California Real Estate Exam; Questions & Answers Latest Update 100% Solved
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CA Real Estate
Institution
CA Real Estate
California Real Estate Exam; Questions &
Answers Latest Update 100% Solved
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 undivid...
California Real Estate Exam; Questions &
Answers Latest Update 100% Solved
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+ 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?
✔✔5 Years
When does a tax year run? ✔✔July 1-June 30
Legally combining smaller, adjacent parcels of land to form a larger parcel.
✔✔Plottage or
assemblage
Separating large parcels into smaller lots ✔✔Subdividing or separating
, California Real Estate Exam; Questions &
Answers Latest Update 100% Solved
Amount or size of land being increased by natural forces such as deposits by
wind or water.
✔✔Accretion
Gradual uncovering of land previously covered by water such as when a stream
changes course.
✔✔Reliction
The Statute of Limitations in the state of California allows how long to take
action? ✔✔4 years
The process by which the court may seize real or personal property as security
for a satisfaction
of monetary judgement. ✔✔Attachment
When is a 20-day preliminary notice of a mechanics lien need to be issued?
✔✔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? ✔✔To
, California Real Estate Exam; Questions &
Answers Latest Update 100% Solved
inform concerned parties that the property may be subject to liens arising out of
contract.
What is the brokers relationship to the customer? ✔✔The broker is the agent to
the customer
(customer employs the broker).
What is the agents (salesperson) relationship to the broker? ✔✔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 ✔✔An Open Ended Mortgage
An Open Ended Mortgage is ✔✔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 ✔✔Police power
Local jurisdictions have the authority to divide land into districts and impose
land use regulations
, California Real Estate Exam; Questions &
Answers Latest Update 100% Solved
to promote health, safety, and welfare of the public--this is known as ✔✔Zoning
When can restrictions placed on a deed be removed? ✔✔Never
What is the only restriction placed on a deed that is considered illegal? ✔✔Race
restrictions
Is an option contract bilateral or unilateral? ✔✔Unilateral
What does an option contract NOT do? ✔✔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
✔✔a Quiet Title
Action.
A promise is also known as a ✔✔Covenant
A court action is mandatory to evict a delinquent tenant. This process is called
✔✔Unlawful
Detainer
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