California Real Estate Exam (A+ GRADED)

In reference to Property Taxes, "basis" or "cost" is correct answers Purchase price of prop plus cost of improvements. How is a condominium unit owned? correct answers Separate interest How are common interests in a condo owned? correct answers Equally in undivided interest Subdivided Land Laws refer to correct answers 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? correct answers 5 Years When does a tax year run? correct answers July 1-June 30 Legally combining smaller, adjacent parcels of land to form a larger parcel. correct answers Plottage or assemblage Separating large parcels into smaller lots correct answers Subdividing or separating Amount or size of land being increased by natural forces such as deposits by wind or water. correct answers Accretion Gradual uncovering of land previously covered by water such as when a stream changes course. correct answers Reliction The Statute of Limitations in the state of California allows how long to take action? correct answers 4 years The process by which the court may seize real or personal property as security for a satisfaction of monetary judgement. correct answers Attachment When is a 20-day preliminary notice of a mechanics lien need to be issued? correct answers 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? correct answers To inform concerned parties that the property may be subject to liens arising out of contract. What is the brokers relationship to the customer? correct answers The broker is the agent to the customer (customer employs the broker). What is the agents (salesperson) relationship to the broker? correct answers The salesperson is the agent to the broker (the broker gives the salesperson authority to act on his/her behalf).