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!

Practice this question and more.

Which of the following terms is associated with an exemption from the value of the property for tax purposes?

$3,000 exemption
$5,000 exemption
$7,000 exemption
$10,000 exemption

The correct answer is: $7,000 exemption

An exemption from the value of the property for tax purposes would refer to a reduction in the assessed value of the property for tax purposes. This means that the property owner would pay less in property taxes. Option A, B, and D all have specific dollar amounts for the exemption, which would vary depending on the property value and location. However, option C does not have a specific dollar amount listed, indicating that it could apply to any property value. Therefore, option C is the best answer as it is the most general and can be applied to a wider range of properties.