Question 1

The California law that makes it unlawful for businesses to illegally discriminate is the:

Accepted Answer

A)  Fair Housing Act 
B)  Rumford Act 
C)  Unruh Act 
D)  Housing Financial Discrimination (Holden) Act 
A)  Fair Housing Act 
B)  Rumford Act 
C)  Unruh Act 
D)  Housing Financial Discrimination (Holden) Act C

Question 2

The subdivision law administered by the California Real Estate Commissioner, who requires the issuance of a public report is the:

Accepted Answer

A)  Subdivision Map Act 
B)  Subdivided Lands Act 
C)  Subdivision Report Act 
D)  Subdivided Interstate Act 
A)  Subdivision Map Act 
B)  Subdivided Lands Act 
C)  Subdivision Report Act 
D)  Subdivided Interstate Act B

Question 3

A and B have purchased agricultural land as joint tenants. A is farming the entire plot, while B is using no part of it. Regarding property taxes:

Accepted Answer

A)  A is liable for all the taxes 
B)  B is not liable for any taxes 
C)  B is liable for one-half of the taxes 
D)  both owners are liable for taxes 
A)  A is liable for all the taxes 
B)  B is not liable for any taxes 
C)  B is liable for one-half of the taxes 
D)  both owners are liable for taxes D

Question 4

Under certain conditions, married couples may exempt up to how much in gains from the sale of a home?

Accepted Answer

A)  $500,000 
B)  $250,000 
C)  $125,000 
D)  $50,000 
A)  $500,000 
B)  $250,000 
C)  $125,000 
D)  $50,000

Question 5

Rent controls, building moratoriums, and coastal controls are examples of government use of:

Accepted Answer

A)  police power 
B)  eminent domain 
C)  zoning 
D)  subdivision regulations 
A)  police power 
B)  eminent domain 
C)  zoning 
D)  subdivision regulations

Question 6

For investors, losses on the operation of rental real estate are what type of losses?

Accepted Answer

A)  passive 
B)  active 
C)  actual 
D)  portfolio 
A)  passive 
B)  active 
C)  actual 
D)  portfolio

Question 7

The amount paid as a commission for the sale of an owner-occupied home can be deducted on the seller's federal income tax as:

Accepted Answer

A)  a long-term capital gain 
B)  a standard deduction 
C)  an expense of sale 
D)  an ordinary loss 
A)  a long-term capital gain 
B)  a standard deduction 
C)  an expense of sale 
D)  an ordinary loss

Question 8

This event could trigger a new property tax assessment:

Accepted Answer

A)  a refinance by the current owner 
B)  a real estate transfer 
C)  a construction loan 
D)  the rental of a single family residence 
A)  a refinance by the current owner 
B)  a real estate transfer 
C)  a construction loan 
D)  the rental of a single family residence

Question 9

Property owners can appeal the size of their property tax bill to an assessments appeals commission, or in some areas to the:

Accepted Answer

A)  local board of equalization 
B)  franchise tax board 
C)  board of supervisors 
D)  franchise property tax agency 
A)  local board of equalization 
B)  franchise tax board 
C)  board of supervisors 
D)  franchise property tax agency

Question 10

Property taxes become a lien on:

Accepted Answer

A)  July 1 
B)  November 1 
C)  February 1 
D)  January 1 
A)  July 1 
B)  November 1 
C)  February 1 
D)  January 1

Question 11

An investor who has owned a property for two years and then sells for a gain most likely will pay:

Accepted Answer

A)  pay capital gains taxes 
B)  defer the payment of taxes 
C)  pay only California, not federal taxes 
D)  not pay taxes as a sale for cash qualifies as a 1031 exchange 
A)  pay capital gains taxes 
B)  defer the payment of taxes 
C)  pay only California, not federal taxes 
D)  not pay taxes as a sale for cash qualifies as a 1031 exchange

Question 12

The type of development in which an owner obtains an individual deed to his or her living unit and has an undivided interest in all the land and common areas is a:

Accepted Answer

A)  planned unit development 
B)  community apartment 
C)  stock cooperative 
D)  condominium 
A)  planned unit development 
B)  community apartment 
C)  stock cooperative 
D)  condominium

Question 13

City Council members:

Accepted Answer

A)  set city property tax rates as allowed by law 
B)  establish city budgets 
C)  both a and b 
D)  neither a nor b 
A)  set city property tax rates as allowed by law 
B)  establish city budgets 
C)  both a and b 
D)  neither a nor b

Question 14

Which of the following requires a certain number of units to be set aside for people of low and moderate income?

Accepted Answer

A)  Holden Act 
B)  Fair Housing Act 
C)  comprehensive zoning 
D)  inclusionary zoning 
A)  Holden Act 
B)  Fair Housing Act 
C)  comprehensive zoning 
D)  inclusionary zoning

Question 15

A property was valued at $500,000 for property tax purposes. According to Proposition 13, what would be the maximum value for property tax purposes in two years, assuming the owner did not make capital improvements?

Accepted Answer

A)  $502,420 
B)  $504,010 
C)  $506,220 
D)  $520,200 
A)  $502,420 
B)  $504,010 
C)  $506,220 
D)  $520,200

Question 16

The homeowner's exemption, excluding local assessments, saves approximately how much in property taxes?

Accepted Answer

A)  $100 
B)  $80 
C)  $70 
D)  $40 
A)  $100 
B)  $80 
C)  $70 
D)  $40

Question 17

When foreigners sell U. S. property, the Foreign Investment in Real Property Tax Act (FIRPTA) may require what percentage to be withheld from the sale proceeds?

