California Real Estate Practice,Eighth Edition

Errata (2014-12-12)

At Dearborn™ Real Estate Education, we are proud of our reputation for providing the most complete, current, and accurate information in all our products. We are committed to ensuring the kind of quality you rely on. Please note the following changes, which will be reflected in the next printing of California Real Estate Practice, Eighth Edition.

Page/Location / Was / Change to
314, last paragraph / You can also put the information directly into your contact management system in your PDA. / You can also put the information directly into your contact management system.
399, Key Terms / annual percentage rate (APY) / annual percentage rate (APR)
468, first and second paragraphs / Mr. and Mrs. Allen are purchasing a single-family residence from Mr. and Mrs. Baxter. The property is located in Block 15 Tract 6 in the Via Santos Estates in Blythe Beach, California. The purchase price is $150,000. Terms are cash to a $120,000 assumable loan. The close of escrow is October 1, 2003. The purchaser is to assume the first trust deed having interest at 9.5 percent. The seller has paid the interest up to September 1, 2003. Taxes for the year were $1,200 and have not been paid.
The purchaser is to assume a one-year fire insurance policy with a prepaid premium of $360 and a beginning date of June 1, 2003. The parties agreed that escrow expenses of $410 would be divided equally and the standard title insurance policy of $350 would be paid by the sellers. The sellers also are to pay the broker’s commission of 5 percent of the sales price. / Mr. and Mrs. Allen are purchasing a single-family residence from Mr. and Mrs. Baxter. The property is located in Block 15 Tract 6 in the Via Santos Estates in Blythe Beach, California. The purchase price is $450,000. Terms are cash to a $360,000 assumable loan. The close of escrow is October 1, 2013. The purchaser is to assume the first trust deed having interest at 5.6 percent. The seller has paid the interest up to September 1, 2013. Taxes for the year were $2,400 and have not been paid.
The parties agreed that escrow expenses of $810 would be divided equally and the standard title insurance policy of $550 would be paid by the sellers. The sellers also are to pay the broker’s commission of 5 percent of the sales price.
505, first sentence, third sentence / If, however, the taxpayer made $50,000 on the profitable sale, the taxpayer would have a $150,000 loss carryover. / If, however, the taxpayer made $50,000 on the profitable sale, the taxpayer would have a $50,000 loss carryover.
509, fourth paragraph / For persons dying in 2009, there was an exemption from estate taxation of 2013, the estate tax exclusion is $5.25 million (adjusted annually for inflation). / For persons dying in 2013, the estate tax exclusion is $5.25 million (adjusted annually for inflation).
510, fourth paragraph / The B trust, which is distributed to the successors (heirs) therefore, will have received a $10,000,000 exemption from estate taxation rather than $1,000,000. / The B trust, which is distributed to the successors (heirs) therefore, will have received a $10,000,000 exemption from estate taxation rather than $5,000,000.

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