California Real Estate Exam Questions and Answers 100% Solved(GRADED A)
153 views 3 purchases
Course
California
Institution
California
California Real Estate Exam Questions and Answers 100% Solved(GRADED A)California Real Estate Exam Questions and Answers 100% Solved(GRADED A)California Real Estate Exam Questions and Answers 100% Solved(GRADED A)California Real Estate Exam Questions and Answers 100% Solved(GRADED A)In referenc...
california real estate exam 2023 2024 questions an
california real estate exam 2023 2024
california real estate exam
in reference to property taxes
Written for
California
California
Seller
Follow
papersmaster01
Reviews received
Content preview
California Real Estate Exam 2023-2024
Questions and Answers 100%
Solved(GRADED A)
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
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller papersmaster01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R195,26. You're not tied to anything after your purchase.
