Exam (elaborations)
Real estate Investments / champions Exam Questions with correct Answers
Real estate Investments / champions Exam Questions with correct Answers
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Real estate Investments / champions ExamQuestions with correct Answers
if you are holding undeveloped land, your goal as an investment is: - -
appreciation
-land is referred to as _____ because it can be seen touched - -tangible
-Formaldehyde gas is: - -Colorless
-Local governments can use which of the following to enforce subdivision
requirements? - -Police Power
-The time limitation on deed restrictions is typically __________ due to
changes that render the original
restriction irrelevant. - -25-35 years
-Which of the following is a rating used for investment opportunities? - -All
of these are ratings used for investment opportunities
-Which phase assessment defines the steps needed to clean up
contaminated areas of a property? - -Phase III Assessment
-The ________, authorized in 1954, was the first program of Urban Planning
Assistance - -Subdivision Act
-Which of the following are potentially responsible parties for clean-up costs
of an environmental problem? - -The party who transported the waste
-The right of ___________ includes the right to sell or mortgage property and
the right to determine the
duration of the ownership term. - -Disposition
-from which country's laws did community property stem? - -Spain
-A ______ is a written instrument by which a grantor conveys an ownership
interest in real property to a
grantee - -Deed
-Which of the following would be considered a trade fixture? - -Dentist Chair
-In a lease, the landlord is referred to as the __________. - -Lessor
-The lessee in a lease agreement is also known as the ________ - -Tenant
, -_____________ compensates a seller for taking a property off the market for
an extended period of time - -Earnest Money
-_________ is typically stated as a monthly charge to be paid by the tenant at
the beginning of each month - -Rent
-A(n) ________ is the legally designated person who would be entitled to
receive a deceased person's
property in absence of a will. - -Heir
-Profit realized in the sale, exchange or disposition of a capital asset is
considered ___________. - -Capital Gain Income
-In determining capital gains on inherited property, the basis of value
generally becomes market value as of
______________. - -The date of the decedent's death
-In terms of qualifying for low-income housing tax credits, __________ means
the initial lease term extends to
6 months or more. - -Nontransient
-The gross rent charged to a tenant living in low-income housing cannot
exceed ____% of the qualifying
income level for the tenant's family size - -30
-Which of the following costs of the principal residence can a homeowner
deduct from ordinary taxable
income? - -All of these costs are allowable tax deductions
-The IRS defines a(n) _________ as one in which the taxpayer receives at
least one payment after the year of
sale. - -Installment Sale
-__________ is also known as earned income. - -Active
-The main difference between a commercial loan and a residential loan is
that the lender and investor
expect the ___________ to repay the commercial loan. - -Property being
acquired
-A(n) ________ permits the lender to share in all the benefits derived from the
property - -Equity participation
-The "banker's rate" considers a day _____ of the annual rate. - -1/360
-The Truth-in-Lending Act is implemented by _________ - -Regulation Z
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