This concludes Chapter 27. Below is a brief summary which you can review before you take your chapter quiz.
Covered Loans (amended):
Finance Code Section 4970:
Real Estate Fraud Prosecution Trust Fund money MUST ONLY BE USED in connection with investigations involving recorded real estate documents.
The Unruh Civil Rights Act protects people from being discriminated against because of their sex, race, color, religion, ancestry, national origin, disability, medical condition, marital status and sexual orientation.
It is illegal to discriminate against another person based on where that person gets her income.
If a person believes that her property has been placed under an unlawful restriction, then she can record the Restrictive Covenant Modification document.
Amendments to the Subdivided Lands Public Report
“Notice of Intention” must include:
Bankruptcy Abuse Prevention and Consumer Act. Exceptions from the "automatic stay" law:
Davis-Stirling Common Interest Development Act:
The homeowner association (HOA) of a common interest development must make ALL association records available to ANY owner who belongs to the HOA.
Requirements:
CID Amendments
In order to grant the exclusive use of a common area to an owner, there must be a passing affirmative vote of 67% of the owners in a common interest development.
Elections are inspected by an independent third party, which MAY NOT be a candidate for OR a member (or related to one) of the board of directors; a person employed to the common interest development association.
CID association’s board of directors
Fiscal responsibilities:
At least once every 3 years, the board of directors must have an inspection conducted, which must Identify and estimate the cost of the major components that the association is obligated to maintain that have a remaining useful life of less than 30 years.
Estimated Remaining Useful Life: The time reasonably calculated to remain before a major component will require replacement.
Major Component: Components with an estimated remaining useful life of more than 30 years may be included in a study as a capital asset or disregarded from the reserve calculation.
Assessments
Regulations for assessments:
The board DOES NOT limit assessment increases that are necessary for emergency situations.
Any regular assessments imposed to meet the association's obligation are exempt from execution only to the extent necessary for the association to perform essential services.
Should the board levy an assessment, it becomes the owner's responsibility to pay it.
If the board approves the decision to initiate foreclosure, made by the majority vote, this vote to approve the lien foreclosure MUST be completed a minimum of 30 days before any public sale.
Delinquent assessments
Notice of Lien: The owner must be notified in writing, via certified mail, at least 30 days before a lien is recorded.
Physical Changes
Miscellaneous Law Amendments:
The local government shall provide the housing developer with a density bonus and other incentives for the production of lower income housing units.
Housing in California
The person authorized to record a notice of default or notice of sale must, within 10 business days, deposit in the US mail an envelope to be sent with the postage prepaid.
The law now permits ANY number of postponements of the sale proceedings at ANY time to the completion of the sale, for any period of time that may not exceed a total of 365 days from the date which was set forth in the notice of sale.
Mobilehome Residency Law:
Registered domestic partners (treated the same as spouses) are allowed to transfer property to each other without having to have the property reassessed and taxed at the current market value.
The laws generally limit ad valorem taxes on real property to 1% of the full cash value of that property.
Active solar energy system: A system that uses solar devices to provide for the distribution of solar energy.
A county tax assessor is prohibited from assigning parcel numbers OR preparing a separate assessment or separate valuation to divide any existing residential structure into a subdivision, UNTIL a subdivision final or parcel map has been recorded as required by law.
If there is one constant within the world of California real estate law, it is that you can count on the laws being forever fluid. Remember what we said earlier in this chapter. The laws and regulations MUST continue to change in order to accommodate the community for which they are intended. After all, you wouldn't expect to see laws governing the treatment of cavemen, for example, would you? Or, on the other side, wouldn't you be shocked if the real estate laws did not address the world of electronic communications? Few real estate licensees can remember their lives before the Internet; yet, without specific laws and requirements to address electronic communications, that aspect of the real estate business could run amok.
Remember to always keep current with the laws, even if it means spending a couple of extra hours a week studying the newest proposed changes and Assembly or Senate bills. Doing your homework - and getting a little extra credit in the way of providing your clients and customers with the most up-to-the-minute information - will reward you in more ways than one.
No. | Subject | Author | Date | Views |
---|---|---|---|---|
100 | TEST 27 | admin | 2019.03.27 | 441 |
» | Chapter 27 Conclusion | admin | 2019.03.27 | 229 |
98 | TEST 26 | admin | 2019.03.27 | 235 |
97 | Chapter 26 Conclusion | admin | 2019.03.27 | 164 |
96 | TEST 25 | admin | 2019.03.27 | 275 |
95 | Chapter 25 Conclusion | admin | 2019.03.27 | 338 |
94 | TEST 24 | admin | 2019.03.27 | 284 |
93 | Chapter 24 Conclusion | admin | 2019.03.27 | 182 |
92 | TEST 23 | admin | 2019.03.27 | 147 |
91 | Chapter 23 Conclusion | admin | 2019.03.27 | 137 |
90 | TEST 22 | admin | 2019.03.27 | 285 |
89 | Chapter 22 Conclusion | admin | 2019.03.27 | 197 |
88 | TEST 21 | admin | 2019.03.25 | 292 |
87 | Chapter 21 Conclusion | admin | 2019.03.25 | 222 |
86 | TEST 20 | admin | 2019.03.25 | 219 |
85 | Chapter 20 Conclusion | admin | 2019.03.25 | 157 |
84 | TEST 19 | admin | 2019.03.25 | 321 |
83 | Chapter 19 Conclusion | admin | 2019.03.25 | 193 |
82 | TEST 18 | admin | 2019.03.23 | 676 |
81 | Chapter 18 Conclusion | admin | 2019.03.23 | 249 |