CALIFORNIA REAL ESTATE EXAM 2

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