RE - Set 11

Question 1

REPLACEMENT COST

Answer 1

The cost of replacing improvements with modern materials and techniques.

Question 2

IMPROVEMENTS

Answer 2

Any buildings or structures on a lot.

Question 3

INTERIOR LOT

Answer 3

A lot that is surrounded by other lots, with a frontage on the street. It is the most common type of lot and may be desirable or not, depending on the other factors.

Question 4

MARKET COMPARISON APPROACH

Answer 4

An appraisal method using the principles of substitution to compare similar properties.

Question 5

DEPTH TABLE

Answer 5

A statistical table that may be used to estimate the value of the added depth of a lot.

Question 6

SUBDIVISION MAP ACT

Answer 6

Outlines rules for filing subdivision maps to create subdivisions; concerned with physical aspects of a development.

Question 7

GROSS RENT

Answer 7

Income (figured annually) received from rental units before any expenses are deducted.

Question 8

CALENDAR YEAR

Answer 8

This starts on January 1 and continues through December 31 of the same year.

Question 9

TAX DEED

Answer 9

A deed given to a successful bidder at a tax auction.

Question 10

FORECLOSURE SALE

Answer 10

A sale during which property is sold to satisfy a debt.

Question 11

INTEREST

Answer 11

The charge for use of money.

Question 12

VARIABLE INTEREST RATE

Answer 12

Related to an adjustable-rate loan; the lender may alter the interest rate of a loan based on an agreed index.

Question 13

CONTRACTUAL INTENT

Answer 13

Intention to be bound by an agreement, thus preventing jokes and jests from becoming valid contracts.

Question 14

RESCISSION

Answer 14

Legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract.

Question 15

COUNTEROFFER

Answer 15

The rejection of an original offer that becomes a new offer.

Question 16

EXECUTION

Answer 16

Completion of an act or process.

Question 17

CLTA

Answer 17

California Land Title Association

Question 18

MARKET RENT

Answer 18

The rent a property should bring in the open market.

Question 19

VETERAN’S EXEMPTION

Answer 19

A tax exemption for eligible residents who have been in the military during wartime.

Question 20

BOOK SALE

Answer 20

A sale, in name only, of real property to the state when a taxpayer is delinquent in paying his property tax.

Question 21

AD VALOREM

Answer 21

A Latin prefix meaning “according to value”. Local governments levy real property tax based on the assessed value. Property taxes are known as ad valorem taxes.

Question 22

FISCAL YEAR

Answer 22

A year as reckoned for taxing, or accounting purposes.

Question 23

CONTRACT RENT

Answer 23

The amount of rental income due from the tenant as agreed in the lease agreement.

Question 24

SUBDIVISION

Answer 24

A plot of land divided into smaller portions for the purpose fo building.

Question 25

HOMEOWNER’S EXEMPTION

Answer 25

A tax exemption available to all owner-occupied dwellings.

Question 26

CONSTRUCTIVE NOTICE

Answer 26

Public notice given by recording a document with the county recorder.