California Real Estate Practice Exam

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Study for the California Real Estate Exam with confidence. Engage with interactive questions designed to enhance your understanding of real estate principles, laws, and practices. Prepare thoroughly for your licensing test and ensure you have the knowledge to succeed in your real estate career!

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A property owner owns her house and the parcel of land it is built on, as well as has a common interest in certain community amenities. She most likely owns property in a

Cooperative
Condominium
Planned unit development
Time-share

The correct answer is: Planned unit development

A cooperative is a type of property ownership where multiple people own shares in the same property and have an exclusive right to occupy a specific unit within the property. This is different from the scenario described in the question where the property owner owns both the house and land it is built on. A condominium also involves multiple property owners, but in this case, they each own individual units within a larger building. In contrast, the scenario in the question does not mention any shared building or units. Time-share ownership typically involves sharing a vacation property with other owners for a specific period of time each year. This is not mentioned in the question and is not a type of property ownership in which one would also have a common interest in community amenities. Therefore, the most likely type of property ownership described in the question is a planned unit development, where the owner has an individual house and land, as well as a shared interest in community amenities such as a park or pool.