important_timeframes
Table of Contents
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
important_timeframes.txt · Last modified: by reidjs