California Real Estate Exam 200 Questions And Answers Set 02
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Terms in this set
200
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