Swamped with your writing assignments? Take the weight off your shoulder!
Please respond to tanya with 150 words BRE 100, Real Estate Principles
Chapters # 13-15
Overview: Chapter 13 discusses Subdivisions and Government Control. This chapter teaches about real estate public protection that prevents fraud, misrepresentation, and deceit. Finally, chapter 14 discusses the Taxation of Real Estate, and we learn about how property owners are taxed annually on the property they own. Finally, chapter 15 discusses the DRE, the CA regulatory agency for real estate. Key Concepts- Chapter 13: Timesharing (page 424) Timesharing is where each investor owns a share in a specific unit or home. Up to 52 owners can own a share in a property and use it for one week. However, each owner is given a grant deed and has the right to share or rent out the week. The advantage of this kind of ownership is getting a vacation home without entirely purchasing it. The disadvantage is the properties are high-priced. Lastly, a brokerage license is required to sell a timeshare. Key Concepts- Chapter 14: Proposition 13 (454-455) Prop 13 puts a cap on the tax rate at 1% of the selling price or market value. Prop 13, also known as The People’s Initiative to limit property taxation, was voted into California’s Constitution in 1978. Prop 13 provides certainty to every taxpayer when it comes to paying taxes in the future. Prop 13 also allows for exclusions and exemptions to CA property owners. Key Concepts- Chapter 15: Real Estate License Requirements (484) The Real Estate Commissioner’s primary purpose is to regulate business in the state of Ca. A real estate license is a mandatory part of becoming a real estate agent. Anyone working in the state without a real estate license can be imposed. Due to the nature of their work, some people are exempt from obtaining a real estate license, such as cemetery authorities. The Federal SAFE act requires subject handling loans to be licensed through the Nationwide Mortgage Licensing System. Summary:
Chapters 13-15 were very detailed, and I feel like I learned a lot from these chapters. Being knowledgeable in this field regarding laws and regulations is so important because it not only protects the real estate agent but also the buyer. In my opinion, I need to look into the DRE website more and familiarize myself with all of the requirements. I also need to read more into taxes to understand them better. Reading chapter 14 was more confusing for me.