Chapter 12

A married couple are exempt from paying capital gains up to how much profit on an owner-occupied residence, if they lived there for at least 2 of the previous 5 years...?

500000

Documentary Transfer Tax -

A State enabling Act that allows a country to adopt a documentary transfer tax to apply on all transfers of real property located in the county. Notice of payment is entered on the face of the deed or on a separate paper filed with the deed.

Resident Manager -

An individual who supervises the care of an apartment complex while living in one of the units in the complex.

A real estate broker can only sell a mobile home if they have been registered with...?

Housing and Community Development

The individual who enters into a listing contract with a principal is known as the...?

Listing Agent

A structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation system is known as a...?

Mobile Home

Income earned from providing services or the sale of goods (inventory) is known as...?

Ordinary Income

Taxation is a manifestation of...?

Police Power

Properties in California are assessed at which of the following events...?

Purchase or sale of property

An individual who supervises the care of an apartment complex while living in one of the units in the complex is known as a...?

Resident Manager

Listing Agent -

The individual who enters into a listing contract with a principal.

A commission is owed to the agent only after the transaction closes...?

(False)

Capital gains is 15% for high earners...?

(False)

Resident managers are required to hold a real estate license in the State of California...?

(False)

The listing agent can also be the selling agent...?

(True)

In California, resident managers are required in buildings with at least how many dwelling units...?

16

Special Assessment -

A legal charge against real estate by a public authority to pay for the cost of public improvements such as street lights, sidewalks, and street improvements.

Pre-approval -

A step above pre-qualification, it involves verifying a purchaser's credit, down payment, and employment history.

Mobile Home -

A structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation system.

Capital Gain -

At resale of a capital item, the amount by which the net sale proceeds exceed the adjusted cost basis (book value). Used for income tax computations. Gains are called short or long term based upon length of holding period after acquisition. Usually taxed at lower rates than ordinary income.

At resale of a capital item, the amount by which the net sale proceeds exceed the adjusted cost basis (book value) is referred to as...?

Capital Gain

The 2nd installment of property taxes are due on...?

February 1st

Ordinary Income -

Income earned from providing services or the sale of goods (inventory).

Who is authorized to advertise a mobile home as new...?

Mobile Home Dealer

A real estate broker cannot have 2 or more mobile homes offered for sale without first having a...?

Mobile Home Dealer's License

The 1st installment of property taxes are due on...?

November 1st

In the mortgage industry, this is a step above pre-qualification, it involves verifying a purchaser's credit, down payment, and employment history....?

Pre-approval

In the Property Management Agreement, who is the agent...?

Property Manager

According to this, State property taxes are limited to 1% of the fair market value...?

Proposition 13

The individual who finds the buyer (or seller) for the property is referred to as the...?

Selling Agent

A legal charge against real estate by a public authority to pay for the cost of public improvements such as street lights, sidewalks, and street improvements is known as a...?

Special Assessment

Selling Agent -

The individual who finds the buyer (or seller) for the property.

Capital gains are typically taxed at a lower rate than ordinary income...?

(True)

Disclosure to the client must be executed prior to signing the listing agreement...?

(True)

In order to execute a 1031 exchange, a qualified intermediary must be used...?

(True)

How long does an individual have to close on another property in order to take advantage of a 1031 exchange...?

180 days

An owner is exempt from paying capital gains on up to how much profit on an owner-occupied residence, if he or she has lived there for at least 2 of the previous 5 years...?

250000

How long does an individual have to identify another property in order to take advantage of a 1031 exchange...?

45 days

A property will be sold at a tax sale if property taxes are not paid for how many years...?

5