MISC QUESTIONS I GOT WRONG

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1

The sales persons license fee cost how much?
A. 150

B. 160

C. 170

D. 180

$160

2

The Lyons family bough a house with a lot size of .50 of an acre. This is equivalent to;

A. 46,560 ft.

B. 21,780 ft.

C. 11,000 ft.

D. 5,250 ft.

B. 21,780 ft.

3

how many feet is 1 acre?

43,560 ft

4

A primary residence is sold for $500,000 by a couple in the 28% tax bracket. The home was originally purchased 7 years ago for $400,000, where the family lived there for the entire 7 years. How much will be paid in capital gain?

A. $59,920

B. 32,100

C. 214,000

D. none of the above

D. none of the above

the property is a primary residence, which has been lived in over 5 years with a profit less than $500,000.

5

An owner Occupied 5 unit dwelling worth $600,000 generates $5,500 in income for 4 units, and 200/mo from the onsite laundry. If the current owner typically yields roughly 8% annually on his investment, what is the monthly effective gross amount?

A. $4,350

B. $6,000

C. $4,905

D. $5,700

D. $5,700

The effective gross amount is $5,500 + 200 = $5700

6

Legally, property is defined as

a. only personal property

b. things that buyers and sellers own

c. free hold estates

d. right or interest that a person has in the thing owned.

d. right or interest that a person has in the thing owned.

7

Another name for an estate on inheritance is

a. estate at sufferance

b. fee simple defensible

c. probate estate

d. estate in fee

b. fee simple defensible

8

Which of the following would be defined as a fixture in the law?

A. sometime that is made part of a chattel real

b. something referred to by actions but not referred to in the sales contract

c. something incorporated into the land.

d. something used in an extraordinary way with the land.

c. something incorporated into the land.