California Real Estate Principles Ch. 11: Real Estate Taxation Exam Questions With Correct Answers
6 views 0 purchase
Course
California real estate principles
Institution
California Real Estate Principles
California Real Estate Principles Ch. 11:
Real Estate Taxation Exam Questions With
Correct Answers
Property Taxes are ad valorem taxes, which means that they are: - answerCharge in relation to value
of property taxed ( Assessed value x tax rate = actual tax.)
The Smiths' sale of their residenc...
California Real Estate Principles Ch. 11:
Real Estate Taxation Exam Questions With
Correct Answers
Property Taxes are ad valorem taxes, which means that they are: - answer✔Charge in relation to value
of property taxed ( Assessed value x tax rate = actual tax.)
The Smiths' sale of their residence is a - answer✔Reassessment event
The property tax year runs from: - answer✔July 1- June 30.
A lien in the amount of tax due is placed on all assessed real property on: - answer✔January 1st.
When all past-due property taxes are paid, the county tax collector issues: - answer✔Certificate of
redemption.
The buyer of property at an auction by the tax collector receives a: - answer✔Tax deed.
A benefit assessment also may be called: - answer✔A local assessment, levy based on other than
assessed value, special benefit assessment, or special assessment.
The use of property assessments was expanded by: - answer✔Mello-Roos Community Facilities Act.
A deed many show on its face that which of the following taxes was paid? - answer✔Documentary
Transfer Tax.
Sales and use taxes are the responsibility of: - answer✔State Board of Equalization
In California there is a state sales tax on: - answer✔Fixtures sold as part of a business.
The State of California collects: - answer✔state income tax
A gift is made: - answer✔Through voluntary transfer by an individual of any type of property for less
than full consideration.
(When individual voluntarily transfers property for anything less than its fair market value.)
Gift tax is payable when the total value of gifts to an individual in on year is more than: -
answer✔$14,000.
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 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 these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Thebright. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
