Carryback Study guides, Class notes & Summaries

1. Which of the following authorizes the use of the "Power Sale" in a deed of trust? a. Trustor b. Court c. Beneficiary d. TrusteeAnswer c. Beneficiary 2. Why would a seller accept an agreement for sale instead of a purchase money mortgage? a. The agreement gives more flexibility to the buyer b. The seller can keep the deed until the carryback is paid c. The buyer can prevent foreclosure d. The purchase money mortgage note is more negotiableAnswer b. The seller can keep the deed u...

Disclosure of taxpayer information to other is permissible under 3 ways: - correct answer 1. computer processing 2. peer review process 3. Through an administrative order. Itemized deductions not limited to limitation: GIMIC - correct answer Gambling losses (to the extent of gambling winnings) 2. Investment Interest expense 3. Medical Expenses 4. Casualt Losses (non-business) non-deductible taxes - correct answer Federal Income Taxes 2. Inheritance tax 3. Business Taxes (deductible o...

When a deed in lieu of foreclosure is given to a lender, which of the following is true? - correct answer Time and cost are less B buys land from W using a deed of trust as security for the carryback. B makes all the payments except the final three and is now in default. W does nothing and decides not to foreclose until later. By doing this W is exercising his right of: - correct answer Forbearance A commercial building is sold in a foreclosure for $100,000 less than the balance due th...

Test Bank for Intermediate Accounting, Volume 2 5e 5th edition by Kin Lo, George Fisher. ISBN-13: 4919 Full Chapters test bank included for Vol 2 Chapter 11 Current Liabilities, Non-Financial Liabilities, and Contingencies A. Introduction B. Definition, Classification, and Measurement of Liabilities 1. Liabilities defined 2. Recognition 3. Financial and non-financial liabilities 4. Current versus non-current liabilities 5. Initial and subsequent measurement C. Current Liabilities ...

COLORADO EXAM PREP - MISSED QUESTIONS/ ACCURATELY ANSWERED. VERIFIED. A personal assistant may: 1. Negotiate the sale of a listed property with a buyer and seller 2. Prepare and submit market analyses for sellers or buyers on behalf of a broker 3. Independently draft a listing contract for seller/buyer signature 4. Measure the square footage of a residential listing - -Measure the square footage of a residential listing The loan balance being assumed by the buyer is: 1. Debit Seller;...

Superior NC Real Estate Important Final Exam Questions and Answers RESPA -Answer--Real Estate Settlement Procedures Act: applies ONLY to 1-4 family residential transactions, transactions involving a "federally related" mortgage (conventional, FHA, VA) Which party's signature is required on a deed of trust? A. the trustee B. the beneficiary C. the trustor(s) D. the grantee(s) -Answer-C. the trustor(s) The trustor is the borrower in a lending situation using a trust deed. The borrower...

the "Common Interest Community Governing Documents" subsection of the residential sales contract requires the "Governing" and "Financial" documents be delivered to buyer on or before the title Deadline by the: correct answers seller A major purpose of Commission Rule F is to: correct answers help brokers comply with the Colorado Supreme Court Conway-Bogue decision. A heavily encumbered property sells for $200,000.00 with anticipated total cash proceeds to the out-of-state seller of $...

ACCO 320 solution manual CHAPTER 18 INCOME TAXES Tenth Canadian Kieso, Weygandt, Warfield, Young, Wiecek, McConomy Edition CHAPTER 18 INCOME TAXES ASSIGNMENT CLASSIFICATION TABLE Brief Writing Topics Exercises Exercises Problems Assignments 1. Income taxes from a business perspective. 1 4 2. Difference between 2, 3, 4, 5 1, 2, 3, 4, 5, 1, 2, 3, 5, 1, 2, 3 accounting income 6, 7, 8, 9, 10, 6, 7, 8, 9, and taxable 11, 12, 13, 10, 11, income, calculate 14, 15, 16, ...

Arizona School of Real Estate & Business: Sales Exam Already Passed When a deed in lieu of foreclosure is given to a lender, which of the following is true? Time and cost are less B buys land from W using a deed of trust as security for the carryback. B makes all the payments except the final three and is now in default. W does nothing and decides not to foreclose until later. By doing this W is exercising his right of: Forbearance A commercial building is sold in a foreclosure for $100,000 le...

Superior NC Real Estate Important Final Exam Questions And Answers 100% Verified RESPA - answer-Real Estate Settlement Procedures Act: applies ONLY to 1-4 family residential transactions, transactions involving a "federally related" mortgage (conventional, FHA, VA) Which party's signature is required on a deed of trust? A. the trustee B. the beneficiary C. the trustor(s) D. the grantee(s) - answerC. the trustor(s) The trustor is the borrower in a lending situation using a trust deed...