California Real Estate Exam Correct Questions & Answers

In reference to Property Taxes, "basis" or "cost" is - ANSWERPurchase price of prop plus cost of improvements. How is a condominium unit owned? - ANSWERSeparate interest How are common interests in a condo owned? - ANSWEREqually in undivided interest Subdivided Land Laws refer to - ANSWERSubdivisions 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? - ANSWER5 Years When does a tax year run? - ANSWERJuly 1-June 30 Legally combining smaller, adjacent parcels of land to form a larger parcel. - ANSWERPlottage or assemblage Separating large parcels into smaller lots - ANSWERSubdividing or separating Amount or size of land being increased by natural forces such as deposits by wind or water. - ANSWERAccretion Gradual uncovering of land previously covered by water such as when a stream changes course. - ANSWERReliction The Statute of Limitations in the state of California allows how long to take action? - ANSWER4 years The process by which the court may seize real or personal property as security for a satisfaction of monetary judgement. - ANSWERAttachment When is a 20-day preliminary notice of a mechanics lien need to be issued? - ANSWER20-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? - ANSWERTo inform concerned parties that the property may be subject to liens arising out of contract. What is the brokers relationship to the customer? - ANSWERThe broker is the agent to the customer (customer employs the broker).