California Real Estate Exam Questions
With Correct Answers
In reference to Property Taxes, "basis" or "cost" is - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Purchase price of prop plus cost of improvements. | | | | | | |
How is a condominium unit owned? - CORRECT ANSWER✔✔-Separate
| | | | | | | | |
interest
How are common interests in a condo owned? - CORRECT ANSWER✔✔-
| | | | | | | | | |
Equally in undivided interest | | |
Subdivided Land Laws refer to - CORRECT 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? - CORRECT ANSWER✔✔-5 Years
| | | |
When does a tax year run? - CORRECT ANSWER✔✔-July 1-June 30
| | | | | | | | | |
,Legally combining smaller, adjacent parcels of land to form a larger
| | | | | | | | | | |
parcel. - CORRECT ANSWER✔✔-Plottage or assemblage
| | | | |
Separating large parcels into smaller lots - CORRECT ANSWER✔✔-
| | | | | | | |
Subdividing or separating | |
Amount or size of land being increased by natural forces such as
| | | | | | | | | | | |
deposits by wind or water. - CORRECT ANSWER✔✔-Accretion
| | | | | | |
Gradual uncovering of land previously covered by water such as when a
| | | | | | | | | | | |
stream changes course. - CORRECT ANSWER✔✔-Reliction
| | | | |
The Statute of Limitations in the state of California allows how long to
| | | | | | | | | | | | |
take action? - CORRECT ANSWER✔✔-4 years
| | | | |
The process by which the court may seize real or personal property as
| | | | | | | | | | | | |
security for a satisfaction of monetary judgement. - CORRECT
| | | | | | | | |
ANSWER✔✔-Attachment
When is a 20-day preliminary notice of a mechanics lien need to be
| | | | | | | | | | | | |
issued? - CORRECT 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? - CORRECT 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? - CORRECT
| | | | | | | | | |
ANSWER✔✔-The broker is the agent to the customer (customer | | | | | | | | |
employs the broker). | |
What is the agents (salesperson) relationship to the broker? - CORRECT
| | | | | | | | | | |
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 - CORRECT ANSWER✔✔-An Open Ended
| | | | | | | | | | |
Mortgage
|
An Open Ended Mortgage is - CORRECT 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 - CORRECT 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 - CORRECT ANSWER✔✔-Zoning
| | | | | | |
With Correct Answers
In reference to Property Taxes, "basis" or "cost" is - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Purchase price of prop plus cost of improvements. | | | | | | |
How is a condominium unit owned? - CORRECT ANSWER✔✔-Separate
| | | | | | | | |
interest
How are common interests in a condo owned? - CORRECT ANSWER✔✔-
| | | | | | | | | |
Equally in undivided interest | | |
Subdivided Land Laws refer to - CORRECT 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? - CORRECT ANSWER✔✔-5 Years
| | | |
When does a tax year run? - CORRECT ANSWER✔✔-July 1-June 30
| | | | | | | | | |
,Legally combining smaller, adjacent parcels of land to form a larger
| | | | | | | | | | |
parcel. - CORRECT ANSWER✔✔-Plottage or assemblage
| | | | |
Separating large parcels into smaller lots - CORRECT ANSWER✔✔-
| | | | | | | |
Subdividing or separating | |
Amount or size of land being increased by natural forces such as
| | | | | | | | | | | |
deposits by wind or water. - CORRECT ANSWER✔✔-Accretion
| | | | | | |
Gradual uncovering of land previously covered by water such as when a
| | | | | | | | | | | |
stream changes course. - CORRECT ANSWER✔✔-Reliction
| | | | |
The Statute of Limitations in the state of California allows how long to
| | | | | | | | | | | | |
take action? - CORRECT ANSWER✔✔-4 years
| | | | |
The process by which the court may seize real or personal property as
| | | | | | | | | | | | |
security for a satisfaction of monetary judgement. - CORRECT
| | | | | | | | |
ANSWER✔✔-Attachment
When is a 20-day preliminary notice of a mechanics lien need to be
| | | | | | | | | | | | |
issued? - CORRECT 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? - CORRECT 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? - CORRECT
| | | | | | | | | |
ANSWER✔✔-The broker is the agent to the customer (customer | | | | | | | | |
employs the broker). | |
What is the agents (salesperson) relationship to the broker? - CORRECT
| | | | | | | | | | |
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 - CORRECT ANSWER✔✔-An Open Ended
| | | | | | | | | | |
Mortgage
|
An Open Ended Mortgage is - CORRECT 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 - CORRECT 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 - CORRECT ANSWER✔✔-Zoning
| | | | | | |
