California Real Estate Practice Exam

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Master the California Real Estate Exam with our comprehensive practice quiz. Get expert tips, detailed content review, and insider strategies to pass on your first try.

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Assuming that the current assessed value of a property after all exemptions have been applied is $55,000, what is the annual tax on that property?

$550
$5,500
$5500
$55

The correct answer is: $550

After all exemptions have been applied to a property, the assessed value is $55,000. The annual tax on the property is calculated by taking a certain percentage of the assessed value. In this scenario, the correct answer is A, $550, which is 1% of $55,000. Option B, $5,500, is 10% of $55,000 which is too high of a percentage for annual property tax. Option C, $5,500, is the same as option B and therefore also incorrect. Option D, $55, is likely not enough to cover the annual property tax, as it is only 0.1% of $55,000.