Commissioner Rules, Subs and Timeshares 16 Flashcards
Sub______ O_____ Ex________ -
Allows Buyer/Owner of Subdivision to Use Current Public Report Issued in Past 5 years.
Subsequent Owner Exemption -
Allows Buyer/Owner of Subdivision to Use Current Public Report Issued in Past 5 years.
Chap 16
Real Estate Code/Article 4
Commissioner May “De__, Susp____, Rev____,” Public Report for
- Incompleteness or
- Inability to meet all Statutory Requirements.
Real Estate Code/Article 4
Commissioner may “Deny, Suspend, Revoke,” Public Report for
- Incompleteness or
- Inability to Meet all Statutory Requirements.
Chap 16
Subdivider Must Give to Buyers a Receipt to Sign for Public Report and Retain Receipt for How Long?
(Real Estate Code/Article 4)
Public Report (Subdivision Disclosure Report) Receipt to Buyer
- Buyer Must Sign
- Subdivider Must Keep Receipts for - 5 years
Chap 16
If there are Material Changes to Original Report, what can Commissioner require?
A______ R________ -
- Commissioner May Require, if there are Material Changes to Original Report.
- Buyer has ___ Days to Review it or Cancel
(Real Estate Code/Article 4)
Amended Report -
- Commissioner May Require, if there are Material Changes to Original Report.
- Buyer has 10 Days to Review it or Cancel
Chap 16
Exemptions to Public Report - 160 Acres+/1Byr 6 or M ore Lots
- B__k S___/L__se (__ or More Lots) to One Buyer
- Sale/Lease - ___ Acres or More
- C______ and Ind______ Zoned/Restricted Parcels - for Sale/Lease
- Subsequent Owner Exemption - Allows Buyer/Owner of Existing Subdivision to Use Cur___/Accurate Public Report (Issued within __ Years).
(Real Estate Code/Article 4)
Exemptions to Public Report - 160 Acres+/1Byr 6 or More Lots
- Bulk Sale/Lease (6 or More Lots) to One Buyer
- Sale/Lease - 160 Acres or More
- Commercial and Industrial Zoned/Restricted Parcels - for Sale/Lease
- Subsequent Owner Exemption - Allows Buyer/Owner of Existing Subdivision to Use Current/Accurate Public Report (Issued within 5 Years).
Chap 16
Lot Reservation (Requirements)
- Max $_____ Deposit - for Lot (In Escrow)
- Public Report - Delivered __ Calendar Days of Issuance
- Lot Reservation Terminated - In __ Business Days of Buyer’s Receipt of Public Report unless “Purchase Contract Signed”
- Lot Reserve Cancel - Buyer May Cancel Anytime “Prior to entering P____ C_____.”
(Real Estate Code/Article 4)
“Lot Reservations” (Requirements) - $5000-15-7
- Max $5,000 deposit for Lot (In Escrow)
- Public Report - Delivered 15 Calendar Days of Issuance
- Lot Reserve Terminates - In 7 Business Days of Buyer’s Receipt of Public Report unless “Purchase Contract Signed”
- Lot Reserve Cancel - Buyer May Cancel Anytime“Prior to Entering Purchase Contract.”
Chap 16
Lot Reservation - Terminate/Cancel
- Lot Reserve Terminates - In __ Business Days of Buyer’s Receipt of Public Report Unless “Purchase Contract Signed”
- Cancel - Buyer may Cancel Anytime “Prior to Entering P____ C_____.”
(Real Estate Code/Article 4)
“Lot Reservations” Terminate/Cancel -
- Lot Reserve Terminates - In 7 Business Days of Buyer’s Receipt of Public Report unless “Purchase Contract Signed”
- Cancel - Buyer may Cancel Anytime“Prior to Entering Purchase Contract.”
Chap 16
If Sale Contract Prior to Public Report Approval or Subdivider Fails to Provide a Public Report to Purchaser:
- Sale is R________ by Buyer (If No Public Rpt)
- Buyer May Take Legal Action within __ Years.
(Real Estate Code/Article 4)
No Public Report -
If Sale Contract made Prior to Public Report Approval or Subdivider Fails to Provide a Public Report to Purchaser:
- Sale is Recindable by Buyer (If No Public Rpt)
- Buyer May Take Legal Action within - 3 years.
Chap 16
Unimproved Lands
- Lands Inspected - Buyer- __ Calendar Days Unilateral Right to Rescind
- Uninspected Land - Buyer - __ Mos to Inspect or may Rescind at Time of Inspection
(Real Estate Code/Article 4)
Unimproved Lands
- Inspected - Buyer - 7 Calendar Days Unilateral Right to Rescind
- Uninspected Land - Buyer- 6 Mos to Inspect or May Rescind at Time of Inspection
Chap 16
Unimproved Lands - Inspected.
