Real Estate / Property Law

Principles of real estate Exam Questions and Correct Answers Latest Update 2025 (Already Passed) A hurricane will often shift large quantities of sandy soil from one end of a barrier island to the other. Title to this additional land created by the natural forces of accretion is acquired by the owner through a process called - Answers D. accession. A grandmother left her home and 100 acres to her church to be used as a camp. In the event the church attempts to sell or make some other use of th...

Circular 230 - Regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. Disclosure - The release of tax information by an IRS employee. Due Diligence - Requirements that tax professionals must follow when preparing income tax returns. Noncompliance - Failure or refusal to comply with the tax code. Privilege - Protection from being required to disclose confidential communications between two parties, suc...

Due Diligence - Requirements that tax professionals must follow when preparing income tax returns. Estimated Tax - The amount of tax a taxpayer expects to owe for the year after subtracting expected amounts withheld and certain refundable credits. Estimated Tax Voucher - A statement by an individual of (1) the amount of income tax he estimates he will incur during the current taxable year on income that is not subject to withholding, (2) the excess amount over that withheld on income which is ...

A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed on a single tax return? - ANSWER a,$2,120 the deduction for state and local income taxes is limited to what amount? - ANSWER a. $10,000 ($5,000 if MFS). A married couple who materially participate...

GRI EXAM QUESTIONS WITH ALL CORRECT ANSWERS When the financing contingency is the existing loan being to be assumed. - Answer-(F61) Loan Assumption Exhibit should be attached. Loan Assumption: Property completing the third paragraph in either exhibit (F61) Price Control (F62) Cash to control ensures - Answer-the method of financing is described in sufficient detail. Loan number and servicing company: Original principal amount and amount due: Amount of principal and interest payment and...

FIL 260 Exam 2 Questions with Verified Solutions Latest update 2025 (Already Passed) Contracts: Offer and Acceptance - Answers Offer: a promise to act in specified way if the other party will act in some other specified way Acceptance: offeree agrees to abide by terms of contract, as stated in the offer ***Important in real estate because: · Listing property for sale is not offer to sell, it is an invitation for buyers to make an offer · Offer to buy may have conditions (inspection, f...

FIL 260 EXAM 1 QUESTIONS SOLVED 100% LATEST VERSION 2025 Real estate - Answers land and items seen legally as having a permanent connection to the land Parcel - Answers an area of land with a particular ownership, land use, or other characteristic. Physical aspects of land - Answers long life, unique, fixed location Economic aspects of land - Answers scarce, long term investment, can be altered Tenant-occupied - Answers apartments and hotels Owner-occupied - Answers condominiums and cooper...

UNIT 2- REAL ESTATE LICENSE AND QUALIFICATIONS FOR LICENSURE (CONTENT) 1923(license law) - AnswerFlorida Legislature passed the Real Estate License Law, chapter 475 of the Florida Statutes. 1925 (FREC) - AnswerFlorida Real Estate Commission (FREC/ the commission) to administer and enforce the license law. The Commission has the authority to keep records and conduct investigations, as well as the power to grant, deny, suspend, and revoke licenses, and discipline licensees. Division of Re...

SC Property Management License Exam with Complete & Verified Solutions A real estate licensee must: - ANSWER -agree to refrain from discriminatory practices The SC Real Estate Commission - ANSWER -is authorized to implement and enforce the license law A real estate BIC or PMIC - ANSWER -must maintain a place of business Office - ANSWER -the office location where a BIC or a PMIC is licensed to conduct real estate business Property Manager - ANSWER -An associated licensee who meets educ...

PSI Exam Questions And Solutions A first-year licensee without either a degree in finance or a strong background and reinvestments should generally refrain from? - ANSWER -Giving advice in investing Not a necessary part of the process for changing zoning regulations - ANSWER - Voting A condominium complex is exempt from their housing requirements regarding housing for families with children in it? - ANSWER -If the capacity is 80% seniors 65 and older A sales person just attended a class...