acceptance
-if not shared, civil suit -cancels-owes both |
|
|
commission after term of listing
|
protection period clause (safety clause)
|
|
|
liability
|
damages if acts in excess
|
|
|
fraudulent misprepresentation
|
discipline, civil, criminal
|
|
|
TYPES OF LISTINGS
- Exclusive Listing |
must contain termination date
|
|
|
TYPES OF LISTINGS
-Exclusive Agency |
owner sells, no commission
|
|
|
TYPES OF LISTINGS
-Exclusive Right to sell |
-pay commission
-no procuring cause -between seller and broker |
|
|
(Offers) Terminated by
|
-withdrawl, gets refund
-death of buyer -rejection by offeree -for any reason |
|
|
Counteroffer
|
offeree becomes offeror
|
|
|
DEPOSIT RECEIPTS
-Buyer defaults, deposit is |
divided between seller and agent
|
|
|
DEPOSIT RECEIPTS
-time is of the essence |
on deposit receipt
|
|
|
OPTIONS
-Agreement |
not to revoke an offer
|
|
|
OPTIONS
-Contract |
to keep an offer open
|
|
|
OPTIONS
-Optionee |
not bound to perform
|
|
|
OPTIONS
-Option and Listing |
disclose offer, written consent
|
|
|
TAXES
-Marginal Tax Rate |
next dollar earned
|
|
|
TAXES
Unadjusted Basis |
cost
|
|
|
TAXES
-adjusted basis |
not mortgage payment
|
|
|
TAXES
-tax shelter |
income taxes
|
|
|
TAXES
-gain |
-profit
-$40,000 sale, $8,000 basis = $32,000 gain |
|
|
PERSONAL RESIDENCE
-Deductions |
-property taxes and interest
-$3672 -interest on common area mortgage |
|
|
PERSONAL RESIDENCE
-Adjusted Basis |
concrete patio
|
|
|
INCOME PROPERTY
-Deductions |
not for vacancy
|
|
|
INCOME PROPERTY
-Depreciation |
-cost of building, not land
-must be improved |
|
|
Operational Loss
|
might offset capital gain
|
|
|
Capital Expenditures
|
added to cost basis and depreciation
|
|
|
loss upon sale
|
could deduct if rental property
|
|
|
exchanges
|
debt relief or cash
|
|
|
boot
|
may have recognized gain
|
|
|
basis of new property
|
basis of old
|
|
|
sale-leaseback
|
-deduct 100% of future rent paid
-not sellers book value |
|
|
installment sale
|
mortgage relief is down payment
|
|
|
PROPERTY TAXES
-Tax Bills |
no legal description
|
|
|
PROPERTY TAXES
-Ad Valorem |
acording to value
|
|
|
Property Reassessed
|
when sold
|
|
|
over-assessed
|
assessment appeals board
|
|
|
dates
|
feb 1, april 10
|
|
|
delinquent tax sale
|
owner remains in possession and can redeem for 5 years
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assessment liens
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-for local improvements
-cannot purchase land |
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mello-roos
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seller must disclose
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transfer tax
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-$22
-$138 |
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SUBDIVISION MAP ACT
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city or county governing body
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master plan
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district, street, seismic safety
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planning commission
|
zoning
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SUBDIVIDED LANDS ACT
-Condominimums |
5 or more units
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SUBDIVIDED LANDS ACT
-Sidewalks |
common area
|
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types of property
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residential, industrial, commercial
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estate in real property
|
condo and apartment
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seller provides buyer
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by laws, c.c$r's
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land project
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14 days (cool off)
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real estate commissioner
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desist and refrain
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PUBLIC REPORT
- Given |
anyone, anytime
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PUBLIC REPORT
- Receipts |
keep 3 years
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PUBLIC REPORT
- Excessive Price |
not included
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GENERAL INFO
-building code |
higher standards
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GENERAL INFO
-Purpose |
minimum standard
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GENERAL INFO
-Building Permit |
local building department
|
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Developer
|
responsible for street, etc.
