SECTIONS 35805 - California Statutes

HEALTH AND SAFETY CODE

SECTION 35805

35805. As used in this part:
(a) "Agency" means the Business, Transportation and Housing
Agency.
(b) "Fair market value" means the most probable price which a
property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting
prudently and knowledgeably, and assuming the price is not affected
by undue stimulus. The use of this definition of fair market value by
a financial institution in an appraisal made at any time on or after
July 1, 1986, does not violate the provisions of this part.
(c) "Financial institution" includes any bank, savings and loan
association, or other institution in this state, including a public
agency, that regularly makes, arranges, or purchases loans for the
purchase, construction, rehabilitation, improvement, or refinancing
of housing accommodations.
(d) "Housing accommodation" includes any improved or unimproved
real property, or portion thereof, that (1) is used or is intended to
be used as a residence, and (2) is or will be occupied by the owner,
and (3) contains not more than four dwelling units. "Housing
accommodation" shall also include any residential dwelling containing
not more than four dwelling units where the owner thereof, whether
or not the owner will occupy the property, applies or has applied for
a secured home improvement loan from a financial institution, the
proceeds of which loan will be used to improve the security property.
(e) "Secretary" means the Secretary of the Business,
Transportation and Housing Agency.