Under California Revenue and Taxation Code, which of the following transfers is EXCLUDED from the definition of 'change in ownership' and does NOT trigger a property tax reassessment?
Correct Answer
B) A transfer between spouses that converts community property to joint tenancy
Under California Revenue and Taxation Code §62(a)(2), any transfer between spouses — including a change in the form of co-ownership, such as converting community property to joint tenancy — is explicitly excluded from the definition of 'change in ownership' and does not trigger reassessment. The form of title changes, but no reassessment occurs.
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Related Topics & Key Terms
Key Terms:
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TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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An appraiser using the sales comparison approach in California considers multiple factors when selecting and adjusting comparable sales. All of the following are valid reasons to adjust a comparable sale price in the California market EXCEPT:
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A California real estate licensee is preparing a CMA and notices that one comparable property sold in a foreclosure auction conducted by a trustee under a deed of trust. How should this sale be handled in the CMA?