Exemption If Assessed Is 50k Or Less Flashcards
What is the purpose of the homestead act?
To homestead a property it is to protect families if a family member dies
Homestead act protection and benefits- (5)
1) protection of family
2) protection of homestead
3) tax exemption of up to 50,000
4)size of homestead
5) personal property
Property acquired during marriage, except by inheritance or gift-
Marital assets
Tenancy be entirities-
Married couple
Two or more people/ heirs inherit-
Tenancy in common
Two or more people/ surviving owner inherits -
Joint tenancy
Valid contracts (4) essential elements-
1) Contractual capacity
2) offer and acceptance
3) legality of object
4) consideration
North to south line-
Principle Meridian
East to west line
Base line
Plotted subdivisions are divided into
Blocks and lots of
Blocks and lots
Statute of frauds
1) purchase and sale contracts
2) option contracts
3) deed and mortgage instruments
4) lease agreements for a term longer than one year
5) listing agreement for a term longer than one year
6) buyer representation agreements for a term longer than one year
Statue of limitations (4)
1) written contract- 5 years
2) oral contract - 4 years
3) partly written or partly oral- five years for written portion and 4 for oral portion
Statute of frauds requires all contracts that are not performed with in _ from date they become effective must be in writing and signed to be enforceable
1 year
What does the seller need to provide for buyer of HOA?
A disclosure summary regarding the association, the existence of restrictive covenants and any assessments that the association imposes
