California Real Estate Exam Test Preparation Questions and Answers

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 judgement. 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.