California Real Estate Exam | 100% Correct
Answers | Verified | Latest 2024 Version
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.
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
, What does an option contract NOT do? - ✔✔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 - ✔✔a Quiet Title Action.
A promise is also known as a - ✔✔Covenant
A court action is mandatory to evict a delinquent tenant. This process is called - ✔✔Unlawful Detainer
A verbal contract is considered - ✔✔Valid
California Statute of Frauds require a real estate agreement to be - ✔✔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. - ✔✔Exclusive right to sell
What does a deed NOT need to be considered valid? - ✔✔A date
A valid deed must have 3 components - ✔✔Be in writing, be signed by the grantor, and delivered to the
grantee
For a deed to be recorded, it must - ✔✔Be acknowledged (notarized)
A chattel - ✔✔Is most accurately described as personal property
Which is NOT corporeal property? A fee simple estate, a leasehold, an easement, or a fixture? - ✔✔An
easement
Answers | Verified | Latest 2024 Version
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.
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
, What does an option contract NOT do? - ✔✔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 - ✔✔a Quiet Title Action.
A promise is also known as a - ✔✔Covenant
A court action is mandatory to evict a delinquent tenant. This process is called - ✔✔Unlawful Detainer
A verbal contract is considered - ✔✔Valid
California Statute of Frauds require a real estate agreement to be - ✔✔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. - ✔✔Exclusive right to sell
What does a deed NOT need to be considered valid? - ✔✔A date
A valid deed must have 3 components - ✔✔Be in writing, be signed by the grantor, and delivered to the
grantee
For a deed to be recorded, it must - ✔✔Be acknowledged (notarized)
A chattel - ✔✔Is most accurately described as personal property
Which is NOT corporeal property? A fee simple estate, a leasehold, an easement, or a fixture? - ✔✔An
easement
