California Real Estate Exam Questions and Answers

California Real Estate Exam Questions and Answers

California Real Estate Exam 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