759. Which of the following would not be subject to property tax:

1. 759. Which of the following would not be subject to property tax: • Mobile homes properly installed on a permanent foundation; • Vacant land located in an unincorporated area of the county; • Intangible personal property; • Possessory interests of lessees in tax-exempt public property, such as leases on oil and gas properties.

2. 759. Which of the following would not be subject to property tax: • Mobile homes properly installed on a permanent foundation; • Vacant land located in an unincorporated area of the county; • Intangible personal property; • Possessory interests of lessees in tax-exempt public property, such as leases on oil and gas properties. Property taxes – Not intangible personal property

3. 339. Which of the following would be least satisfactory in providing a legal description for a parcel of real property: • Escrow instructions; • Preliminary title reports; • Deeds; • Bills for real property taxes.

4. 339. Which of the following would be least satisfactory in providing a legal description for a parcel of real property: • Escrow instructions; • Preliminary title reports; • Deeds; • Bills for real property taxes. Tax Bills – No legal description

5. 340. Property taxes throughout the United States are levied and collected on an “ad valorem” basis. “Ad valorem” most nearly means: • Replacement value; • Current value; • According to value; • Fixed value.

6. 340. Property taxes throughout the United States are levied and collected on an “ad valorem” basis. “Ad valorem” most nearly means: • Replacement value; • Current value; • According to value; • Fixed value. Ad Valorem – According to value

7. 577. In which of the following situations would a parcel of property be reassessed? • After the tax rate has been set and the revenues that are projected are not enough to cover the needs that are projected; • Every two years; • Only when the buildings have been destroyed and rebuilt; • Every time the property is sold.

8. 577. In which of the following situations would a parcel of property be reassessed? • After the tax rate has been set and the revenues that are projected are not enough to cover the needs that are projected; • Every two years; • Only when the buildings have been destroyed and rebuilt; • Every time the property is sold. Property reassessed – When sold

9. 799. If the owner of a property thinks that his property has been over-assessed by the county assessor, he would contact the: • Department of Real Estate; • Board of Supervisors; • Assessment Appeals Board; • County tax collector.

10. 799. If the owner of a property thinks that his property has been over-assessed by the county assessor, he would contact the: • Department of Real Estate; • Board of Supervisors; • Assessment Appeals Board; • County tax collector. Over-assessed – Assessment Appeals Board

11. 347. Concerning the second installment of real property taxes in California, the due date and delinquent date are respectively: • November 1 and December 10; • July 1 and November 1; • February 1 and April 10; • January 1 and March 10.

12. 347. Concerning the second installment of real property taxes in California, the due date and delinquent date are respectively: • November 1 and December 10; • July 1 and November 1; • February 1 and April 10; • January 1 and March 10. Dates – February 1, April 10

13. 337. Real property is “sold to the state by operation of law” immediately after real property taxes become delinquent. The owner-occupant: • Is free of liability for taxes levied during this period; • Must pay rent to the state; • Remains in undisturbed possession; • Must vacate the property.

14. 337. Real property is “sold to the state by operation of law” immediately after real property taxes become delinquent. The owner-occupant: • Is free of liability for taxes levied during this period; • Must pay rent to the state; • Remains in undisturbed possession; • Must vacate the property. Delinquent tax sale – Owner remains in possession

15. 344. Beginning with the date when a parcel of property is sold to the state for delinquent taxes, the taxpayer's right of redemption exists for: • 1 year; • 3 years; • 5 years; • 7 years.

16. 344. Beginning with the date when a parcel of property is sold to the state for delinquent taxes, the taxpayer's right of redemption exists for: • 1 year; • 3 years; • 5 years; • 7 years. Delinquent taxes – Owner can redeem for 5 years

17. 690. In which of the following ways do special tax assessments on property differ from annual tax assessments: • Special assessments provide for local improvement; • Special assessments are levied only by improvement districts; • When special assessments become delinquent, they require judicial foreclosure; • Special assessment liens are always subordinate to tax liens.

18. 690. In which of the following ways do special tax assessments on property differ from annual tax assessments: • Special assessments provide for local improvements; • Special assessments are levied only by improvement districts; • When special assessments become delinquent, they require judicial foreclosure; • Special assessment liens are always subordinate to tax liens. Assessment liens – For local improvements

19. 350. A developer can use the Improvement Act of 1911 as amended to raise funds for all of the following purposes, except: • To purchase land for subdivision; • To provide for drainage; • To construct sewers; • To develop off site improvements.

20. 350. A developer can use the Improvement Act of 1911 as amended to raise funds for all of the following purposes, except: • To purchase land for subdivision; • To provide for drainage; • To construct sewers; • To develop off site improvements. Assessment liens – Cannot purchase land

21. 841. Which of the following is primarily responsible for disclosure to the buyer of an existing Mello-Roos tax assessment on a parcel of real property: • The seller; • The listing agent; • The selling agent; • The local tax collector.

22. 841. Which of the following is primarily responsible for disclosure to the buyer of an existing Mello-Roos tax assessment on a parcel of real property: • The seller; • The listing agent; • The selling agent; • The local tax collector. Mello-Roos – Seller must disclose

23. 351. When a house sells for $50,000, with the buyer paying cash and assuming an existing loan of $30,000, and the documentary transfer tax rate is 55 cents for each $500 of consideration, how much would the documentary transfer tax be: • $11; • $22; • $33; • $55.

24. 351. When a house sells for $50,000, with the buyer paying cash and assuming an existing loan of $30,000, and the documentary transfer tax rate is 55 cents for each $500 of consideration, how much would the documentary transfer tax be: • $11; • $22; • $33; • $55. Transfer tax – $22

25. 623. A property sold for $150,000 in a county which had established a documentary transfer tax rate of $.55 for each $500 of consideration or fraction thereof. Of the purchase price $125,000 was subject to the tax. Which of the following is nearest to the tax that would have to be paid: • $55; • $138; • $516; • $750.

26. 623. A property sold for $150,000 in a county which had established a documentary transfer tax rate of $.55 for each $500 of consideration or fraction thereof. Of the purchase price $125,000 was subject to the tax. Which of the following is nearest to the tax that would have to be paid: • $55; • $138; • $516; • $750. Transfer tax – $138

27. End of session