California Real Estate Practice Exam

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Study for the California Real Estate Exam. Engage with multiple choice questions and detailed explanations to sharpen your knowledge. Get ready to ace your real estate career!

Practice this question and more.

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.