real estate practice #3

Every California dwelling unit was required to have a Carbon Monoxide Detector by:

January 1, 2013

Alexandra and Marita have formed a REIT. They have their investors and resources and are ready for business. The REIT will be investing in an assorted portfolio of real estate and mortgage investments. What type of REIT have Alexandra and Marita formed?

a combination trust

Veronica has recently completed her surgical residency and is tired of paying rent. She needs a residence that is very low maintenance due to her grueling surgical schedule. Condos and Stock Cooperatives (co-ops) have both been high on her list. Help Veronica differentiate between these two residential options.

a condominium buyer receives a fee interest, or deed , to her unit. a stock cooperative is a corporation formed to own the land. Veronica would not receive a grant deed, but does share in the corporation and the right ton occupy a specific unit.

Patrice has purchased a century-old townhouse in San Francisco. She wants to make some changes and updates to both the exterior and interior. She isn't happy with the historic pediments outside the townhouse. Patrice's vision is of a minimalist, clean, modern home that reflects her personal style. Which type of zoning regulation, if any, may affect Patrice's vision of a minimalist town home?

aesthetic zoning

Ramon, a salesperson licensed to Richard, a broker, has been given specific written authorization to make a withdrawal from the broker's trust account. Ramon is uncertain this is permissible under California Law. Which California Law, if any, references Ramon's concern?

californias business and professions code 10145, Californias business and professions code 10085.5

Which of the following is not a level of licensing for real estate appraisers?

certified specialized real estate appraiser

Maria, a single mother of three, has been saving to buy the family's first home. Her budget is limited, but there is a home she can easily afford on the market. Unfortunately, there have been zoning changes in the area, and a twenty-four hour convenience store is located across the street. Is this deterioration curable or incurable?

incurable

Which of the following is not considered a type of common interest ownership? stock cooperatives, condominiums, community apartment projects.

none of above

Alexandra and Marita are forming a real estate syndicate. They have their initial investments and are ready to proceed. What happens next?

origination, operation, completion or liquidation

Louise recently turned 65, retired, and is downsizing to a smaller home. She was concerned about moving from the home she owned for 40 years with its low assessment to a smaller home, but with a much larger assessment. Which proposition eases her worries?

proposition 60 allows homeowners 55 years or older to transfer their base year property tax value to another home of equal or lesser value.

A local school has been destroyed by fire. Nothing has been salvaged and the school will have to completely rebuilt. What are the three methods of determining the cost of rebuilding?

square foot cost, unit in place, and quantitive survey method

Which of the following statements concerning California's three sets of base lines and meridians is true?

the Humboldt base line and meridian in the northwestern part of the state, the mt.diablo base line in the central part of the state, and San Bernardino base line and meridian in the southern part of the state.

Maria and Carlos are selling their grocery store to a large corporation. There will be a bulk transfer of the store's inventory in the sale to the corporation. Public notice must be given of this transfer. Who must give the public notice? How many days public notice must they give and why?

the buyers must give public notice. they must give the public notice 12 business days before the transfer occurs, it gives the sellers creditors an opportunity to file a claim if trade credit is still owed on inventory.

The McMillan Development Corporation is in the preliminary stages of building a commercial office development. They have received the building permit and all of the necessary approvals to break ground. Where do they go for guidance on the types of materials approved for construction, electrical wiring, etc.?

the city planning commission, building officials conference of America

This form of syndication avoids double taxation but has a lack of centralized management. Which form fits the description?

the corporate form

this form of syndication allows limited liability for the investor but has negative tax features. which form fits the description?

the corporate form

What is required by a notary of the person signing the notarized document?

the right thumb print of person signing the deed, quitclaim deed, or deed of trust affecting real property

The Subdivision Map Act, the Subdivided Lands Law, and Land Projects all have a minimum number of lots required to meet requirements. Which of the following is correct?

the sub division map acts regulates the division of two or more lots, the subdivided land laws defines a subdivision of a division of land into five or more lots, and the land project must have 50 or more vacant lots