In California, a homestead declaration provides protection from forced sale by unsecured creditors up to what maximum amount for a single person?
Why $300,000 or the countywide median home sale price, whichever is greater Is Correct
Answer C: $300,000 or the countywide median home sale price, whichever is greater
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
Key Escrow & Title Terms in This Question
People Also Study
Related California Questions
- In California, what is the maximum homestead exemption available to a qualified homeowner as of January 1, 2021?Property Ownership
- What is the maximum amount a single claimant can recover from the California Real Estate Recovery Account for acts committed by one licensee?DRE & Licensing
- Which form of ownership provides the MOST protection from creditors among married couples in California?Property Ownership
- Under California law, the maximum amount a broker may keep of their own funds in a trust account (to cover bank service charges) is:DRE & Licensing
- A property sold for $680,000. The California county documentary transfer tax is $0.55 per $500 of the sale price. What is the transfer tax owed?Real Estate Math
- A California homeowner has lived in their primary residence for 2 of the past 5 years and is selling it. What is the maximum federal capital gains exclusion available to a single filer?Property Ownership
- Which type of deed provides the MOST protection to the buyer?Escrow & Title
- After a non-judicial foreclosure sale in California, the former homeowner has a right of redemption for:Escrow & Title
Key Terms to Know
A tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
Math Concepts
State-Specific Concepts
Study This Topic
Practice More California Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free California Quiz →