Under California's Proposition 13, when is real property generally reassessed to market value?
Why Upon a change in ownership or completion of new construction Is Correct
Answer B: Upon a change in ownership or completion of new construction
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
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Key Terms to Know
Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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