Property Flashcards
(60 cards)
What Is Property ?
Anything capable of being owned. All property is either personal property or real property.
What is test Of Real Property?
MARIA
Method of attachment Adaptability Relationship of parties Intention of the parties attaching it.. Agreement between the parties
Riparian Rights
The right of a landowner to the reasonable and appropriate use of flowing water from streams, rivers, or water courses touching the land.
Littoral Rights
The right of a landowner to the reasonable and appropriate use of standing water from a lake, lagoon, sea or ocean touching the land.
Reliction
An increase in land by the permanent withdrawal of a sea or river.
Accretion
The gradual increase of land from natural causes, such as soil being deposited on the shore of a river. (New Land)
Avulsion
The sudden tearing away of land by the action of water (as compared to erosion, which occurs over centuries.)
Alluvium
Soft deposited by accretion. (New Land)
What is a Bill of Sale ?
The instrument passes title of personals property from the vendor (seller) to the vendee (buyer).
What four (4) things should the Valid Bill of Sale contain?
1- name of a buyer
2-date
3-description of property being sold
4-signature of vendor
Goodwill
the expectation of continued public patronage.
Inventory
a complete list of stock being transferred from the seller to the buyer.
Balance Sheet
a statement showing the financial position of a business on a given date.
Profit and Loss Statement
a statement indicating the gain or loss of the business during a specific period of time.
How Is Net income determined?
Net income is determined by figuring gross income (revenue from the sale of goods or services) and subtracting the expenses (cost of goods and other expenses.)
Gross Income - Expenses = Net Income
What is Net Profit?
Net profit is the difference between revenues and expenses. It is the most important factor for the buyer to consider when buying a business.
Bulk Sale
the transfer of a substantial part of the inventory which does not take place in the ordinary course of business.
Franchising
a marketing system under which a business firm (franchisor) sells a dealership to a purchaser (franchisee)
Alcoholic Beverage Control Board (ABC)
administers the Alcoholic Beverage Control Act
What are the requirements for the Alcohol Beverage License?
- Good Moral Character
- Applicant must submit fingerprints
- When a liquor license is issued for a specific location, it must be placed into use within 30 days.
- A private club must have 100 members and have been in operation for at least one year.
- Licenses cannot be transferred.
Subdivision Map Act (Map Act of 1911)
its purpose is to give city and county authorities (typically the Planning Commission) control over the physical layout of a subdivision (alignment of streets, sewers, drains, etc.)
The Housing and Construction industry is regulated by :
1- Local building codes.
2-State Housing Law (Health and Safety Code)
3-Contractor’s State License Law.
What would a developer do when considering a project?
When considering a project, the first thing a developer would do is ‘market analysis.’ After market analysis is done, the next most important thing to do is obtain an Environmental Impact Report with a negative declaration, which means there would be no harm to the environment.
Subdivided Lands Act
A state act designed to protect California purchasers of subdivided land from fraud. This law also covers out-of-state developers selling subdivisions in California.
