California Real Estate Exam Questions and Answers 100% Solved(GRADED A)
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Course
California
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California
California Real Estate Exam Questions and Answers 100% Solved(GRADED A)California Real Estate Exam Questions and Answers 100% Solved(GRADED A)California Real Estate Exam Questions and Answers 100% Solved(GRADED A)California Real Estate Exam Questions and Answers 100% Solved(GRADED A)In referenc...
California Real Estate Exam 2023-2024 Questions and Answers 100% Solved(GRADED A)
In reference to Property Taxes, "basis" or "cost" is - ANSWER-Purchase price of prop plus cost of improvements.
How is a condominium unit owned? - ANSWER-Separate interest
How are common interests in a condo owned? - ANSWER-Equally in undivided interest
Subdivided Land Laws refer to - 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? - ANSWER-5 Years
When does a tax year run? - ANSWER-July 1-June 30
Legally combining smaller, adjacent parcels of land to form a larger parcel. - ANSWER-
Plottage or assemblage
Separating large parcels into smaller lots - ANSWER-Subdividing or separating
Amount or size of land being increased by natural forces such as deposits by wind or water. - ANSWER-Accretion
Gradual uncovering of land previously covered by water such as when a stream changes course. - ANSWER-Reliction
The Statute of Limitations in the state of California allows how long to take action? - ANSWER-4 years
The process by which the court may seize real or personal property as security for a satisfaction of monetary judgement. - ANSWER-Attachment
When is a 20-day preliminary notice of a mechanics lien need to be issued? - 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? - 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? - ANSWER-The broker is the agent to
the customer (customer employs the broker).
What is the agents (salesperson) relationship to the broker? - 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 - ANSWER-An Open Ended Mortgage
An Open Ended Mortgage is - 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 - 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 - ANSWER-Zoning
When can restrictions placed on a deed be removed? - ANSWER-Never
What is the only restriction placed on a deed that is considered illegal? - ANSWER-
Race restrictions
Is an option contract bilateral or unilateral? - ANSWER-Unilateral
What does an option contract NOT do? - ANSWER-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 - ANSWER-a Quiet Title Action.
A promise is also known as a - ANSWER-Covenant
A court action is mandatory to evict a delinquent tenant. This process is called - ANSWER-Unlawful Detainer
A verbal contract is considered - ANSWER-Valid
California Statute of Frauds require a real estate agreement to be - ANSWER-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. - ANSWER-Exclusive right to sell
What does a deed NOT need to be considered valid? - ANSWER-A date
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