This Chapter 2.5 Quiz assesses knowledge on property taxation in California, focusing on due dates, exemptions, impacts, and differences between property taxes and special assessments. It is crucial for understanding tax obligations and financial planning in real estate.
Single family residence
Occupied single family residence
Owner occupied single family residence
Any of the above
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New development
Compacted population density
Tax deferment
A recorded homestead
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New drainage and sewer systems
To purchase vacant land
Build off-site local improvements
Improve street lighting
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Assessment liens are always subordinate to property tax liens
Assessment liens can only be levied by local improvement districts
Foreclosure of assessment liens can only be achieved by court foreclosures
Special assessments are levied for the cost of specific local improvements, while property tax revenue goes into the general fund
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Is the total income tax a person must pay
Is the minimum income tax rate a person must pay
Determines the tax rate applied to the next dollar earned
None of the above
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$18,000
$130,000
$180,000
$200,000
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Mortgage relief
Real property taxes
Interest income
Income taxes
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He may not deduct the loss on the sale of his personal residence from his income tax
40% of the loss is tax deductible
He can deduct the $30,000 capital loss from any capital gain received during the tax year
$10,000 of the loss is tax deductible
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Land may be depreciated by 125% declining balance method
An owner may deduct the accrued depreciation of land over time
Land may be depreciated by the sum of the year digits method
Land cannot be depreciated under federal income tax law
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27.5 years
39 years
40 years
50 years
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A personal residence with a loan on it equal to it or greater than the mortgage on his apartment complex
A less valuable apartment complex and assume a smaller loan than the mortgage on his current apartment complex
A more valuable apartment complex, assuming a larger loan and paying cash boot to balance the equities
A less valuable apartment complex, receiving money from the other party to compensate for any difference in equities
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Access to transportation for the property
Zoning of the property
Physical condition of the improvements
The seller's depreciated book value of the improvements
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Signed by the grantor
Delivered to escrow
Recorded
Delivered to the grantee
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Title is free from all encumbrances
Grantor has not conveyed title to any other person
Property taxes are current
The property has been homesteaded
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The buyer may recover double damages when a grant deed is used
Warranty deeds are illegal in California
Recourse against a title company works better than trying to collect from the grantor
The law favors the use of the grant deed because the express covenants run with the land, while covenants of the warranty deed are personal to one particular buyer
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Community property
Joint tenancy
Tenancy in common
Ownership in severalty
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The title company was liable because its obligation under the policy is not terminated by the death of the uncle
The title company was not liable because of the standard title insurance policy does not cover damage resulting from an incompetent grantor
The title company was liable if the nephew filed his lawsuit within one year of the uncle's death
Title company was not liable because the death of the policy holder terminated the obligation to defend the title
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Using a watercourse as a boundary
Metes and bounds is a method used to legally describe land, not measure it
Using a boundary as a boundary
"metes" are boundaries and "bounds" are measurements
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1 township
6 townships
18 townships
36 townships
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An advisor to both the buyer and the seller
An advocate for the best interests of both principals
A separate agent for each party, whereas during escrow, the escrow officer was a dual agent for both parties
None of the above
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A surrender action
An interpleader action
An equitable assignment
An estoppel disposition
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A debit to the buyer
A debit to the seller
A credit to the seller and to the buyer
A credit to the buyer
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$33
$66.83
$67.10
$100.10
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Whenever the property is sold
Only when the building is remodeled
Every year
Every three years
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Seller
Seller's agent
Buyer's agent
Both buyer's and seller's agent
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Depreciation
1031 tax deferred exchange
Installment sale
All of the above
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27.5 years
39 years
40 years
50 years
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Leasing her property to a tenant for 5 years
Selling the mineral rights to a third party
A sale-leaseback
Granting her a father a life estate
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