Video instructions and help with filling out and completing Which Form 5495 Estates

Instructions and Help about Which Form 5495 Estates

Okay it's Joe with prep agent I'm here with my friend Irene how's it going Irene good how are you good so Irene called me today she's got an interesting dilemma because her test is tomorrow um it is what 9:30 at night and our test is tomorrow and you called me saying take you help me out my test tomorrow I need to review some things correct yep at 8:30 in the morning 8:30 of the morning so here I am but people get carried away this request I don't want too many people calling me an hour before the exam but everything well we'll do it so I'm doing things a little differently in this webinar slash tutoring session whatever you want to call it because her test is tomorrow and normally I go through questions we review a few but we don't review a whole lot of concepts so we're going to try and bang out a whole bunch of concepts here in a very short period of time okay um so Irene what you see up there is a lot of words we see a lot of words right yeah okay we're going to have a real estate conversation okay and I want you use the words that you see on that board when do you have words we're going to take them off okay all right sound good and we're going to try to incorporate all those words as best we can by us doing this it's a lot more fun than me just reading off definitions we'll review the terms and hopefully by you be able to put them in context you'll have a better understanding of them and just to clarify Irene's in California so if you're not in California did most of the information we're going over right now you should still be okay a lot of this information is national but I will designate we're doing science California specific for example we go over trust deeds that is California specific but right now let's get gold what we see here so I read you live in Los Angeles correct yeah Hollywood right yeah you live in a house or a condo I live in a apartment built a complex in apartment I lease you lease okay good so what kind of a state would you call that less than freehold estate a less than freehold state exactly to name different types of less than freehold estates yeah periodic tenancy um state for years good banks we're right here at state for years what do you mean by state for years so is your property in a state for years right now are you in your situation is stay for yours does in yoon-ah notice me for you about like a summer in Florida it is like a summer rental why is it like a summer rental you don't have to give a notice and you could just it's a set date so it's from like June 1st to August 1st would you want to date because it's for a designated period of time yes bang exactly okay so far so good so when you moved into that property you liked it right you liked it a lot you think it's great correct right but one day you decide to leave that property what can you do yeah I could either self lease it or a sign up okay excellent so if you sublet it though and something happens to that property who's responsible you were the person living there that's still my responsibility but if I assignment then I will change responsibilities right yes you're doing awesome great okay so it's an apartment building right right you consider that real property or personal property definitely personal an apartment building right oh the horn building thing is real property but my lease is personal property Lulu why'd you call your lease personal property it's mine it's I don't it's not real property Oh snowball I mean why's it movable let's get real simple so we could pass our test why is it movable he's what is a lease at the end of the day a lien no me what is it it's a piece of paper that's it just paper so we're going to keep things simple as possible can you move a piece of paper yeah those personal property now the more technical definition there is that Elise doesn't always go with the property it goes to the person to contract with the person which is why it's personal property it doesn't always go with the property okay so you said that the lease is personal property can you name other types of personal property Furniture TVs anything that's not a picture what's a fixture we can even buy a fixtures you said a TV why is that not a fixture you can move it - Carol we like my still that I installed can you make that TV a fixture I I mean technically if I could put in the wall I mean yes stop you're doing great don't know talk once you got it right you got it right you know like once asked Crone she says yes I don't keep asking right right so okay so you said um so you took that TV you put it against the wall and what you call a picture fixture why is it a fixture now because of the way I threw the Maria right method adaptability jus soli rapid adapting method its ability relationship intention and agreement is that it or no you're spot-on you do spot-on you get nothing adaptability relationship attention agreement ever since I taught a kid that song in my head by blondie Maria it's excellent method itself build relationship attention agreement say it one more time for me ah method um okay Maria method adaptability relationship and tension agreement right okay method adaptability relationship