Common address
Address posted on the property
Relationship of the parties, method of attachment & intent of the parties
all a test to determine whether an item is a fixture
Which system may be used for legal description purposes?
U.S. Goverment survey, metes and bounds & lot, block and tract
How many sections are in a township?
36
Methods of creating a real property
bolt it down, cement it down & nail it down
a section consists of how many acres?
640
the term bill of sale is commonly associated with
personal property
personal property that is permanently affixed to real property is called
a fixture
the united states goverment survey system has to do with
sections & townships
an area that is 36 miles square contains how many townships
36
real property
immovable
approximately how many acres are there in a lot 1/2 mile by 1/2 mile
160
a farm 6 miles square has how many townships
1
a deed transfers title to
real property
appurtenant means the ownership of the item
runs with the land
emmblements are usually
growing crops, cultivated annually & on leased land by tenant farmers
trade fixtures
removable, forms of business furniture & personal property
one acre equals
43,560 sq ft. or 4,840 sq. yds.
joint tenancy
type of ownership has definite rights of survivorship. Time, title, interest and possesion are the four essentials
escheat
the only way a woman cannot receive title to real property
deed
a written instrument that conveys and evidences title
what distinguishes a will from other types of property transfers
only effective at death
In california, a notice to vacate an "estate at will" rental agreement, requires how many days notice
30
community property
property acquired by a husband and wife during marriage and is split 50/50
accretion
a property owner living on a river bank acquires land due to shifting of the river.
in a real estate transaction the grantor is the
seller
through the process of escheat, the deceased's property passes to
the state
prescription
using another person's land continuously without paying any property taxes, might qualify to obtain an easement or legal right to use land.
holographic
type of will that requires no witnesses unless signed with an X
A deed does not take effect until it is
delivered
life estate
limited to the life of any designated person or persons
sphere of influence
list of potential clients that an agent contacts on a regular basis
errors and omissions insurance is meant to protect whom from liability
brokers and agents
a salesperson who receives all of the commission earned from a real estate transaction
has a 100% commission arrangement with their broker.
how many brokers can a salesperson work for at a time
one
a person whose physical conduct is not subject to the control of another, and who sells results rather than time is
an independent contractor
cold calling
soliciting potential clients by telephoning people you don't know
all commissions are negotiable between a seller and listing broker, and determined
when the listing agreement is signed.
an open house is a prospecting tool for finding
both buyers and sellers
sources of listings may include
acquaintances, "for sale by owner" ads and foreclosures
A-I-D-A
attention, interest, desire and action
Regulation Z
rules for regulating real estate advertising under the Truth in Lending Act
FSBO
For sale by owner
brokers should examine the call log book regularly to determine
the impact of any advertising campaign
the bulk of the typical residential brokers advertising budget is spent on
classified ads
exclusive right to sell listing
type of listing in which the owners would be obligated to pay a commission to the broker even if the owners sell the property themselves during the listed period
amount of commission payable to the real estate broker is based on
agreement of the parties
to earn a commission, a broker must produce a buyer who is
ready, willing and able
if an owner enters into an exclusive agency listing and thereafter sells the property through his or her won effors
no commission is payable
net listing
the type of listing that is most likely to give rise to charges of misrepresentation or fraud
curb appeal
how a house looks to a passerby when compared to the rest of the neighborhood
lock box
in order for agents to gain access to the house keys are often placed here
the real estate commissioner requires that all agreements prepared by salespeople
be approved by their designated broker or sales manage and be approved within a reasonable amount of time.
to earn commission guaranteed by a safety clause, the original listing broker must provide the seller with a list of prospects who were showing or made offers on the property within
3 calendar days of the expiration of the original listing
copies of the listing agreement must be given to the signing parties
at the time signatures are obtained
Transfer disclosure statement
the buyer must also receive a copy of this form
FRPTA
Sellers affidavit of nonforeign status and/or CA withhholding exemption
market value
the amount of cash or cah quivalent that is most likelty to be paid for a property on a given date in a fair and reasonable open market sale
CMA
competitive market analysis
most property owners move on an average of every
6-8 years
economic obsolescence
also known as social obsolescence and loss of value due to the conditions outside the property itself.
advantages of home ownershup
appreciation, tax benefits and equity buildup
when selling real estate, the most effective form of communication is
direct contact (face-to-face)
an incoming call register is a useful tool for
record keeping, controlling ad revenue and expenses and following up with inquiries
floortime
the time assigned to individual agents to answer the company telephone
character, capacity and capital are called the three C's of
credit
California residential purchase agreement and joint escrow instructions form
the most commonly used purchase contract in california
if there is a contradiction in the purchase agreement form
the handwritten or types in words supersed the printed words
liquidated damages
paid for not fulfilling a cluase or condition in the contract and agreed to in advance and stated in a contract
CE+3
the buyer will take possession 3 days after close of escrow
the seller must provide the buyer with a lead-based paint notice as an attachment to the purchase contract if the residential property was constructed
prior to 1978
disclosure regarding real estate agency relationship
must be given to buyers and sellers before entering in to any contract with a broker
Estimated buyers costs
form with total cost of the purchase, including monthly payments
if there are two counter offers, an agent/broker should
start from scratch and rewrite the contract
buyers affidavit
involves the foreign investment in real property tax act (FIRPTA), property for use as residence and property with a sales price that does not exceed 300,000.
Verification of property inspection waiver
During the final walk through
mortgagee and mortgagor
mortgages only
beneficiary
in a trust deed, the party who is lending the money
loan origination fee
compensation for processing the loan and setting it up on the books, which is based on the loan amount
APR
annual percentage rate
prepayment penalty
charge to the borrower for paying off all or part of a loan balance before the due date
subprime borrower
lenders reference to a borrower with a low FICO score and alimited ability to cover family living expenses
PMI
Private mortgage insurance
an escrow holder can be
a corporation, an attorney or a real estate broker acting as the agent in a transaction
Valid escrow
signed escrow instructions, neutral third party as an escrow comapany and conditional deliver of funds and documents
economic life
The period in which a structure is worth more than tearing it down is called
leverage
Buying a property with a minimum down payment
inflationary
An increase in the marginal propensity to consume
economic return for the use of land and improvements
highest and best use
The Federal Reserve would sell government securities
take money out of circulation.
expansionary policy
budget surplus is returned to taxpayers in the form of tax reductions
conforming loan
A loan that meets Freddie Mac purchase guidelines
majority of escrows in northern cali are handled by
escrow departments of title insurance companies
death does not cancel escrow because
it is binding on the heirs and of the prior agreed-to correct
two rules of proration
date the item is paid and date escrow closes
perliminary title report
a report showing the condition of title before a sale or loan transaction
lenders extended coveragfe policy
ALTA
ad valorem tax is a tax charged
in proportion to the value of the property
county tax collector
county officer who collects real property taxes
Proposition 13
rollback or california tax to 1% of the selling price, plus 2% cumulative interest every year
no darn fooling around
important property tax dates