Term
| There are 2 classes of property, Real and Personal |
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Definition
REAL - Land, Hypothecated, Incidental, Appurtnenat, Immovable by Law, Deed, Bundle of Rights, Rights of Interest, Sky Rights, Mineral Rights, Fructus Naturales/Vegetation (wild berries), Stock in Mineral Company
PERSONAL - bill of sale (must be written if $501+, Trade Fixtures, Chattel, Chose, Chattel Real (is a lease), Tangibles, Intangibles, Emblements, Fructus Industrials, Business Opportunities |
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Term
| Owning an Interest in Real Estate / Real Property can be described as a "Bundle of _________" |
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Definition
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Term
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Definition
Trustee - Lender
ALL HAVE 2 "E" |
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Term
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Definition
Trustor - Borrower
ALL HAVE "-OR" |
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Term
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Definition
| Landlord - both have "-OR" |
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Term
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Definition
| Tenant - note - no "E" in landlord |
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Term
| Real Property is __________ - attached to the land. Trees, bushes, grass & buildings are ___________ to the land |
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Definition
non-movable/immovable
attached |
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Term
| Personal property that, once attached to the land, becomes real property |
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Definition
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Term
| Used by businesses and considered personal property, even though they are attached to the land |
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Definition
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Term
| Property that can be moved; contracts, mortgages, trust deeds, leases, crops grown |
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Definition
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Term
| A Lease on Land. Considered personal property |
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Definition
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Term
| Crops grown by a tenant. Considered Personal Property of the tenant |
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Definition
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Term
Type of easement that runs with the land
EXAMPLE - Lot A has a driveway over lot B. Lot A has a(n)____________ |
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Definition
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Term
Type of easement given to a company so they can run public lines. Not given to any adjoining lands
EXAMPLE - SDG&E has a(n) _____________ access to Lot A & Lot B to run power lines |
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Definition
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Term
| Type of easement involving the taking of land by 1 or more parties that has been openly using it for 5 years or more. |
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Definition
Prescriptive Easement
*use need not be by the same user, but could be by successors in interest (TACKING ON) |
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Term
Tax-deferred exchange (purchase) of property that investors use to delay paying capital gains tax.
"Boot" is the part that is taxable.
Properties MUST be of like kind |
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Definition
1031 Exchange
-> "Boot" is the part that is taxable.
-> Properties MUST be of like kind |
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Term
| 1031 Exchange - Identification Period |
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Definition
| 45 days from Close of Escrow |
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Term
| 1031 Exchange - Exchange Period |
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Definition
| 180 days from Close of Escrow |
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Term
| Time when all requirements in escrow instructions are met |
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Definition
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Term
TRUE or FALSE
Real Estate Agents may give legal and/or accounting advice to their principals? |
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Definition
| FALSE - never give tax or legal advice. Also, do not advise Property Mgmt matters unless you are in property management |
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Term
| Legal in California, but must give Full Disclosure and have signature of the fact with all parties/entities/clients |
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Definition
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Term
| A Broker or Escrow must record Title within 1 week of closing |
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Definition
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Term
| A document which should be given to BOTH parties within 30 days of closing |
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Definition
| Final Closing Disclosure Form |
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Term
Brokers must keep all records for how many years?
A. 1
B. 3
C. 4
D. none of the above |
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Definition
| B - brokers must keep all records for at least 3 years |
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Term
TRUE or FALSE
FHA insures loans, they do not make or buy them |
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Definition
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Term
TRUE or FALSE
Freddie Mac and Fannie Mae buys loans |
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Definition
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Term
TRUE or FALSE
The VA lends on income/investment properties |
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Definition
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Term
Single owner of the estate
EXAMPLE - a city owns city property in __________ |
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Definition
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Term
Ownership for ANY length of time with a termination or ending date
EXAMPLE - a summer rental OR a multiyear lease |
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Definition
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Term
Estate or ownership from period-to-period that can be extended
EXAMPLE - month-to-month lease |
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Definition
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