California Real Estate Exam Questions and
Answers (Latest Update 2023) GRADED A+
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
,California Real Estate Exam Questions and
Answers (Latest Update 2023) GRADED A+
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
,California Real Estate Exam Questions and
Answers (Latest Update 2023) GRADED A+
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).
A Home Equity Line of Credit is - correct answers ✅An Open Ended
Mortgage
, California Real Estate Exam Questions and
Answers (Latest Update 2023) GRADED A+
An Open Ended Mortgage is - correct 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 of - correct 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 as - correct answers ✅Zoning
When can restrictions placed on a deed be removed? - correct answers
✅Never
What is the only restriction placed on a deed that is considered illegal? -
correct answers ✅Race restrictions
Is an option contract bilateral or unilateral? - correct answers ✅Unilateral
Answers (Latest Update 2023) GRADED A+
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
,California Real Estate Exam Questions and
Answers (Latest Update 2023) GRADED A+
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
,California Real Estate Exam Questions and
Answers (Latest Update 2023) GRADED A+
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).
A Home Equity Line of Credit is - correct answers ✅An Open Ended
Mortgage
, California Real Estate Exam Questions and
Answers (Latest Update 2023) GRADED A+
An Open Ended Mortgage is - correct 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 of - correct 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 as - correct answers ✅Zoning
When can restrictions placed on a deed be removed? - correct answers
✅Never
What is the only restriction placed on a deed that is considered illegal? -
correct answers ✅Race restrictions
Is an option contract bilateral or unilateral? - correct answers ✅Unilateral
