Larson review 2

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Author:
debado
ID:
225008
Filename:
Larson review 2
Updated:
2013-06-25 19:50:01
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Larson review
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Larson review 2 book notes
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  1. Homestead must own and occupy as of when to get the discount?
    January 1st and apply by March 1st
  2. Homestead requirement for size limit
    160 acres outside and 1/2 acre within the city
  3. what is save our home
    caps the annual increase of assessed value by 3%
  4. Federal income tax exclusions for capital gain on sale
    • single $250,000
    • Married $500,000
  5. Federal income taxes:  operating expenses (not reserves for replacement)
    *mortgage interest
    *straight-line depreciation on improvements (NOT LAND)
    • 27.5 years residential (1-4 units)
    • 39 years nonresidential (5 or more units)
    • example:  worth $127,500
    • land:  $100,000
    • House:  $27,500
    • 27,500 / 27.5 (years) = $1000.00
  6. Lease hold estate
    • U use
    • P possession
  7. Ownership characteristics:  the bundle of rights:
    D.U.P.E

    • Disposition - may sell, pledge, or transfer (will promise)
    • Use - May use and control
    • Possession - may occupy in privacy
    • Exclusion - may control entry onto land
  8. statute of frauds - contracts that convey an interest in real estate
    • 1.  must be in writing and signed to be enforceable
    • 2. one exception is lease agreements for one year or less
  9. givor
    grantor
  10. receivee
    trustee or grantee
  11. easement by prescription
    a right acquired after 20 years of using anothers property for a specific purpose
  12. what is syndication?
    • ownership by one entity
    • ex:  corporation, partnership, LLC (limited liability), company, limited partnership

    (joint venture is a syndication for 1 project)
  13. Joint tenancy - co-ownership with right of survivorship

    has PITT
    • Possession
    • Interest
    • Title
    • Time
  14. cancellation provisions with condos
    from builder first time sale is 15 calendar days

    from owner for resale period is 3 business days.
  15. time sharing ... how many days do you have right of rescission from signing?
    10 days
  16. what is encumbrance?
    it is any right, claim or interest in property held by someone other than the property owner
  17. the owner of parcel A has the benefit of a right-of-way easement across parcel B.  The owner of parcel A holds which type of easement?
    Appurtenant
  18. other ways of obtaining title:
    Devise is:
    Real Estate transfer upon dealth
  19. other ways of obtaining title
    Bequest =
    personal property transfer upon death
  20. adverse possession
    ownership recognized by the courts after actual, open, continuous, notorious, hostile and exclusive possession of anothers land for 7 years
  21. Special purpose deeds
    • 1.  personal representatives deed deceased
    • 2.  guardians deed minor
    • 3.  committees deed:  incompetent
  22. what is the cost of recording a deed?
    .70 x 100

    ex:  100,000 x .0070 = $700.00 deed cost

    seller pays
  23. what is the cost of recording the note?
    .35 per 100

    ex:  100,000 x .0035 = $350.00

    new and assumed notes - buyer pays
  24. what is the cost of intangible tax
    .002 x 100,000 = $200.00
  25. tax example for $100,000 with $20,000 down
    • deed tax = $100,000 / 100 = 1000 x .7 = $700
    • Note tax- $80,000 / 100 = 800 x .35 = 280
    • intangible tax = $80,000 x .002 = $160

    • seller pays $700
    • buyer pays $280 + $160 = $440

    total taxes paid $1140.00

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