UNIT 14 - REAL ESTATE SPECIALIZATION Flashcards
mobilehome
factory built home manufactured prior to june 15 1976
manufactured home
homes built in a factory after june 15 1976
certificate of title
transfers ownership of a mobilehome owned as personal property
clearance of tax liability
if a mobile home is real property when transfering ownership
agricultural property
property zoned for use in farming, including and raising of crop and livestock
carrying capacity
number of animal units or tonnage of crops per acre that the land can support
business opportunity
any type of business that is for lease or sale
goodwill
the expectation of the continued patronage of an existing business
uniform commercial code
regulates transactions for sale of business opportunities
bulk sales
sale of a substantial part of the inventory of a business
security agreement
document commonly used to secure a loan on personal property
financing statement
the document used to record the debt, to prevent the personal property from being sold by someone else.
resale certificate
for property purchased for resale, which is not subject to sales or use tax
tax clearance receipt
states that the business is current on sales tax from the state board of equalization
use tax
tax imposed on the buyer who purchases goods from an out of state supplier for use in state.
turnkey projects
projects ready for occupancy
straight-line method
same amt is deducted every year over the depreciable life of a property
installment sale
one in which payments are made by the buyer to the seller, over a period of more than one year.
boot
the extra cash put in by the investor who is trading up to balance the equities
smart growth
revitalize older suburbs and older city centers
mansionization
tearing down existing homes and building larger more extravagant ones
infill development
development of vacant parcels in existing urban and suburban areas
brownfield
abandoned commercial or industrial site or under utilized neighborhood where redevelopment is complicated by actual or perceived contamination
management contract
has the terms of the agreement between owner and property manager
unearned increment
the increase in value of a mortgaged property generally accrues to the benefit of the trustor