Accepted Answer

A)  3 1/3% 
B)  5% 
C)  10% 
D)  13% 
A)  3 1/3% 
B)  5% 
C)  10% 
D)  13%

Question 18

The county tax assessor's duty is to determine:

Accepted Answer

A)  the tax rate to be applied to assessed values 
B)  assignment of parcel numbers to current secured tax rolls 
C)  tax to be paid by the property owner 
D)  value of the property for tax purposes 
A)  the tax rate to be applied to assessed values 
B)  assignment of parcel numbers to current secured tax rolls 
C)  tax to be paid by the property owner 
D)  value of the property for tax purposes

Question 19

To qualify for installment sale reporting, a seller must:

Accepted Answer

A)  trade up to a more expensive property 
B)  carry paper 
C)  acquire like for like property 
D)  receive no boot 
A)  trade up to a more expensive property 
B)  carry paper 
C)  acquire like for like property 
D)  receive no boot

Question 20

Which of the following is true?

Accepted Answer

A)  a person cannot use a homeowner's exemption and a veteran's exemption on the same home 
B)  real property taxes become a lien on the first Monday in March 
C)  a 12% penalty is added for delinquent property taxes 
D)  California has special property tax exemptions for senior citizens 45 years or older 
A)  a person cannot use a homeowner's exemption and a veteran's exemption on the same home 
B)  real property taxes become a lien on the first Monday in March 
C)  a 12% penalty is added for delinquent property taxes 
D)  California has special property tax exemptions for senior citizens 45 years or older

The California law that makes it unlawful for businesses to illegally discriminate is the:

The subdivision law administered by the California Real Estate Commissioner, who requires the issuance of a public report is the:

A and B have purchased agricultural land as joint tenants. A is farming the entire plot, while B is using no part of it. Regarding property taxes:

Under certain conditions, married couples may exempt up to how much in gains from the sale of a home?

Rent controls, building moratoriums, and coastal controls are examples of government use of:

For investors, losses on the operation of rental real estate are what type of losses?

The amount paid as a commission for the sale of an owner-occupied home can be deducted on the seller's federal income tax as:

This event could trigger a new property tax assessment:

Property owners can appeal the size of their property tax bill to an assessments appeals commission, or in some areas to the:

Property taxes become a lien on:

An investor who has owned a property for two years and then sells for a gain most likely will pay:

The type of development in which an owner obtains an individual deed to his or her living unit and has an undivided interest in all the land and common areas is a:

City Council members:

Which of the following requires a certain number of units to be set aside for people of low and moderate income?

A property was valued at $500,000 for property tax purposes. According to Proposition 13, what would be the maximum value for property tax purposes in two years, assuming the owner did not make capital improvements?

The homeowner's exemption, excluding local assessments, saves approximately how much in property taxes?

When foreigners sell U. S. property, the Foreign Investment in Real Property Tax Act (FIRPTA) may require what percentage to be withheld from the sale proceeds?

The county tax assessor's duty is to determine:

To qualify for installment sale reporting, a seller must:

Which of the following is true?

Introduction to Real Estate

Part I: Legal Description, Method of Acquiring Title , and Deeds

Encumbrances, Liens, and Homesteads

Real Estate Agency

Real Estate Contracts and Mandated Disclosures

Practical Real Estate Mathematics

Introduction to Real Estate Finance

Part I: Real Estate Lenders

Real Estate Appraisal

The Role of Escrow and Title Insurance Companies

Landlord and Tenant Relations

Land-Use Planning, Subdivisions, Fair Housing, and Other Public Controls

Single-Family Homes and Mobile Homes

A Career in Real Estate

Filters

Exam 13: Introduction to Taxation

The California law that makes it unlawful for businesses to illegally discriminate is the:

The subdivision law administered by the California Real Estate Commissioner, who requires the issuance of a public report is the:

A and B have purchased agricultural land as joint tenants. A is farming the entire plot, while B is using no part of it. Regarding property taxes:

Under certain conditions, married couples may exempt up to how much in gains from the sale of a home?

Rent controls, building moratoriums, and coastal controls are examples of government use of:

For investors, losses on the operation of rental real estate are what type of losses?

The amount paid as a commission for the sale of an owner-occupied home can be deducted on the seller's federal income tax as:

This event could trigger a new property tax assessment:

Property owners can appeal the size of their property tax bill to an assessments appeals commission, or in some areas to the:

Property taxes become a lien on:

An investor who has owned a property for two years and then sells for a gain most likely will pay:

The type of development in which an owner obtains an individual deed to his or her living unit and has an undivided interest in all the land and common areas is a:

City Council members:

Which of the following requires a certain number of units to be set aside for people of low and moderate income?

A property was valued at $500,000 for property tax purposes. According to Proposition 13, what would be the maximum value for property tax purposes in two years, assuming the owner did not make capital improvements?

The homeowner's exemption, excluding local assessments, saves approximately how much in property taxes?

When foreigners sell U. S. property, the Foreign Investment in Real Property Tax Act (FIRPTA) may require what percentage to be withheld from the sale proceeds?

The county tax assessor's duty is to determine:

To qualify for installment sale reporting, a seller must:

Which of the following is true?

Introduction to Real Estate

Part I: Legal Description, Method of Acquiring Title , and Deeds

Encumbrances, Liens, and Homesteads

Real Estate Agency

Real Estate Contracts and Mandated Disclosures

Practical Real Estate Mathematics

Introduction to Real Estate Finance

Part I: Real Estate Lenders

Real Estate Appraisal

The Role of Escrow and Title Insurance Companies

Landlord and Tenant Relations

Land-Use Planning, Subdivisions, Fair Housing, and Other Public Controls

Single-Family Homes and Mobile Homes

A Career in Real Estate

Filters