Real Estate practice 7

What's inverse condemnation?

•   It occurs when a property owner dies without a will, heirs, or creditors.

•   It occurs when government actions deprive a property owner of the value of the property without offering just compensation.

•   It occurs when municipalities pass enabling acts.

•   It occurs when the government places a lien on a property due to failure to pay taxes.

Maria has had her sales associate license since April 15, 2015. What education requirement must she complete before her first renewal?

•   14 hours of continuing education

•   45 hours of continuing education

•   45 hours of post-licensing education

•   75 hours of post-licensing education

What is the three-property rule as it relates to tax-deferred exchanges?

• An investor can identify up to three replacement properties and not encounter a restriction regarding fair market value as long as debt load requirement is met.

•   An investor cannot exchange into more than three properties per exchange.

•   An investor can only perform an exchange with three properties.

•   An investor must own three properties before they qualify for tax-deferred exchanges.

Johnny is overwhelmed by the amount of work that goes into being a landlord in Florida and has too many requests for repairs from his tenants. He needs to choose one of these to hold off on for now. Which repair can he legally postpone completing?

•   Evie’s heating system in the attic won’t put out warm air.

•   Jay clogged up his toilet again, and still hasn’t bought himself a plunger.

•   The hot water to Julie’s shower won’t turn on.

• The lights and outlets aren’t working in Ethan’s living room.

Which of the following is NOT recommended during a downcycle?

•   Increase your advertising.

•   Spend your commission checks.

• Use money that you’ve set aside.

•   Work on other projects.

What’s a deficiency judgment?

• A judgment that allows the lender to collect the difference from the borrower if the foreclosure sale does not satisfy the debt.

•   The borrower defaults on the financial obligations in the promissory note.

• The mortgage lien is enforced.

• The net proceeds of a real estate transaction don’t satisfy the payoff amount of mortgages on the property.

Related to the legal description of land, what is a monument?

• 43,560 square feet

• A permanent land marker sometimes used in legal descriptions

•   A point from which elevations are measured

• The subdivision of air above the land

Which one of the following statements about income tax rates is correct?

•   Short-term and long-term capital gains are taxed at the same rate.

• The tax rate for ordinary income is different from the tax rate for short-term capital gains.

•   The tax rate on long-term capital gains is less than the tax rate for ordinary income.

• The tax rate on short-term capital gains is less than the rate for long-term capital gains but more than the rate for ordinary income.

The government’s authority at all levels to ensure the health, safety, and welfare of its citizens, which includes the control of public land use, is the definition of ______.

• Condemnation

• Eminent domain

• Police power

• Sovereignty

What type of notice results from publicly recording a title transfer?

•   Actual notice

• Attorney notice

• Constructive notice

• Proper notice