Mix Up Flashcards
The Subdivided Lands Law controls the sale or leasing of new subdivisions to California residents:
regardless of the location of the property.
Subdivisions offered for sale to Californians that are either in state or out-of-state are still under the control of the Subdivision Lands Act.
Subdivided Land Law
A disclosure law enacted to protect buyers of subdivided parcels. A public report is required for subdivisions of five or more parcels. (See public report, subdivision)
Subdivision
A subdivision is any land that is divided or is proposed to be divided for the purpose of disposition into two or more lots, parcels, units or interests. Subdivision refers to any land, whether contiguous or not, of two or more lots, parcels, units or interests are offered as part of a common promotional plan of advertising and sale.
Memory Aid: “OR” “EE”
Memory AID: The “OR” gives something of value to the “EE” in exchange for money.
The Bulk Transfer Law may be found in the:
The Bulk Transfer Law is part of the Uniform Commercial Code.
Uniform Commercial Code
The Uniform Commercial Code is the codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers.
A public report is good for five years from the:
date of issuance.
public report
A disclosure statement required by the Subdivided Land Law stating that a buyer is not obligated until he or she has read the report and signed a receipt. (See Subdivided Land Law)
Subdivision Map Act vs Subdivided Land Law
Subdivision Map Act
An act providing for local control of subdivisions. Cities and counties are required by state law to adopt an ordinance to regulate subdivisions. (See subdivision)
**(Parcels of any size fall under the Map Act.
Parcels of 160-acres or more are exempt from the Subdivisions Lands Law.)
Subdivided Land Law
A disclosure law enacted to protect buyers of subdivided parcels. A public report is required for subdivisions of five or more parcels. (See public report, subdivision)
To hold real property as tenants in common, the individuals must:
hold undivided interests.
Whenever two or more people hold title to property together, they must hold an undivided interest. If you own 1/3 of the property, you CANNOT designate which 1/3.
The Truth-in-Lending Act is part of the:
The Federal Truth-in-Lending Act is part of the Federal Consumer Protection Act.
Truth-in-Lending Act
Federal law effective July 1969 as part of the Consumer Credit Protection Act and amended in 1982 by the Truth-in-Lending Simplification and Reform Act and later amendments. The main purpose of this law is to ensure that borrowers and customers in need of consumer credit are given meaningful information with respect to the cost of credit.
