Property Flashcards
Owner owns
The space beneath the surface to the center of the earth and the airspace above it
Minerals are real property until they are mined then they become
Personal property
Test of real property M.a.r.i.a
Method of attachment , adaptability, relationship of the parties, intention of the parties attaching it, agreement between the parties
Appurtenances
Is real property anything which runs with the land and does not need to be named in the deed. Like dwellings structures on the land easements stock in mutual water company water courses and steams
Riparian rights
The right of the land owner to the reasonable and appropriate use of flowing water from streams rivers or water course is touching the land
Littoral rights
The right of a land owner to the reasonable and appropriate use of standing water from the lake Lagoon Or ocean touching the land
Reliction
An increase in land by the permanent withdraw of a Sea or river
Accretion
The gradual increase of land from natural causes such as soil being deposited on the shore of river new land
Avulsion
The sudden tearing away of land by the action of water as compared to the erosion which occurs over centuries
Alluvium
Soil deposited by accretion
Personal property
Moveable
Bill of sale
This instrument passes title of personal property from the vendor Saturday to the Venti buyer that title II personal property cannot be determined by checking the public records
A valid bill of sale should contain
Name of buyer day description of property being sold signature of vendor it does not need to be notarized
Financial statements
A balance she and profit and loss statement I needed to determine the value of the business
Balance sheet
A statement showing the financial position of a business on a given date
Profit and loss statement
A statement indicating that gain or loss of the business during a specific period of time
Net income
A right at by figuring gross income revenue from the sale of goods or services and subtracting the expenses cost of goods and other expenses
Net profit
The difference between revenues and expenses it is the most important factor for the buyer to consider when buying a business
Ucc
Uniform commercial code this code is created a comprehensive’s game for regulating personal property transactions it’s purpose is to make uniform the commercial statues and Verious jurisdictions
Franchising
A marketing system under which a business firm franchisor sells a dealership to purchaser franchisee
Three categories of persons are authorized to sell franchises
Person named in the registered offering circular licensed real estate brokers or salesperson brokers dealers license with the Department of corporations
Alcoholic beverage control act
Administered by the alcoholic beverage control board abc
Subdivision map act map act of 1911
Purpose is to give city and County authorities typical of the planning commission control over the physical layout of the subdivision alignment of street sewers and drains
The housing and construction industry is regulated by
The local building codes state housing law contractors State license law
The first thing a developer would do when considering a project is
Market analysis
After the market analysis is done the next important thing to do for a builder is
To obtain an environmental impact report with a negative declaration which means that therefore there would be no harm to the environment
Subdivided lands act
Ace they act the same to protect California purchasers of subdivided land from fry this is Laura also Caruth out-of-state developers selling subdivisions in California
Subdivision under this act means any real property
Weather improved her unimproved that is divided for the purpose of cell these are financing now or in the future into five or more parts of this act is not apply if contain 160 acres or more
Subdivided lands act as
It relates to the real estate commissioner
Preliminary report
Pink slip maybe a shoot by the commission it went all requirements have yet to be fulfilled
A subdividing may accept deposits on a property but cannot
Cannot sell the property All deposits are fully refundable
Preliminary report is valid for
One year or until the final public report is issued
The final public report white slip is issued by the commissioner when
All the requirements have been met
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 (swimming pool)
Community apartment project
Cooperative apart,met of five or more units in which the buyer has an undivided interest in the whole property with the right to occupy one unit one mortgage one tax bill on property usually tenants in common
Stock cooperative project
THe property is owned by a corporation and each buyer receives shares of stock with the right to occupy one unit
Time sharing
A method of diving up and selling an interest in a vacation facility for a specified length of time each year there are two formats right to use and fee simple were buyer owns for one week or one year
Condominium project
Purchaser receives a deed and owns a fee simple estate the airspace within the unit and an undivided interest in certain common areas such as grounds swimming pool elevators central air conditioning systems
Land project
Subdivision containing 50 or more unimproved parcels in a remote area to be used for residential or recreational purposes
Out of state sub division
Requires a permit from the commissioner as a real property security and is closely scrutinized by the commissioner
Subpoenas be delivered to
Secretary of State
Metes and bounds
Method of describing land it is not used to measure land
Record tract map or lot block
Method of describing propertyv
Legal describing method of property
System(subdivision system) ,the u.s gov rectangular survey system a address could be used as a description although it is usually not considered a legal description
The land residual value is the
Value of the land
Real property is
Immovable
