Certified Relocation Pro (CRP) exam with correct solutions 2024
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Course
Certified Relocation Pro
Institution
Certified Relocation Pro
ERC research indicates that most policies which assist the transferee on a loss on homesale:
a. Cover the employees' tax liability on loss on sale payment
b. Use a depreciation factor when determining the transferees value in the home
c. Cover 100% of the loss with no payment limits
d. Requir...
ERC research indicates that most policies which assist the transferee on a loss on
homesale:
a. Cover the employees' tax liability on loss on sale payment
b. Use a depreciation factor when determining the transferees value in the home
c. Cover 100% of the loss with no payment limits
d. Require the transferee use the amended value option correct answers a.Cover the
employees' tax liability on loss on sale payment
The primary reason a corporation provides a transferee with a Home Marketing
Assistance Program a part of the homesale plan is to:
a. Shorten the time period that the employees has to accept the corporations home
purchase offer
b. Ensure tax compliance with the IRS revenue tax ruling 2005-74
c. Minimize the transferees involvement in the sale of the home
d. Reduce the corporations' relocation cost correct answers d.Reduce the corporations'
relocation cost
Points paid by a transferee to a mortgage lender, to reduce the interest rate on a loan:
a. Affect the transferee's taxable income
b. Do not affect transferee's taxable income
c. Are usually grossed up by the employer
d. When reimbursed by the employer, are considered to be a MIDA relocation benefit
correct answers b.Do not affect transferee's taxable income
Which of the following is characteristic of a properly structured amended value program
as defined by ERC:
a. The company amends its offer to the transferee subject to loan approval of the
outside buyer
b. The employee agrees to market the property for an additional 60 days if the sale from
the outside buyer falls through
c. The employee enters into a binding agreement of sale with the employer or relocation
management company
d. The employee signs an offer contract with an outside buyer subject to the company's
3rd party approval correct answers c.The employee enters into a binding agreement of
sale with the employer or relocation management company
,A property is listed with broker "A" for 60 days, the day after that listing expires the
property is listed with broker "B" for 30-day listing period. The day after that listing
period expires; the homeowner re-lists the property with broker "B" for another 30 days.
How would the days on market be reported on the page 3 grids of the ERC BMA report?
a. Only the days that the home was last listed would be reported
b. The days the home was on the market would be added together for all 3 listing
periods
c. The days the home was on the market for all 3 listing periods would be averaged
together and reported
d. Only the days that the home was listed during the last 2 listing periods would be
added together and reported correct answers b.The days the home was on the market
would be added together for all 3 listing periods
If the purpose of the BMA is a home sale buyout, the broker should:
a. Recommend repairs only if there is new construction on the market
b. Limit recommended repairs only to those necessary to secure financing
c. Recommend repairs assuming that the home will be vacant when marketed
d. Limit recommended repairs to those that would not exceed 5% of the most likely
sales price correct answers c.Recommend repairs assuming that the home will be
vacant when marketed
The most common cause of failure of an international assignment is:
a. Inadequate compensation
b. The inability of dependents to adjust
c. Insufficient on site job orientation
d. Incomplete paperwork relating to visas, passports and work permits correct answers
b.The inability of dependents to adjust
Which of the following statements regarding the relocation of expatriates to the United
States is correct:
a. The transfer of expatriates to the US is expected to decrease in the coming years
b. Transportation is a concern to the expatriates because of the complex road system
and comparative lack of public transportation in many US cities
c. Credit ratings are easy for expatriates to obtain in the United States
d. Few companies offer health care insurance programs for their expatriates in the US
which often causes medical problems for the expatriate correct answers
b.Transportation is a concern to the expatriates because of the complex road system
and comparative lack of public transportation in many US cities
Employees with care-giving responsibilities for both children and elders are part of the
group commonly known as:
, a. Generation 2000
b. Generation A
c. The sandwich generation
d. The dual support generation correct answers c.The sandwich generation
A type of real estate assistance that typically involves no contract with a relocation
management company is:
a. Assigned sale plan
b. Amended value option
c. Buyer value option
d. Guarantee against loss program correct answers d.Guarantee against loss program
The rationale behind IRS Revenue Ruling 2005-74 is:
a. The homesale from the employee to the employer is separate and distinct from the
employer's subsequent sale to any outside buyer
b. The employee signs a sales contract with the buyer which can be assigned to the
employer
c. The employee retains ownership rights to the home even though the employer is
marketing the home
d. Selling expenses not reimbursed to the employee but paid directly to vendors need
not be included in the employee's income correct answers a.The homesale from the
employee to the employer is separate and distinct from the employer's subsequent sale
to any outside buyer
The incidence of transferees requesting job search assistance for their spouses is likely
to increase because:
a. Younger employees today are more likely to request resources for their family
b. The practice of companies providing spouses with one month salary is becoming less
common
c. Companies are reducing their miscellaneous expense allowances which transferees
have had to rely on to cover their spouses job search
d. The average transferees salary is declining, making spouses income more essential
correct answers a.Younger employees today are more likely to request resources for
their family
When a transferee residential property legally can be subdivided into individual building
sites, the ERC appraisal report calls for an anticipated sales price based on the:
a. Present use of the property
b. Analysis of the subdivision supported by the income approach
c. Anticipated added value of the lot/subdivision
d. Highest and best use of the property correct answers a.Present use of the property
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