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 Top 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 Top 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 Top 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 Top