California Real Estate Exam with complete solutions 2024_2025.
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Course
California Real Estate
Institution
California Real Estate
In reference to Property Taxes, "basis" or "cost" is
Purchase price of prop plus cost of improvements.
How is a condominium unit owned?
Separate interest
How are common interests in a condo owned?
Equally in undivided interest
Subdivided Land Laws refer to
Subdivisions of 5...
California Real Estate Exam with complete
solutions 2024/2025
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
When is a 20-day preliminary notice of a mechanics lien need to be issued? -
ANSWER- 20-days after the claimant (contractor) has first furnished labor,
services, equipment, or materials.
What is the purpose of issuing a preliminary notice of a mechanics lien to a
claimant? - ANSWER- To inform concerned parties that the property may be
subject to liens arising out of contract.
What is the brokers relationship to the customer? - ANSWER- The broker is the
agent to the customer (customer employs the broker).
What is the agents (salesperson) relationship to the broker? - ANSWER- The
salesperson is the agent to the broker (the broker gives the salesperson authority
to act on his/her behalf).
A Home Equity Line of Credit is - ANSWER- An Open Ended Mortgage
An Open Ended Mortgage is - ANSWER- A type of note that permits the borrower
to obtain more money at a future date under the same deed of trust.
Zoning is an example of - ANSWER- Police power
Local jurisdictions have the authority to divide land into districts and impose land
use regulations to promote health, safety, and welfare of the public--this is known
as - ANSWER- Zoning
When can restrictions placed on a deed be removed? - ANSWER- Never
What is the only restriction placed on a deed that is considered illegal? -
ANSWER- Race restrictions
Is an option contract bilateral or unilateral? - ANSWER- Unilateral
What does an option contract NOT do? - ANSWER- Create a legal interest in a
property
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