Municipal bonds issued to fund streets, sewers, and other infrastructure needs before a subdivision is built and paid for by the purchaser are called:
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Question 2 of 70
2. Question
For income tax purposes, you may deduct what portion of your house payment?
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Question 3 of 70
3. Question
When do property taxes become a lien (before the fiscal year starts)?
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Question 4 of 70
4. Question
The first installment of property taxes is due on November 1st. When is it delinquent?
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Question 5 of 70
5. Question
Each year property taxes in California (Proposition 13) are allowed to increase by what percentage?
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Question 6 of 70
6. Question
Which of the following non-profit organization’s real properties are usually exempt from property taxes?
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Question 7 of 70
7. Question
With regards to depreciation of real property, which of the following is TRUE according to income tax laws?
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Question 8 of 70
8. Question
The documentary transfer tax is charged on money borrowed or cash down payments at the rate of:
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Question 9 of 70
9. Question
A single person can avoid paying capital gains taxes on up to what amount of profit from the sale of a residence?
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Question 10 of 70
10. Question
The homeowner’s property tax exemption will reduce an assessed valuation of $200,000 to approximately:
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Question 11 of 70
11. Question
A married couple can exclude from taxable income up to what amount of profit from the sale of a residence?
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Question 12 of 70
12. Question
If property taxes are NOT paid by June 30, the property:
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Question 13 of 70
13. Question
A property owner CANNOT deduct depreciation on what type of real property?
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Question 14 of 70
14. Question
An owner can deduct a “loss” on the sale of residential property if that property:
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Question 15 of 70
15. Question
A homeowner can deduct from income taxes all the items listed below, except:
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Question 16 of 70
16. Question
The transaction coordinator performs which of the following?
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Question 17 of 70
17. Question
An interpleader action is:
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Question 18 of 70
18. Question
Which of the following would not be prorated in escrow?
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Question 19 of 70
19. Question
The primary responsibility for disclosing any Mello-Roos bonds or assessments to a buyer when a home is sold lies with:
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Question 20 of 70
20. Question
The most comprehensive ownership of land at law is known as
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Question 21 of 70
21. Question
Which of the following statement(s) is (are) true?
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Question 22 of 70
22. Question
A quitclaim deed will transfer
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Question 23 of 70
23. Question
Which instrument is typically used to convey ownership of real estate?
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Question 24 of 70
24. Question
An ad valorem tax is based on
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Question 25 of 70
25. Question
The property tax is a form of
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Question 26 of 70
26. Question
The major source of income for local government usually is
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Question 27 of 70
27. Question
Which of the following is (are) always exempt from real property taxes?
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Question 28 of 70
28. Question
A lien for unpaid property taxes
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Question 29 of 70
29. Question
A tax deduction for business property that requires no cash outlay is
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Question 30 of 70
30. Question
The federal income tax exemption on the gain from the sale of a personal residence held long enough by a married couple is up to
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Question 31 of 70
31. Question
The federal income tax exemption on the gain from the sale of a personal residence held long enough by a single individual is up to
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Question 32 of 70
32. Question
Federal income tax deductions for a principal residence include
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Question 33 of 70
33. Question
A homeowner, on his or her federal income tax return, may not deduct
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Question 34 of 70
34. Question
Harold bought 20 acres for $125,000 and sold the land three years later for $230,000. On his income tax return reports
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Question 35 of 70
35. Question
Mr. and Mrs. Martin jointly bought a principal residence in 2014 for $325,000 and sold it in 2020 for $500,000. What portion of their $175,000 gain is subject to capital gains tax?
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Question 36 of 70
36. Question
Which of the following is not tax deductible for homeowners who itemize tax deductions?
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Question 37 of 70
37. Question
Under the income tax changes passed in 2017, the maximum amount of debt that can generate tax-deductible interest on new housing purchases is
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Question 38 of 70
38. Question
Mr. and Mrs. Johnson made a $350,000 profit on the sale of their primary home. How much do they owe in capital gain tax?
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Question 39 of 70
39. Question
A ____________ is when property is free of any liens or problems and can be easily sold.
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Question 40 of 70
40. Question
Which tax is based on the value of real and personal property?
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Question 41 of 70
41. Question
What is an annual tax levied on the value of real property?
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Question 42 of 70
42. Question
What is the name of an appointed official who estimates the value of real property for taxing purposes?
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Question 43 of 70
43. Question
What is exempt from property taxation?
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Question 44 of 70
44. Question
What is a title without any lien?
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Question 45 of 70
45. Question
The best way to discover a flaw in the recorded title to a piece of real property is by
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Question 46 of 70
46. Question
The chain of title is a:
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Question 47 of 70
47. Question
Which lien has priority in a foreclosure sale?
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Question 48 of 70
48. Question
The term “boot” would probably be considered in connection with a(an):
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Question 49 of 70
49. Question
As one of the qualifications for a depreciation deduction for income tax purposes, the real property must be:
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Question 50 of 70
50. Question
The cost basis of a single family residence can be adjusted for which of the following?
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Question 51 of 70
51. Question
Which of the following can a property owner expect after sewer lines are installed in front of his/her property?
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Question 52 of 70
52. Question
If a person buys property in a California land project and then changes his mind, he can obtain a refund of his money without a specific reason within how long
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Question 53 of 70
53. Question
When an owner sues the government to get compensated, it is known as:
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Question 54 of 70
54. Question
Under federal income tax law, the “basis” of real property is the property’s:
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Question 55 of 70
55. Question
A bill of sale is used to transfer the ownership of what?
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Question 56 of 70
56. Question
A lis pendens:
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Question 57 of 70
57. Question
One part to a listing defaults. What happens?
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Question 58 of 70
58. Question
A homeowner signs a listing for 90 days but cancels it within 36 hours after signing. What happens?
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Question 59 of 70
59. Question
Property, unlike real estate, that is used to equalize the value of all property exchanged is called
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Question 60 of 70
60. Question
Mr. Beans owns land worth $5,000; Mr. Pork owns a house worth $30,000, subject to a $20,000 mortgage that Beans will assume. For a fair trade,
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Question 61 of 70
61. Question
For at least how long must an asset be held before being sold to be categorized as long-term capital gains?
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Question 62 of 70
62. Question
Which of these is considered an operating expense?
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Question 63 of 70
63. Question
What is real property tax based on?
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Question 64 of 70
64. Question
What is the name given to tax calculated based on the value of an asset?
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Question 65 of 70
65. Question
What is the married couple’s capital gains tax exclusion on the sale of their primary home?
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Question 66 of 70
66. Question
What is a single person’s capital gains tax exclusion?
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Question 67 of 70
67. Question
What conveys a grantor’s interest in real property?
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Question 68 of 70
68. Question
Real estate taxes are based on the value of a home. A property owner can be taxed additionally to help pay for projects that benefit the neighborhood. What is this type of tax called?
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Question 69 of 70
69. Question
How many years of possession is required in the state of California for a person to claim adverse possession?
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Question 70 of 70
70. Question
Which statement is true regarding adverse possession in the state of California?
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