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 - answ...
CALIFORNIA REAL ESTATE
PRACTICE - QUESTIONS AND
ANSWERS 2024
REAL ESTATE EXAM
2024/2025
CLEANA
,California Real Estate Exam 2024
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.
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