In reference to Property Taxes, "basis" or "cost" is
Purchase price of prop plus cost of improvements.
How is a condominium unit owned?
Separate
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How are common interests in a condo owned?
Equally in undivided interest
Subdivided Land Laws refer to
Subdivisions of 5+ parcels on 160 acres, regulated marketing & financing, and requires disclosures in public report.
How long is a disclosure in public report for Subdivided Land Laws good for?
5 Years
When does a tax year run?
July 1-June 30
Legally combining smaller, adjacent parcels of land to form a larger parcel.
Plottage or assemblage
Separating large parcels into smaller lots
Subdividing or separating
Amount or size of land being increased by natural forces such as deposits by wind or water.
Accretion
Gradual uncovering of land previously covered by water such as when a stream changes course.
Reliction
The Statute of Limitations in the state of California allows how long to take action?
4 years
The process by which the court may seize real or personal property as security for a satisfaction of monetary judgement.
Attachment
When is a 20-day preliminary notice of a mechanics lien need to be issued?
20-days after the claimant (contractor) has first furnished labor, services, equipment, or materials.
What is the purpose of issuing a preliminary notice of a mechanics lien to a claimant?
To inform concerned parties that the property may be subject to liens arising out of contract.
What is the brokers relationship to the customer?
The broker is the agent to the customer (customer employs the broker).
What is the agents (salesperson) relationship to the broker?
The salesperson is the agent to the broker (the broker gives the salesperson authority to act on his/her behalf).
A Home Equity Line of Credit is
An Open Ended Mortgage
An Open Ended Mortgage is
A type of note that permits the borrower to obtain more money at a future date under the same deed of trust.
Zoning is an example of
Police power
Local jurisdictions have the authority to divide land into districts and impose land use regulations to promote health, safety, and welfare of the public--this is known as
Zoning
When can restrictions placed on a deed be removed?
Never
What is the only restriction placed on a deed that is considered illegal?
Race restrictions
Is an option contract bilateral or unilateral?
Unilateral [Show Less]