Table of Contents

Important Real Estate Timeframes (CA Exam)

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