California Real Estate Exam Questions
With 100% Correct Answers.
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
, 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
With 100% Correct Answers.
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
, 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
