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REAL ESTATE - THE CE SHOP QUESTIONS AND ANSWERS
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REAL ESTATE - THE CE SHOP QUESTIONS AND ANSWERS
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THE CE SHOP PRACTICE TEST SCREAL ESTATE QUESTIONS AND
ANSWERS
Whensperformingsasmarketsanalysis,sgivensthesadjustedssalesspricessofsthreescomparables
,swhichscomparableswouldsyousweighsmostsheavily?
-Thesonesthatshadsmoresupwardsadjustmentssthansthesothers
-Thesonesthatsrequiredslesssadjustment
-Thesoneswithsansadjustedssalesspriceshighersthansthesactualssalessprice
-Thesoneswithsthesadjustedssalesspriceslowersthansthesactualssalessprices-sans--
Thesonesthatsrequiredslesssadjustment
**Thescomparablesthatsrequiredslesssadjustmentsoveralls(includingsbothsupwardsandsdown
wardsadjustments)swillsbesthesonesmostssimilarstosthessubjectsproperty.sTherefore,sitswoulds
besweighedsmostsheavily.
InsSouthsCarolina,sthespartiessagreesinsthessalesscontractstosasrepairsproceduresunlessswha
tsdocumentsissattached?
-AmendmentstosRepairsProcedure
-DuesDiligencesAddendum
-SellersDisclosuresStatement
-WaiversofsRepairsProcedures-sans--DuesDiligencesAddendum
Withoutsasbuyersagencysagreementsinsplace,swhichspartysdoessthesagentswho'ssassistingsth
esbuyersrepresent?
-Nosone
-Thesagent
-Thesbuyer
-Thessellers-sans--Thesseller
**Ifstheresissnosagencysagreementsinsplace,sthesagentswho'ssassistingsthesbuyersrepresentss
thesseller.
IfsspecialsassessmentssapplystosaspropertysinvolvedsinsasSouthsCarolinassalesstransaction,s
who'ssresponsiblesforspayingsthesassessment?
-Thesbrokerssrepresentingsthesbuyersandsseller
-Thesbuyer,sifsthesassessmentsissappliedspriorstosclosing
-Thesclosingsattorney
-Thesseller,sifsthesassessmentsissappliedspriorstosclosings-sans--
Thesseller,sifsthesassessmentsissappliedspriorstosclosing
**Thessellerssaresresponsiblesforspayingsanysspecialsassessmentssappliedsbeforesclosing,s
andsthesbuyerssaresresponsiblesforsanysthatsaresappliedsaftersclosing.
,Marksissassellerswhosprepaidshisspropertystaxes.sWhatshappensstosthesamountshesprepaidsa
ndswon'tsbenefitsfromswhenshessells?
-He'llsreceivesascreditsatsclosing.
-He'llsreceivesasdebitsatsclosing.
-Thesbuyersmustsrepaysthissamountswhensthesnextspropertystaxessaresdue.
-Thesexcesssfundssaresdepositedsintosthesstate'ssWidowssandsOrphanssFund.s-sans--
He'llsreceivesascreditsatsclosing.
**Prepaidsitemssarescreditedstosthessellersatsclosing.sAccruedsbutsnotsyetspaidsitemssarescre
ditedstosthesbuyersatsclosing.
Deductingsthescostssofsmaintainingsandsoperatingsansincomespropertysprovidessa(n)s_____
__sthat'ssattractivestosmanysrealsestatesinvestors.
-Creditsboost
-Increasesinsequity
-Profit
-Taxsshelters-sans--Taxsshelter
**Operatingsexpensesscansbesdeductedsfromsrentalsincome,sandsthereforesprovidesastaxssh
eltersthatsmakessinvestingsmoresattractive.
Hiramsplansstosdosas1031stax-
deferredsexchange.sHesjustssoldshissproperty.sHowsmanysdayssdoessheshavestosclosesonsas
newsproperty?
