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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What is the first tax installment on a property whose assessed value is $180,000, assuming the property is eligible for a homeowner's exemption?

$650
$865
$1,000
$1,200

The correct answer is: $865

A $650 is incorrect because it does not take into account the homeowner's exemption which would reduce the tax amount. C: $1,000 is incorrect because it is too high of an amount for the first tax installment on a property with an assessed value of $180,000. D: $1,200 is incorrect because it is also too high of an amount for the first tax installment on a property with an assessed value of $180,000. The correct answer is B: $865. This amount takes into account the homeowner's exemption which would reduce the tax amount to this final total.