Tax = How is it calculated
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%
-Partnerships (general Partners/Limited partners)
General Partners handle business day to day.
Limited partners are investors)
Made real estate uninhabitable
Preventive maintenance is better
Statue of Limitations
6 years deadline a real estate action
Adjustments at closing
Debits and credits
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
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
Testate = will
Intestate = no will
PUD = planned community.