California Real Estate Exam with complete solutions

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 00:03 01:17 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. 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. What is the brokers relationship to the customer? The broker is the agent to the customer (customer employs the broker). What is the agents (salesperson) relationship to the broker? 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 An Open Ended Mortgage An Open Ended Mortgage is 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 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 Zoning When can restrictions placed on a deed be removed? Never What is the only restriction placed on a deed that is considered illegal? Race restrictions Is an option contract bilateral or unilateral? Unilateral