In reference to Property Taxes, "basis" or "cost" is - ANSWER Purchase price of prop plus cost of improvements.
How is a condominium unit owned? - ANSWER Separate interest
How are common interests in a condo owned? - ANSWER Equally in undivided
California Real Estate Exam CORRECT 100%
In reference to Property Taxes, "basis" or "cost" is - ANSWER Purchase price of prop plus cost of
improvements.
How is a condominium unit owned? - ANSWER Separate interest
How are common interests in a condo owned? - ANSWER Equally in undivided interest
Subdivided Land Laws refer to - ANSWER Subdivisions of 5+ parcels on 160 acres, regulated marketing &
financing, and requires disclosures in public report.
How long is a disclosure in public report for Subdivided Land Laws good for? - ANSWER 5 Years
When does a tax year run? - ANSWER July 1-June 30
Legally combining smaller, adjacent parcels of land to form a larger parcel. - ANSWER Plottage or
assemblage
Separating large parcels into smaller lots - ANSWER Subdividing or separating
Amount or size of land being increased by natural forces such as deposits by wind or water. - ANSWER
Accretion
Gradual uncovering of land previously covered by water such as when a stream changes course. -
ANSWER Reliction
The Statute of Limitations in the state of California allows how long to take action? - ANSWER 4 years
, The process by which the court may seize real or personal property as security for a satisfaction of
monetary judgement. - ANSWER Attachment
If a buyer has defaulted on on an original land contract which had been recorded, this would result in a
defective title, requiring legal action to clear the title. This is called - ANSWER a Quiet Title Action.
A promise is also known as a - ANSWER Covenant
A court action is mandatory to evict a delinquent tenant. This process is called - ANSWER Unlawful
Detainer
A verbal contract is considered - ANSWER Valid
California Statute of Frauds require a real estate agreement to be - ANSWER In writing
What kind of listing agreement offers a listing broker to receive a commission regardless of who is the
"procuring" cause? Is also considered the greatest protection for the agent. - ANSWER Exclusive right to
sell
What does a deed NOT need to be considered valid? - ANSWER A date
A valid deed must have 3 components - ANSWER Be in writing, be signed by the grantor, and delivered to
the grantee
For a deed to be recorded, it must - ANSWER Be acknowledged (notarized)
A chattel - ANSWER Is most accurately described as personal property
Which is NOT corporeal property? A fee simple estate, a leasehold, an easement, or a fixture? - ANSWER
An easement
, What is a visible or tangible right in real estate such as the right of occupancy under a lease? - ANSWER
Corporeal
What time of estate does one hold when it along exists with you for the duration of your life or someone
else's life? - ANSWER Life Estate
When the recipient of a life estate dies, who is the person that it is willed to after their death? - ANSWER
A remainderman
Which of the following is not REAL property? A fee simple estate, a leasehold for indefinite duration,
lumber, or a life estate. - ANSWER Lumber
Real estate is defined as - ANSWER Land and all permanent attachments
An item of personalty that is affixed to realty so as to be used as a part of it is - ANSWER A fixture
An estate of uncertain duration is - ANSWER A freehold estate
Which is NOT considered a permanent attachment to land? Anything growing on it, fixtures, chattels,
and anything built upon the land. - ANSWER Chattels
What is a chattel? - ANSWER Personal property--including autos and household goods and fixtures.
A person who has some rights to use land, but not all possessory rights, is said to have - ANSWER An
interest in land
A person who has permission to use land, but has no other rights, has - ANSWER License to use
A person who receives title to land by virtue of having used and occupied it for a certain period of time,
without actually paying the previous owner for it, received title by - ANSWER Adverse possession
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