UNIT 14 - REAL ESTATE SPECIALIZATION

Question 1

mobilehome

Answer 1

factory built home manufactured prior to june 15 1976

Question 2

manufactured home

Answer 2

homes built in a factory after june 15 1976

Question 3

certificate of title

Answer 3

transfers ownership of a mobilehome owned as personal property

Question 4

clearance of tax liability

Answer 4

if a mobile home is real property when transfering ownership

Question 5

agricultural property

Answer 5

property zoned for use in farming, including and raising of crop and livestock

Question 6

carrying capacity

Answer 6

number of animal units or tonnage of crops per acre that the land can support

Question 7

business opportunity

Answer 7

any type of business that is for lease or sale

Question 8

goodwill

Answer 8

the expectation of the continued patronage of an existing business

Question 9

uniform commercial code

Answer 9

regulates transactions for sale of business opportunities

Question 10

bulk sales

Answer 10

sale of a substantial part of the inventory of a business

Question 11

security agreement

Answer 11

document commonly used to secure a loan on personal property

Question 12

financing statement

Answer 12

the document used to record the debt, to prevent the personal property from being sold by someone else.

Question 13

resale certificate

Answer 13

for property purchased for resale, which is not subject to sales or use tax

Question 14

tax clearance receipt

Answer 14

states that the business is current on sales tax from the state board of equalization

Question 15

use tax

Answer 15

tax imposed on the buyer who purchases goods from an out of state supplier for use in state.

Question 16

turnkey projects

Answer 16

projects ready for occupancy

Question 17

straight-line method

Answer 17

same amt is deducted every year over the depreciable life of a property

Question 18

installment sale

Answer 18

one in which payments are made by the buyer to the seller, over a period of more than one year.

Question 19

boot

Answer 19

the extra cash put in by the investor who is trading up to balance the equities

Question 20

smart growth

Answer 20

revitalize older suburbs and older city centers

Question 21

mansionization

Answer 21

tearing down existing homes and building larger more extravagant ones

Question 22

infill development

Answer 22

development of vacant parcels in existing urban and suburban areas

Question 23

brownfield

Answer 23

abandoned commercial or industrial site or under utilized neighborhood where redevelopment is complicated by actual or perceived contamination

Question 24

management contract

Answer 24

has the terms of the agreement between owner and property manager

Question 25

unearned increment

Answer 25

the increase in value of a mortgaged property generally accrues to the benefit of the trustor