42200C Basic Definitions
Table of The Basic Definitions section includes the following information Contents
Topic Section
Real Property 42200C1
Personal property 42200C2
Ownership of Property 42200C3
Inaccessible Resources 42200C4
Transfer of Property 42200C5
Net Market Value Real Property Only 42200C6
Members of the CalWORKs Family 42200C7
Liquid Sum 42200C8
Conversion of Property 42200C9
42200C1 Real property is usually land and improvements However real Real Property property also includes immovable property attached to the land such as
Trees
Fences
Buildings
Mines
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Patented or unpatented oil and
Mineral or timber rights
42200C2 Personal property includes
Personal Liquid resources property
o Cash
o Money in checking or savings accounts
o Savings certificates
o Trust deeds
o Notes receivable
o Stocks or bonds
o Nonrecurring lump sum payments
o Funds held in individual retirement accounts IRAs and funds held in accessible Keogh plans
o Funds received for sale of property
Nonliquid resources
o Licensed and unlicensed vehicles
o Buildings
o Land
o Recreational properties and
o Any other property provided that these resources are not
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specifically excluded
The value of nonexempt resources is its equity value fair market value minus encumbrances
42200C3 Ownership of Property
Resources owned jointly with a nonAU member or a person not living in the home are considered available in their entirety to the AU unless the AU can prove the resource is inaccessible If the AU demonstrates that it only has access to a portion of the resource the value of that portion is to be counted to the AUs resource level
42200C4 Inaccessible Resources
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A resource is inaccessible to the AU if the resource cannot be practically subdivided and the AUs access to the value of the resource is dependent on the agreement of a joint owner who refuses to comply The preferred method of verification of inaccessible resources is to obtain a signed statement or other document provided by the person agency company or institution that is restricting the availability of the property ie absent parent judge finance company bank Verification can also consist of a signed statement or other document providing a professional opinion of its unavailability ie real estate agent lawyer bank officer An applicantrecipients sworn statement is accepted as verification of unavailability if all other reasonable methods of verification are exhausted All verification must be reasonable and consistent with other case information and general knowledge
42200C5 A transfer of property means a change of ownership whereby an Transfer of applicantrecipient through such transfer has divested himselfherself Property in whole or in part of a resource actually available to himher
42200C6 Net market value is the highest price that real property less Net Market encumbrances will bring in a sale by a willing seller to a willing buyer Value Real in the ordinary course of business
Property Only
42200C7 For purposes of this chapter the members of the CalWORKs family Members of are the child and hisher natural or adoptive parents and when the seeking aid for themselves hisher eligible stepparents and needy
CalWORKs
caretaker relative provided they are not receiving SSISSP
Family
42200C8 For purposes of this chapter a liquidated sum is that amount of money Liquid Sum that can be realized from the sale or disposition of real property
42200C9 For purposes of this chapter conversion occurs when a recipient Conversion of changes an existing resource from one form to another Property
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