Tax = How is it calculated
Endorsements
Reciprocity
Article 12 A
1988 Amendment to federal fair housing
Market value x assessment rate % = assessed value
Assessed value x %tax rate = annual tax
Sam house is worth $200,000 assessment rate is 50% tax is 5%
ENDORSEMENTS
Single Endorsement
Double endorsement
RECIPROCITY
-Partnerships (general Partners/Limited partners)
General Partners handle business day to day.
Limited partners are investors)
Constructive Eviction
Made real estate uninhabitable
Corrective maintenance
Preventive maintenance is better
Pro Forma
Financial projections
Statue of Limitations
6 years deadline a real estate action
Pro-ration
Adjustments at closing
Debits and credits
[mks_icon icon=”icon-note” color=”#1e73be” type=”sl”]Actual test questions:
- Sam sells his house April 30th he already paid this years re tax of $2400 who pays what to whom?
- A deed is?
- Who has to sign the deed? All the grantors
- Who does not represent the buyer at the closing? The bank attorney.
- What is NOT tax deductible? Appraisal fee.
- Escheat = death, no will / no heirs
Management agreement
What is the 1st doc signed between a owner and property manager
American disabilities Act of 1988 amended: familiar status and disability.
Cash on cash return
-Sam buys a bldg for 2 mil, income is $15000. Month, downpayment is $500,000. What is Sams C&c return.
Equation = Income divided by down payment =
Deed in lieu of foreclosure
– What document is prepared after 5 years to protect building performance: Stabilized budget
-unless ownership is a lesser estate, what is it called. = fee simple
FYI:
Testate = will
Intestate = no will
OLDCAR abbreviation
PUD = planned community.