California Real Estate Exam Questions and Answers Solved 100% Correct!!

In reference to Property Taxes, "basis" or "cost" is - Answer-Purchase price of prop plus cost of improvements. How is a condominium unit owned? - Answer-Separate interest How are common interests in a condo owned? - Answer-Equally in undivided interest Subdivided Land Laws refer to - Answer-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? - Answer-5 Years When does a tax year run? - Answer-July 1-June 30 Legally combining smaller, adjacent parcels of land to form a larger parcel. - Answer-Plottage or assemblage Separating large parcels into smaller lots - Answer-Subdividing 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. - Answer-Reliction The Statute of Limitations in the state of California allows how long to take action? - Answer-4 years The process by which the court may seize real or personal property as security for a satisfaction of monetary judgement. - Answer-AttachmentWhen is a 20-day preliminary notice of a mechanics lien need to be issued? - Answer-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? - Answer-To inform concerned parties that the property may be subject to liens arising out of contract. What is the brokers relationship to the customer? - Answer-The broker is the agent to the customer (customer employs the broker). What is the agents (salesperson) relationship to the broker? - Answer-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 - Answer-An Open Ended Mortgage An Open Ended Mortgage is - Answer-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 - Answer-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 - Answer-Zoning