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real estate > Property > Flashcards

Property Flashcards

1
Q

Owner owns

A

The space beneath the surface to the center of the earth and the airspace above it

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2
Q

Minerals are real property until they are mined then they become

A

Personal property

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3
Q

Test of real property M.a.r.i.a

A

Method of attachment , adaptability, relationship of the parties, intention of the parties attaching it, agreement between the parties

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4
Q

Appurtenances

A

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

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5
Q

Riparian rights

A

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

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6
Q

Littoral rights

A

The right of a land owner to the reasonable and appropriate use of standing water from the lake Lagoon Or ocean touching the land

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7
Q

Reliction

A

An increase in land by the permanent withdraw of a Sea or river

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8
Q

Accretion

A

The gradual increase of land from natural causes such as soil being deposited on the shore of river new land

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9
Q

Avulsion

A

The sudden tearing away of land by the action of water as compared to the erosion which occurs over centuries

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10
Q

Alluvium

A

Soil deposited by accretion

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11
Q

Personal property

A

Moveable

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12
Q

Bill of sale

A

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

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13
Q

A valid bill of sale should contain

A

Name of buyer day description of property being sold signature of vendor it does not need to be notarized

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14
Q

Financial statements

A

A balance she and profit and loss statement I needed to determine the value of the business

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15
Q

Balance sheet

A

A statement showing the financial position of a business on a given date

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16
Q

Profit and loss statement

A

A statement indicating that gain or loss of the business during a specific period of time

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17
Q

Net income

A

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

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18
Q

Net profit

A

The difference between revenues and expenses it is the most important factor for the buyer to consider when buying a business

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19
Q

Ucc

A

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

20
Q

Franchising

A

A marketing system under which a business firm franchisor sells a dealership to purchaser franchisee

21
Q

Three categories of persons are authorized to sell franchises

A

Person named in the registered offering circular licensed real estate brokers or salesperson brokers dealers license with the Department of corporations

22
Q

Alcoholic beverage control act

A

Administered by the alcoholic beverage control board abc

23
Q

Subdivision map act map act of 1911

A

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

24
Q

The housing and construction industry is regulated by

A

The local building codes state housing law contractors State license law

25
Q

The first thing a developer would do when considering a project is

A

Market analysis

26
Q

After the market analysis is done the next important thing to do for a builder is

A

To obtain an environmental impact report with a negative declaration which means that therefore there would be no harm to the environment

27
Q

Subdivided lands act

A

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

28
Q

Subdivision under this act means any real property

A

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

29
Q

Subdivided lands act as

A

It relates to the real estate commissioner

30
Q

Preliminary report

A

Pink slip maybe a shoot by the commission it went all requirements have yet to be fulfilled

31
Q

A subdividing may accept deposits on a property but cannot

A

Cannot sell the property All deposits are fully refundable

32
Q

Preliminary report is valid for

A

One year or until the final public report is issued

33
Q

The final public report white slip is issued by the commissioner when

A

All the requirements have been met

34
Q

Standard subdivision

A

Five or more improved or unimproved lots with no areas owned in common

35
Q

Planned unit development (PUD)

A

Five or more parcels similar to a standard subdivision except that there areas owned in common (swimming pool)

36
Q

Community apartment project

A

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

37
Q

Stock cooperative project

A

THe property is owned by a corporation and each buyer receives shares of stock with the right to occupy one unit

38
Q

Time sharing

A

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

39
Q

Condominium project

A

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

40
Q

Land project

A

Subdivision containing 50 or more unimproved parcels in a remote area to be used for residential or recreational purposes

41
Q

Out of state sub division

A

Requires a permit from the commissioner as a real property security and is closely scrutinized by the commissioner

42
Q

Subpoenas be delivered to

A

Secretary of State

43
Q

Metes and bounds

A

Method of describing land it is not used to measure land

44
Q

Record tract map or lot block

A

Method of describing propertyv

45
Q

Legal describing method of property

A

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

46
Q

The land residual value is the

A

Value of the land

47
Q

Real property is

A

Immovable

real estate (6 decks)

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