Real Estate Principles Edition 10, Chapter 11 Quiz

The second property tax installment is delinquent after

April 10. page 340

Unless an extension is given, a federal income tax return must be filed for the preceding tax year by

April 15. page 347

Real property taxes become a lien on

January 1. page 341

The first property tax installment of the tax year is due on

November 1. page 340

A principal residence must be occupied for how long to take advantage of the maximum exclusion of profit from taxable income?

Two years. page 350

In California, the inheritance and gift taxes have been

abolished. page 347

Taxes charged in direct relation to property value are

ad valorem taxes. page 336

A personal residence and business equipment are considered

capital assets. pages 349-350

The person responsible for determining assessed values is the

county assessor. page 338

The purpose of the property tax assessed value is to

establish the base value. page 336