-180
-30
-45
-60s-sans--180
Denisesisstheslistingsagentsonsaspropertysthat'ssnextstosaslake.sWhensadvertisingsthespropert
ysforssale,sshesdescribessitsass"waterfront."sIssthissokay?
-No,sshesdidn'tsmentionshowsmuchsfrontagesthespropertyshassonstheslake.
-No,stheswords"waterfront"sissmisleading.
-Yes,sasslongsassshesincludessasphoto.
-Yes,stheshousessitssnextstostheslake.s-sans--Yes,stheshousessitssnextstostheslake.
**Usings"waterfront"stosdescribesthisspropertysissacceptable.sNow,sifsthesonlyswatersinssights
wassassmallsman-madespondsthessellerssputsins...sthat'dsbesasdifferentsstory.
EarnestsmoneysinsSouthsCarolinasmustsbesdepositedsusings_________.
-Anyslegalstender
-Cashsorsmoneysorder
-Wiredsfundssorsascertifiedscheck
-Wiredsfundssorsasmoneysorders-sans--Anyslegalstender
**EarnestsmoneysinsSouthsCarolinascansbespaidsusingsaspersonalscheck,scash,sorsthroughso
thersmeans.
, ThesIRSswillsonlysallows_______sofspassiveslossesstosbesdeductedsagainstsactivestaxablesin
come.
-2000
-3000
-4000
-5000s-sans--3000
**ThesIRSsonlysallowss$3,000sofspassiveslossesstosbesdeductedsagainstsactivestaxablesinco
me.
WhatsdatesissusedsforsadjustmentsstosclosingscostssbetweensthespartiesstosasSouthsCarolin
assalesscontract?
-Buyerspossession
-Closingsdate
-Earnestsmoneysreceiptsdate
-Effectivesdatesofscontracts-sans--Closingsdate
**Allsadjustmentsstosclosingscostssaresproratedsassofsdatesofsclosing.
Margoshassfoundshersdreamshouse.sIt'sslistedsats$370,000,sandsshesplansstosoffers$365,000
.sSheshassaslettersfromsherslendersstatingsthatsshe'ssbeenspre-
approvedsforsasmaximums$375,000sloan.sWhysshouldsshesasksherslenderstosre-
writesthespre-approvalsletter?
-Byslaw,sthesletterscansonlysnotesthatsshe'ssbeensapprovedsforsthesamountsshe'ssoffering.
-
Bysprovidingsthesletterswithshersmaximumsloansamount,sMargosriskssreducingshersnegotiati
ngsability.
-Pre-
approvalsletterssshouldsonlysstatesthatsthesbuyer'ssincome,sassets,sandsliabilitiesshavesbeen
sverified.
-Theslendersmustsissuesasseparateslettersforseachsoffersthesbuyersintendsstosmake.s-sans--
Bysprovidingsthesletterswithshersmaximumsloansamount,sMargosriskssreducingshersnegotiati
ngsability.
**IfsthessellerssknowsthatsMargoshassbeensapprovedsforsasloansamountshighersthanshersoffer
,stheysmaysbeslessswillingstosnegotiatesonsprice.
Whichsofsthesfollowingscouldsapplystosclosingscostssforsansinvestmentsproperty?
-Amortizedsovers17syears
-Amortizedsoverstheslifesofsthesloan
-Neversdeductiblesinsthesyearsthey'respaid
-Subtractedsfromsthescostsbasiss-sans--Amortizedsoverstheslifesofsthesloan
**Closingscostssaresaddedstosthescostsbasis,saressometimessdeductiblesinsthesyearspaid,san
dsaresoftensamortizedsoverstheslifesofsthesloan.
Whichsofsthesfollowingsmaysbesthesresultsofsbuildingsdelayssonsasnewsconstruction?
-Aschangesinsthesprice
-Asdelaysinsclosing
-Ansincreasesinsthesnumbersofsconstructionsdefects
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