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50 Cards in this Set
- Front
- Back
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Subdivider |
An owner who's land is divided into parcels |
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Developer |
The individual who puts improvedments on the property |
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Lot Split |
Dividing land into 5 or fewer parcels |
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Subdivided |
Dividing land into 6 or more parcels, each parcel less than 36 acres |
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Undivided |
Dividing land into 6 or more parcels, each parcel more than 36 parcels, and less than 160 acres |
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Bulk |
A parcel of land that is 160 acres or more |
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Recission |
The legal remedy of canceling a contract and restoring the parties to status quo. |
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Improved |
A lot which has a structure on it or a contract in place stating that a structure will be built within 2 years. |
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Unimproved |
A lot that has no structure or a contract to build a structure within the next 2 years |
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ingress/egress |
Access to get on/off the property |
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Public Report |
Report that is required prior to selling subdivided or unsubdivided land |
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Puffing |
Exaggerated statements regarding the features of property |
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Misrepresented |
Unintentional false statements |
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Fraud |
Intentional False Statements |
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Void |
Having no legal force or binding effect; not enforceable |
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Voidable |
A contract that is subject to rescission by one of the parties |
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Zoning |
Falls under police power: Allows for orderly growth of a municipality |
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Leverage |
Using borrowed funds to purchase investment property |
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Cash Flow |
Spendable income from an investment after deducting from gross income all operating and fixed expenses |
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Depreciation |
Property subject to wear and tear |
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Boot |
Cash or items of value used to even out 1031 exchange |
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Appreciation |
Investors purchase property for an increase in value |
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Risk |
Possibility of loss from an investment |
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Prevent fraud & dishonest practices |
Why were laws for subdivisions enacted? |
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Lot, Block and Plat |
What legal description method is used to describe subdivisions |
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Stricter Standards |
If local government standards are stricter than the state's standards which prevail. |
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CC&R's |
Private land use controls |
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Zoning |
What controls an orderly growth of a municipality |
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Permanent access to all lots (ingress/egress) |
What are subdividers required to provide? |
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Subdivided and Unsubdivided |
What types of land are required to have a Subdivision Disclosure Report |
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$5,000 / Yes |
The developer is permitted to collect a deposit up to how much? Is it refundable? |
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Legal right to cancel contract without penalty |
What is the rescission period? |
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5 years |
How long are developers required to keep copies of Public Reports? |
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3 years from contract date |
If a buyer enters into a contract without receipt of the public report, they have a voidable contract for how long? |
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6 months |
What is the rescission period on an unsubdivided lot which has not been inspected by the buyer? |
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Not placed in escrow |
What is unique about earnest deposits when purchasing a home in a new subdivision |
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Endoresed by the commissioner no risk of loss |
Name two things a developer cannot say in advertising. |
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12 inches |
Inches in a foot? |
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3 feet |
Feet in a yard? |
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2,640 feet |
Feet in a 1/2 mile? |
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5,280 feet |
Feet in a Mile? |
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1 square foot |
144 square inches = ____ Square ft |
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1 Square Mile |
620 acres = ____ Square Mile |
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1 Square Yard |
9 square feet = _____ square yard |
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43,560 square feet |
1 acre = _____ Sq ft |
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1 sq mile |
1 section = ________ sq mile |
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27 cubic feet |
1 cubic Yard = ______ cb ft |
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Amount Realized |
Selling price - cost of sale = ? |
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Adjusted Basis |
Beginning basis + cost of capital improvements- credits/money received = ? |
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Gain on Sale |
Amount realized - Adjusted Basis = ? |
