ASREB Practice exam; Questions and Answers 100% Verified
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Course
ASREB
Institution
ASREB
ASREB Practice exam; Questions and Answers 100%
Verified
Formula for finding property value when you have the net operating income and cap rate
Answer-Current market value(CMV)= NOI/ cap rate
Example: CMV=$5.480/ .08(8%) =$68,500
When would IRS form 1099S be used? Answer-Report sales price
...
ASREB Practice exam; Questions and Answers 100%
Verified
Formula for finding property value when you have the net operating income and cap rate
Answer-Current market value(CMV)= NOI/ cap rate
Example: CMV=$5.480/ .08(8%) =$68,500
When would IRS form 1099S be used? Answer-Report sales price
What's a 1099s forms Answer-Known as an "information return. The form the federal
government requires to be filed when selling real estate. If you sold any real property during the
course of the year, you must will receive a form 1099-S
RESPA (Real Estate Settlement Procedures Act) Answer-a law requiring full disclosure of
closing costs to buyer and seller.
What is not covered by RESPA? Answer-Cash Sale
The CAN-SPAM law would apply to unsolicited Answer-Unsolicited E-mail
What is an operating expense item on a property ? Answer-Management fees
S corporation Answer-a form of corporation that avoids double taxation by having its
income taxed as if it were a partnership
, ASREB Practice exam; Questions and Answers 100%
Verified
Which of the following is true regarding an "S Coporation" Answer-limited number of
investeros
Regulation Z (Truth in Lending) Answer-requires full written disclosure about finance
charges for large payment plans involving four or more installments, excluding a down payment
The books "Settlement costs and You" is a requirement of: Answer-RESPA. Booklet
heralds from RESPA
The real estate settlement procedures act would apply to: Answer-1-4 plex residential
property
Americans with Disabilities Act (ADA) Answer-Act addresses rights of individuals with
disabilities in employment and public accommodations.
Title 1 of ADA applies to employers: Answer-With fifteen or more full time employees
What would be covered under the family status of fair housing? Answer-A pregnant
woman is included in familial status
Fair Housing Act Answer-The federal law that prohibits discrimination in housing based
on race, color, religion, sex, handicap, familial status, and national origin
, ASREB Practice exam; Questions and Answers 100%
Verified
Real estate agents may call a person on the DO NOT CALL Registry if: Answer-The agent
has an established business relationship
To have a qualified deferred exchange, what would be required? Answer-Properties must
be held for investment
What is exempt from federal fair housing ? Answer-Four-plex owner occupied
The first violation of the federal fair housing act would carry a fine of? Answer-$16000
If a property has the right to exclude families with children, which of the following parties listed
below would be allowed to reside in the property? Answer-a 62 year old retired doctor
The maximum amount of gain that would be tax-free to married homeowners who sells their
residence would be? Answer-500,000
What is NOT part of a tax deferred exchange? Answer-Highest and best use
A property owner may refuse to rent to a prospective tenant under which of the following
conditions? Answer-Tenant is a convicted drug user
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