====== Important Real Estate Timeframes (CA Exam) ======

===== General =====
  * Fiscal Year is from July 1 to June 30, midnight


===== Property Conversions (Tenant Protections) =====
  * **Tenant notice for conversion to condominiums**
    * Typically **180 days** (local ordinances may require more)
    * Often tested as “long advance notice”

===== Agency & Contracts =====
  * **Agency disclosure**
    * Must be provided **as soon as practicable**
    * No later than the **first substantive contact**

  * **Statute of Frauds**
    * Contracts for sale of real property must be in **writing**
    * Leases longer than **1 year** must be written

===== Escrow & Recording =====
  * **Recording**
    * No deadline, but priority is based on **order of recording**
    * “First to record” generally wins

===== Trust Funds =====
  * **Broker trust funds**
    * Must be deposited by the **next business day**
    * Or within **3 business days** if placed in broker’s trust account
    * (Exam often tests “promptly” = next business day)

===== RESPA =====
  * **Loan Estimate**
    * Delivered within **3 business days** of loan application

  * **Closing Disclosure**
    * Must be provided **3 business days before closing**

===== Escrow Accounts (Lender) =====
  * **Escrow account analysis**
    * Must be done **annually**
    * Borrower receives annual statement

===== Liens =====
  * **Mechanic’s lien**
    * Generally recorded within **90 days** after completion of work
    * Foreclosure usually within **90 days** after recording
    * (Exact rules vary, but 90 days is the exam number)

===== Foreclosure =====
  * **Right of reinstatement**
    * Ends **5 business days before sale**

  * **Redemption period**
    * Judicial foreclosure: typically **1 year**
    * Nonjudicial foreclosure: **no redemption after sale**

===== Landlord–Tenant =====
  * **Month-to-month termination**
    * **30 days** (tenant < 1 year)
    * **60 days** (tenant ≥ 1 year)

===== Appraisal =====
  * **Appraisal effective date**
    * Value is valid only **as of that specific date**
    * Not a “time period,” but frequently tested conceptually

===== Exam Tip =====
  * If you see a long notice period → think **tenant protection**
  * If you see **3 days** → think **RESPA disclosures**
  * If you see **90 days** → think **mechanic’s liens**