15 Homes, Mobile Homes, Vacation Homes

15 Homes, Mobile Homes, Vacation Homes - HOMES,MOBILEHOMES...

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1 HOMES,  MOBILE  HOMES VACTION  HOMES
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2 CHAPTER  13 HERE  ARE  THE  ANSWERS
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3 1. Under Proposition 13, the maximum real  property tax cannot exceed what percent of  cash value, after adjustments for inflation,  voter-approved bonds, and exemptions? a. 1% b. 2% 3. 5% d, 10% B
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4 2. Real property taxes become a lien on: a. February 1 b. January 1 c. December 1 d. November 1 B
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5 3. Real property is deeded to the state if  property taxes are delinquent for: a. one year b. three years c. five years d. seven years  C
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6 4. If full cash value of a condo is $90,000, what  will be the taxable value after subtraction for  a homeowner’s exemption? a. $80,000 b. $90,000 c. $86,000 d. $83,000 D
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7 5. The second installment of real property taxes  is due: a. November 1 b. December 10 c. February 1 d. April 10 C
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8 6. Which of the following is incorrect? a. To obtain the full homeowner’s exemption,  a person must file by February 15 b. The California veteran’s exemption is $4,000 c. Property taxes are collected by the  assessor d. Special assessments are liens on real  property  C
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9 7. A single homeowner can exclude the taxable  gains from the sale of a home up to: a. $100,000 b. $150,000 c. $250,000 d. $500,000  C
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10 8. A married couple who files joint returns can  exclude gain on the sale of their home up to: a. $100,000 b. $150,000 c. $250,000 d. $500,000  D
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11 9. Income real estate is entitled to use: a. tax-deferred exchanges b. installment sale provisions  c. depreciation deductions on improvements d. all of the above D
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12 10. The passive loss rules apply to: a. principal residence b. vacant land c. rental real estate d. personal automobiles  C
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13 11. In a Section 1031 tax-deferred exchange, the  receipt of unlike property is called: a. basis b. boot  c. basics d. bases B
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14 12. Examples of laws that create special  assessments above and beyond basic property  taxes are the street Improvement Act of 1911  and: a. Proposition 13 b. Proposition 60 c. The Assessment Act of  1974 d. The Mello-Roos Community Facilities Act of 1982 D
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15 13. Sales price $250,000 and the buyer is to  assume an existing loan of $190,000; the  documentary transfer tax is: a. $275 b. $209 c. $110 d. $66 D
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16 14. The homeowner’s property tax exemption is  worth how much in actual tax savings? a. $7,000 b. $700 c. $70 d. $7 C
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17 15. When a seller carries paper to spread out the  taxable gain over a series of years, this is  called: a. installment sales reporting b. a 1031 exchange c. a capital gain d. tax elimination  A
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18 16. Which of the following cannot legally take a  depreciation tax deduction on their property? a. apartment building owner
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15 Homes, Mobile Homes, Vacation Homes - HOMES,MOBILEHOMES...

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