RE Principles Chapter 12 Quiz
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
The 2nd installment of property taxes are due on...?
february 1st
The individual who enters into a listing contract with a principal is known as the...?
listing agent
The 1st installment of property taxes are due on...?
november 1st
Income earned from providing services or the sale of goods (inventory) is known as...?
ordinary income
Taxation is a manifestation of...?
police power
In the Property Management Agreement, who is the agent...?
property manager
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
The individual who finds the buyer (or seller) for the property is referred to as the...?
selling agent
Capital gains are typically taxed at a lower rate than ordinary income...? (t/f)
true
Disclosure to the client must be executed prior to signing the listing agreement...? (t/f)
true
In order to execute a 1031 exchange, a qualified intermediary must be used...? (t/f)
true
Who is authorized to advertise a mobile home as new...?
mobile home dealer
Capital gains is 15% for high earners...? (t/f)
false
Resident managers are required to hold a real estate license in the State of California...? (t/f)
false
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
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
According to this, State property taxes are limited to 1% of the fair market value...?
proposition 13
Properties in California are assessed at which of the following events...?
purchase or sale of property
In California, resident managers are required in buildings with at least how many dwelling units...?
16
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
A commission is owed to the agent only after the transaction closes...? (t/f)
false
A real estate broker cannot have 2 or more mobile homes offered for sale without first having a...?
mobile home dealer's license
The listing agent can also be the selling agent...? (t/f)
true
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
A real estate broker can only sell a mobile home if they have been registered with...?
housing and community development
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