Buyer Unilateral Right Recind - Has __ Calendar Days For “Inspected” Unimproved Lands
(Real Estate Code/Article 4)
Unimproved Lands (Inspected) -
Buyer Unilateral Right Recind - In 7 Calendar Days For “Inspected” Unimproved Lands
Chap 16
Unimproved Lands - Uninspected - Buyer has __ Mos to Inspect or May Rescind.
(Real Estate Code/Article 4)
Unimproved Lands (Uninspected) -
Buyer has 6 mos to inspect or May Rescind at Inspection
Chap 16
Property Divided into 6 or More Lots for the Purpose of Sale/Lease , with Lots 36-159 Acres Each are called?
6 or more lots -
- 36 Acres or More Each
- But Less Than 160 Acres each
(Real Estate Code/Article 4) -
Unsubdivided Lands - Lots 36-159 Acres
Property Divided into 6 or More Lots for the Purpose of Sale/Lease , with Lots 36-159 Acres Each
- 36 Acres or More Each
- But Less Than 160 Acres Each
Chap 16
In reference to what concerning lots?
- Orchestrating a Scheme or Acting in Concert to Circumvent Subdivision Laws is Illegal.
- Creation of Five or Fewer Parcels from One Parcel Does Not Create a Subdivision.
(Real Estate Code/Article 4)
Illegal Lot Splits
- Orchestrating a Scheme or Acting in Concert to Circumvent Subdivision Laws is Illegal.
- Creation of Five or Fewer Parcels from One Parcel Does Not Create a Subdivision.
Chap 16
Lot Reservation (Requirements)
- Max $_____ deposit - for lot (in escrow)
- Public Report - Delivered __ Calendar Days of issuance
- Lot Reserve Termination - In __ Business Days of Buyer’s Receipt of Public Report unless “Purchase Contract Signed”
(Real Estate Code/Article 4)
“Lot Reservations” (Required) - $5000/15c/7b
- Max $5,000 deposit for lot (in escrow)
- Public Report - Delivered 15 Calendar Days of issuance
- Lot Reserve Terminates - 7 Business Days of Buyer’s Receipt of Public Report unless “Purchase Contract Signed”
Chap 16
Recorded with Deed for any Improved or Unimproved Property that is In The (Unicorporated Area of a County - Not a Municipality) and Not In a Recorded Subdivision
(Real Estate Code/Article 4)
Affidavit of Disclosure
Recorded with Deed for any Improved or Unimproved Property that is In The (Unicorporated Area of a County - Not a Municipality) and Not In a Recorded Subdivision
Chap 16
Affidavit of Disclosure (5dev/7rec) - Recorded with Deed - Pertaining to Improved/Unimproved Property this Requires Disclosure of Information Regarding:
- W____ Av_______,
- S____ or S____ T_____,
- Leg___ Ac____,
- Eas_____, etc
(Real Estate Code/Article 4)
Affidavit of Disclosure (5dev/7rec) - Recorded with Deed - Pertaining to Improved/Unimproved Property this Requires Disclosure of Information Regarding:
- Water Availability,
- Sewer or Septic Tanks,
- Legal Access,
- Easements, etc
Chap 16
Affidavit of Disclosure (7d/5r) - Pertaining to Improved /Unimproved Properties in Unincorporated Areas and Un-Recorded Subdivisions.
Disclosures Requires Info Regarding W___ A____, S____ or S___ Tanks, Leg__ Access, E______, etc. (No Appraisal required)
- Affidavit of Disclosure - Delivered to Buyer at least - __ days Prior to Close.
- Buyer Can Rescind Transaction - In __ Days from Receipt of Aff_____ of Dis______.
Affidavit of Disclosure (7d/5r) - Pertaining to Improved /Unimproved Properties in Unincorporated Areas and Un-Recorded Subdivisions.
Disclosures Requires Info Regarding Water Availability, Sewer or Septic Tanks, Legal Access, Easements, etc. (No Appraisal required)
- Affidavit of Disclosure - Delivered to Buyer at least - 7 days Prior to Close.
- Buyer Can Rescind Transaction - In 5 Days from Receipt of Affidavit of Disclosure.
Chap 16
Affidavit of Disclosure - Pertaining to Properties Improved or Unimproved In Unincorporated Area of County.
Seller Must Record A_____ of D______ when D____ is Recorded.
(Real Estate Code/Article 4) -
Affidavit of Disclosure - Pertaining to Properties Improved or Unimproved In Unincorporated Area of County.
Seller Must Record Affidavit of Disclosure when Deed is recorded
Chap 16
Lot Reservation & Purchase Contracts
- Lot Reserve Cancelled** - **Anytime“Prior to Entering P____ C_____.”
(Real Estate Code/Article 4)
“Lot Reservations” and Purchase Contracts
- Lot Reserve Cancelled- Anytime“Prior to Entering P____ C_____.”
Chap 16