California Real Estate Exam Approved
Questions And Answers
In reference to Property Taxes, "basis" or "cost" isApproved Answers Purchase price of
prop plus cost of improvements.
How is a condominium unit owned?Approved Answers Separate interest
How are common interests in a condo owned?Approved Answers Equally in undivided
interest
Subdivided Land Laws refer toApproved 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?Approved
Answers 5 Years
When does a tax year run?Approved Answers July 1-June 30
Legally combining smaller, adjacent parcels of land to form a larger parcel.Approved
Answers Plottage or assemblage
Separating large parcels into smaller lotsApproved Answers Subdividing or separating
Amount or size of land being increased by natural forces such as deposits by wind or
water.Approved Answers Accretion
Gradual uncovering of land previously covered by water such as when a stream
changes course.Approved Answers Reliction
The Statute of Limitations in the state of California allows how long to take action?
Approved Answers 4 years
The process by which the court may seize real or personal property as security for a
satisfaction of monetary judgement.Approved Answers Attachment
When is a 20-day preliminary notice of a mechanics lien need to be issued?Approved
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?
Approved 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?Approved Answers The broker is the
agent to the customer (customer employs the broker).
What is the agents (salesperson) relationship to the broker?Approved Answers 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 isApproved Answers An Open Ended Mortgage
An Open Ended Mortgage isApproved Answers 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 ofApproved Answers 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
asApproved Answers Zoning
When can restrictions placed on a deed be removed?Approved Answers Never
What is the only restriction placed on a deed that is considered illegal?Approved
Answers Race restrictions
Is an option contract bilateral or unilateral?Approved Answers Unilateral
What does an option contract NOT do?Approved Answers 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
calledApproved Answers a Quiet Title Action.
A promise is also known as aApproved Answers Covenant
A court action is mandatory to evict a delinquent tenant. This process is calledApproved
Answers Unlawful Detainer
A verbal contract is consideredApproved Answers Valid
California Statute of Frauds require a real estate agreement to beApproved Answers 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.Approved Answers Exclusive right to sell
Questions And Answers
In reference to Property Taxes, "basis" or "cost" isApproved Answers Purchase price of
prop plus cost of improvements.
How is a condominium unit owned?Approved Answers Separate interest
How are common interests in a condo owned?Approved Answers Equally in undivided
interest
Subdivided Land Laws refer toApproved 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?Approved
Answers 5 Years
When does a tax year run?Approved Answers July 1-June 30
Legally combining smaller, adjacent parcels of land to form a larger parcel.Approved
Answers Plottage or assemblage
Separating large parcels into smaller lotsApproved Answers Subdividing or separating
Amount or size of land being increased by natural forces such as deposits by wind or
water.Approved Answers Accretion
Gradual uncovering of land previously covered by water such as when a stream
changes course.Approved Answers Reliction
The Statute of Limitations in the state of California allows how long to take action?
Approved Answers 4 years
The process by which the court may seize real or personal property as security for a
satisfaction of monetary judgement.Approved Answers Attachment
When is a 20-day preliminary notice of a mechanics lien need to be issued?Approved
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?
Approved 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?Approved Answers The broker is the
agent to the customer (customer employs the broker).
What is the agents (salesperson) relationship to the broker?Approved Answers 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 isApproved Answers An Open Ended Mortgage
An Open Ended Mortgage isApproved Answers 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 ofApproved Answers 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
asApproved Answers Zoning
When can restrictions placed on a deed be removed?Approved Answers Never
What is the only restriction placed on a deed that is considered illegal?Approved
Answers Race restrictions
Is an option contract bilateral or unilateral?Approved Answers Unilateral
What does an option contract NOT do?Approved Answers 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
calledApproved Answers a Quiet Title Action.
A promise is also known as aApproved Answers Covenant
A court action is mandatory to evict a delinquent tenant. This process is calledApproved
Answers Unlawful Detainer
A verbal contract is consideredApproved Answers Valid
California Statute of Frauds require a real estate agreement to beApproved Answers 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.Approved Answers Exclusive right to sell
