Property Flashcards
What Is Property ?
Anything capable of being owned. All property is either personal property or real property.
What is test Of Real Property?
MARIA
Method of attachment Adaptability Relationship of parties Intention of the parties attaching it.. Agreement between the parties
Riparian Rights
The right of a landowner to the reasonable and appropriate use of flowing water from streams, rivers, or water courses touching the land.
Littoral Rights
The right of a landowner to the reasonable and appropriate use of standing water from a lake, lagoon, sea or ocean touching the land.
Reliction
An increase in land by the permanent withdrawal of a sea or river.
Accretion
The gradual increase of land from natural causes, such as soil being deposited on the shore of a river. (New Land)
Avulsion
The sudden tearing away of land by the action of water (as compared to erosion, which occurs over centuries.)
Alluvium
Soft deposited by accretion. (New Land)
What is a Bill of Sale ?
The instrument passes title of personals property from the vendor (seller) to the vendee (buyer).
What four (4) things should the Valid Bill of Sale contain?
1- name of a buyer
2-date
3-description of property being sold
4-signature of vendor
Goodwill
the expectation of continued public patronage.
Inventory
a complete list of stock being transferred from the seller to the buyer.
Balance Sheet
a statement showing the financial position of a business on a given date.
Profit and Loss Statement
a statement indicating the gain or loss of the business during a specific period of time.
How Is Net income determined?
Net income is determined by figuring gross income (revenue from the sale of goods or services) and subtracting the expenses (cost of goods and other expenses.)
Gross Income - Expenses = Net Income
What is Net Profit?
Net profit is the difference between revenues and expenses. It is the most important factor for the buyer to consider when buying a business.
Bulk Sale
the transfer of a substantial part of the inventory which does not take place in the ordinary course of business.
Franchising
a marketing system under which a business firm (franchisor) sells a dealership to a purchaser (franchisee)
Alcoholic Beverage Control Board (ABC)
administers the Alcoholic Beverage Control Act
What are the requirements for the Alcohol Beverage License?
- Good Moral Character
- Applicant must submit fingerprints
- When a liquor license is issued for a specific location, it must be placed into use within 30 days.
- A private club must have 100 members and have been in operation for at least one year.
- Licenses cannot be transferred.
Subdivision Map Act (Map Act of 1911)
its purpose is to give city and county authorities (typically the Planning Commission) control over the physical layout of a subdivision (alignment of streets, sewers, drains, etc.)
The Housing and Construction industry is regulated by :
1- Local building codes.
2-State Housing Law (Health and Safety Code)
3-Contractor’s State License Law.
What would a developer do when considering a project?
When considering a project, the first thing a developer would do is ‘market analysis.’ After market analysis is done, the next most important thing to do is obtain an Environmental Impact Report with a negative declaration, which means there would be no harm to the environment.
Subdivided Lands Act
A state act designed to protect California purchasers of subdivided land from fraud. This law also covers out-of-state developers selling subdivisions in California.
Standard Subdivision
five or more improved or unimproved lots with no areas owned in common.
Planned Unit Development (PUD)
Five or more parcels similar to a standard subdivision except that there areas owned in common. (e.g. swimming pool)
Community Apartment Project
Cooperative apartment of five or more units in which the buyer has an undivided interest in the whole property with the right to occupy one unit.
Stock Cooperative Project
the property is owned by a corporation and each buyer receives shares of stock with the right to occupy one unit.
Timesharing
a method of dividing up and selling and interest in a vacation facility for a specified length of time each year.
Condominium Project
Purchaser receives a deed and owns a fee simple estate (the airspace within the unit) and undivided interest in certain common areas.
Land Project
subdivision containing 50 or more unimproved parcels in a remote area to be used for residential or recreational purposes.
How many days does a Buyer have to Rescind the Land Project purchase contract?
A buyer has 14 days to rescind.
What are the Legal Methods to describing real property ?
1- Metes and Bounds
2-Recorded Tract Map, or Lot and Block.
3-System (Subdivision System)
4-The U.S Government Rectangular Survey System.
5-A Street address could be used as a description (although it is usually not considered a legal description.)
6-The land residual value is the value of the land.
What is the measurement of a Township ?
One (1) township measures 6 miles by 6 miles, or 36 square miles.
How many sections are in a township ?
There are 36 sections in a township. Each section measures 640 acres or 1 mile by 1 mile.
How much does an acre approximately measure ?
one (1) acre is approximately 208 ft. by 208 ft. or 43,560 square feet (remember 7/11 ; 4+3=7, and 5+6=11)
How many feet in a mile ?
5,280 feet in one mile.
Bearing Wall
a load-bearing wall within a building that supports the ceiling joists and upper stories.
Bench Mark
a mark, usually embedded in a permanent cement base, indicating elevations and altitudes above sea level of a surveyed area.
Bench Mark Structure
a building a typical for an area or location used in the cost approach (a suitable comparison for the subject structure being appraised)
B.T.U
British Thermal Unit
a unit of heat used in rating a furnace or other heating unit
Conduit
metal tubing through which electric wire is installed
Elevation Plan
shows the exterior sides of structure after all construction has been completed.
Floor Plan
a scale drawing showing all dimensions and placement of doors, windows, partitions, and built-ins.
Foundation Plan
a scale drawing showing all dimension of footings, piers, and details of sub-flooring.
Gambrel Roof
a ridge roof, each side having two slopes, the lower slope being steeper than the upper slope.
Hip Roof
a roof rising from all four sides of the building
Party Wall
a fence or a wall between two properties, usually straddling the property line.
Penny
designates the length of a nail.
Pitch
the angle of the slopes of a roof. The steeper the pitch, the longer the life.
Plot Plan
indicates lot dimensions and improvements, drawn to scale in proportion to the boundary lines.
Potable
drinkable water; not contaminated
Soil Pipe
pipe which carries waste from house to sewer
Termites
wood-eating insects
Flashing
metal used to protect against water seepage
Mud Sill
treated member bolted to foundation
Crawl Space
unexcavated area under house
Joists
members supporting floor or ceiling loads
Ridge Board
top beam for support of rafters
Financial Statement
a balance sheet and profit and loss statement are determine the value of the property.
