California — Property Valuation — California Real Estate — State Law Practice Test
15 questions in this topic · 15 drawn at random this round
Under California's Proposition 8, when may a county assessor temporarily reduce a property's assessed value below its Prop 13 factored base year value?
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This California Real Estate — State Law California — Property Valuation practice set has 15 practice questions based on the official exam materials, each with an instant explanation.
Sample questions
Three questions from the California — Property Valuation bank with the correct answer and an explanation. The practice quiz above draws 15 questions at random from the same bank.
In California, who must be licensed or certified by the Bureau of Real Estate Appraisers (BREA) to perform an appraisal in a federally related transaction?
- A BREA-licensed or BREA-certified appraiser — Correct answer
- Any DRE-licensed real estate salesperson
- Any DRE-licensed real estate broker
- A county tax assessor
Explanation: California requires a BREA license or certificate to perform an appraisal in a federally related transaction; the Bureau of Real Estate Appraisers regulates appraisers under the Real Estate Appraisers' Licensing and Certification Law. A real estate (DRE) license does not authorize a person to perform such an appraisal. Federally related transaction（联邦相关交易）: a real-estate-secured loan/transaction involving a federally regulated lender, for which an appraisal is required. Source: BPC §11300 et seq. (BREA Practice Act).
Handbook: California Property Valuation — appraiser licensing (BPC §11300 et seq., BREA)
Under California law, may a DRE-licensed broker prepare a broker price opinion (BPO) or comparative market analysis (CMA) for compensation without holding a BREA appraiser license?
- Yes — a licensee's opinion of value in the course of brokerage is excluded from the BREA appraisal definition, so no appraiser license is needed — Correct answer
- No — any opinion of value for compensation requires a BREA appraiser license
- Only if the broker also holds a USPAP certification
- Only for properties the broker has personally listed
Explanation: Yes. The BREA definition of 'appraisal' expressly excludes an opinion of value given by a real estate licensee in the ordinary course of business in connection with a function for which a DRE license is required, so a broker may prepare a BPO/CMA for a fee — but it is NOT an appraisal and may not be represented as one. BPO（经纪人价格意见）: a licensee's opinion of probable selling price, not a certified appraisal. Source: BPC §11302 (exclusion) / §10131.2.
Handbook: California Property Valuation — BPO/CMA by a licensee (BPC §11302 / §10131.2)
A California broker prepares a BPO for a lender for a fee. Which limitation applies under California law?
- It must not be represented as an appraisal and the broker may not imply it is USPAP-compliant — Correct answer
- It is legally equivalent to a certified appraisal once a fee is charged
- It may be used as the appraisal in a federally related transaction
- It requires the buyer's written consent before delivery to the lender
Explanation: A licensee's BPO/CMA is an opinion of value, not an appraisal, and must not be represented as an appraisal — the exclusion in BPC §11302 only protects the licensee so long as the opinion is delivered in the ordinary course of brokerage and is not held out to be a federally compliant appraisal. Calling it an 'appraisal' or implying it meets USPAP would require BREA licensure. Appraisal（估价/评估）: a BREA-licensed appraiser's independent, USPAP-compliant value conclusion. Source: BPC §11302 / §10131.2.
Handbook: California Property Valuation — BPO must not be represented as an appraisal (BPC §11302)