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Exam (elaborations)

California Real Estate Exam Questions and Answers

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California Real Estate Exam Questions and Answers 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...

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  • November 4, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Real Estate
  • Real Estate
avatar-seller
KaylinHoffman
Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




California Real Estate Exam Questions

and Answers


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



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,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


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




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, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


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


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



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