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Time share gifts
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must reveal required attendance
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Franchise
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marketing plan
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Advance Fee for advertising
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deposit in trust account and use for advertising
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bill of sale
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not real property (only for personal property)
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Appraiser Theory
-Appraiser |
-disclose interest
-date contract was signed -the given date -building of no value-deduct demolition -unacceptable method=felony -marketability and acceptability -not assessed value -strip mall - poses certified general license |
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narrative report
|
not buyers financial condition
|
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types of value
|
statement of purpose
|
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fee appraiser
|
self employed
|
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appraisal
|
analysis of fact
|
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stability of value
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conformity
|
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market value
|
-present worth, ability of one commodity
-not cost. -D - Demand -U - Utility -S - Scarcity -T - Transferability |
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Principle of contribution
|
-swimming pool
-effect on net income |
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highest and best use
|
-first step for vacant land
-net return -site analysis -if temporary, interm use |
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Principle of substitution
|
-no prudent person
-use, design, income -lowest price preferred |
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principle of regression
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bearby substandard property
|
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unearned increment
|
population
|
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plottage
|
common ownership of 2 or more units
|
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highest value
|
maximum utilaztion of resources
|
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appreciation
|
increases in value over time
|
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Market Data (Comparison) Approach
|
-Entire property
-substitution - subtract features from comparable - vacant lot - rent schedules - real estate licensees (use this method) |
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Difficulty of market data
|
-adjusting for differences
-rarely similar concerning everything |
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least reliable
|
rapid economic change or inactive market
|
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warehouse
|
rented by square foot
|
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cost replacement approach
|
special purpose properties
|
|
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upper limit of value
|
-set by replacement cost approach
|
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replacement
|
same utility
|
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new property
|
works best with new, not old
|
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cost of construction
|
quantity survey, unit-in place, square foot
|
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1910 House
|
cost of reproduction
|
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Capitalization Income Approach
|
converts income into value
|
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Effective Gross Income
|
deduct for vacancy
|
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Net Income
|
do not deduct interest
|
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present worth
|
of future benefits
|
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capitalization rate
|
-most difficult part to determine
-summation, comparison, band of investment -post office = lower rate |
|
|
capitalization (income) approach
|
used on restaurant
|
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|
Gross multipliers
|
-price divided by rent
-$89,700 -$308, 736 |
|
|
depreciation
|
Less in value from any cause
|
|
|
effective age
|
15 years old - 6 years
|
|
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economic life
|
sufficient income
|
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obsolescence
|
not wear and tear
|
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functional obsolescence
|
-not nearby nusances
-one car garage |
|
|
same building costs, different valuesz
|
functional obsolescence
|
|
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Economic Obsolescence
|
-economic changes
-extraneous -difficult to cure -not heating system -airplanes -over supply, zoning change -expensive houses amoung cheaper ones. -abandoned gas station - toxic waste report -are tenents prospering? |
|
|
Obsolescence
|
Cause, not method
|
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Bearing Wall
|
remodeling, stronger, any angle
|
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Joist
|
parallel beam that supports ceiling or floor
|
|
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Ridge Board
|
highest spot
|
|
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Footing
|
spreading at foundation base
|
|
|
Structural Pest Control Report
|
-anyone, obtain from pest control board.
-must give buyer as soon as possible |
|
|
No infestation or damage
|
buyer pays
|
|
|
best time to get report
|
before marketing property
|
|
|
deciduous
|
not type of soil
|
|
|
roof sloping on four sides
|
hip
|
|
|
higher EER
|
unit is more efficient
|
|
|
sheet metal
|
flashing
|
|
|
insulation
|
interior, adequate
|
|
|
R-Value
|
resistance to heat
|
|
|
Turn key project
|
ready for occupancy
|
|
|
elevation sheet
|
exterior view of building
|
|
|
information booth
|
kiosk
|
|
|
backfill
|
excavation
|
|
|
cracked foundation
|
soil report
|
|
|
plot plan
|
placement of improvements
|
|
|
foundation plan
|
footings, peirs, subflooring
|
|
|
substandard building
|
not wiring
|
|
|
repairs to buildings equipment
|
corrective maintenance
|
|
|
commercial acre
|
area devoted to streets, sidewalks and curbs, etc.
|
|
|
orientation
|
position on site
|
|
|
HVAC
|
heating, venting air conditioning
|
