California Real Estate Exam Real Exam 2023/2024 2 Different Versions Each Contains 150 Multiple Choice Questions And Detailed Answers For Guaranteed Pass|Graded A+

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. - Answer -Accretion 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 -Attachment When 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 When can restrictions placed on a deed be removed? - Answer -Never What is the only restriction placed on a deed that is considered illegal? - Answer -Race restrictions Is an option contract bilateral or unilateral? - Answer -Unilateral What does an option contract NOT do? - Answer -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 called - Answer -a Quiet Title Action. A promise is also known as a - Answer -Covenant A court action is mandatory to evict a delinquent tenant. This process is called - Answer -Unlawful Detainer A verbal contract is considered - Answer -Valid California Statute of Frauds require a real estate agreement to be - Answer -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. - Answer -Exclusive right to sell What does a deed NOT need to be considered valid? - Answer -A date A valid deed must have 3 components - Answer -Be in writing, be signed by the grantor, and delivered to the grantee For a deed to be recorded, it must - Answer -Be acknowledged (notarized) A chattel - Answer -Is most accurately described as personal property Which is NOT corporeal property? A fee simple estate, a leasehold, an easement, or a fixture? - Answer -An easement What is a visible or tangible right in real estate such as the right of occupancy under a lease? - Answer -Corporeal What time of estate does one hold when it along exists with you for the duration of your life or someone else's life? - Answer -Life Estate When the recipient of a life estate dies, who is the person that it is willed to after their death? - Answer -A remainderman Which of the following is not REAL property? A fee simple estate, a leasehold for indefinite duration, lumber, or a life estate. - Answer -Lumber Real estate is defined as - Answer -Land and all permanent attachments An item of personalty that is affixed to realty so as to be used as a part of it is - Answer -A fixture An estate of uncertain duration is - Answer -A freehold estate Which is NOT considered a permanent attachment to land? Anything growing on it, fixtures, chattels, and anything built upon the land. - Answer -Chattels What is a chattel? - Answer -Personal property--including autos and household goods and fixtures. A person who has some rights to use land, but not all possessory rights, is said to have - Answer -An interest in land