Terms Used In California Codes > Health and Safety Code > Division 31 > Part 3 > Chapter 8 - Taxable Securities

• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: means any residential mortgage loan or multifamily rental housing loan. See California Health and Safety Code 51401
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Multifamily rental housing: means any existing structure of more than four dwelling units or any work or undertaking of more than four units of new construction, improvement, or rehabilitation for the provision of housing. See California Health and Safety Code 51401
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Residence: means any existing structure of one to four dwelling units or any work or undertaking of one to four dwelling units of new construction, improvement, or rehabilitation for the provision of housing. See California Health and Safety Code 51401
• State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23
• Taxable securities: means securities bearing interest that is otherwise taxable under the personal income tax provisions of federal tax law and which are issued to finance the purchase or making of mortgage loans pursuant to this chapter. See California Health and Safety Code 51401