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California Real Estate Principles 12-15


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Original basis plus capital improvements and costs of the sale, less depreciation if income producing
Adjusted Cost Basis
A Latin prefix meaning "according to value" Local governments levy real property tax based on the assessed value; property taxes are known as ad valorem taxes
Ad Valorem
A list of all taxable property showing the assessed value of each parcel; establishes the tax base
Assessment Roll or Tax Roll
A sale of real property to the state, in name only, when a taxpayer is delinquent in paying property tax
Book Sale
Money or any "non-like" property put into a sale by an investor to balance the equities in a 1031 tax deferred exchange; cash or mortgage relief in the exchange
Starts on January 1 and continues through December 31 of the same year
Calendar Year
Physical improvements made to a property
Capital Improvements
Usually the price paid for a property
Cost Basis
The estimated period over which an improved property may be profitably used to yield a return
Economic Life
Starts on July 1 and runs through June 30 of the following year; used for real property tax purposes
Fiscal Year
A $7,000 tax exemption on principal residence of the owner. Not available for vacation homes.
Homeowner's Exemption
A deed given to a successful bidder at a tax auction
Tax Deed
Causing panic selling by telling people that values in a neighborhood will decline because of a specific event, such as the purchase of homes by minorities
Block Busting
A common name for eminent domain, or the right of the government to take a private property form an owner for the public good, paying fair market value
The right of the government to take private property from an owner, for the public good, paying fair market value
Eminent Domain
A study of how a development will affect the ecology of it s surroundings
Environmental Impact Report EIR
Subdivisions located in sparsely populated areas of California, made up of 50 parcels or more
Land Projects
Another name for a mobile home
Manufactured Housing
The use of a property's location to deny financing
Illegal practice of only showing clients property in certain areas
A state law protecting purchasers of property in new subdivisions from fraud, misrepresentation or deceit in the marketing of subdivided property; concerned with financial aspects of a development
Subdivided Lands Act
Outlines rules for filing subdivision maps to create subdivisions; concerned with physical aspects of a development
Subdivision Map Act
The division of land into five or more lots for the purpose of sale, lease or financing
An exception granted to existing zoning regulations for special reasons
The occupation of a broker; the business of selling real estate through a broker who negotiates the sale for a commission
The previously agreed upon division of money between a broker and sales associate when the brokerage has been paid a commission from a sale made by the associate
Commission Split
An escrow business conducted by someone who is a licensed escrow holder
Neutral Depository
Money received by real estate brokers or salespersons on behalf of others
Trust Funds
The law concerning transfer in bulk (not sale in the ordinary course of the seller's business)
Bulk Transfer Law
Any type of business that is for lease or sale
Business Opportunity
A written notice filed with the county recorder by a creditor who has extended credit for the purchase of personal property; established the creditor's interests in the personal property which is security for the debt
Financing Statement
An intangible, salable asset arising from the reputation of a business; the expectation of continued public patronage
A manufactured unit constructed on a chassis and wheels, designed for permanent or semi-attachment to land
Mobile Home
A court-approved sale of the property of a deceased person
Probate Sale
Collected as a percentage of the retail sales of a product, by a retailer and forwarded to the State Bord of Equalization
Sales Tax
The period that sets apart a whole number from a fractional part of that number
Decimal Point
A number by which another number is divided
A number to be divided by another number
The percentage of interest charged on the principal
Duration of a loan

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