Tax prorations Study guides, Class notes & Summaries

Escrow Sample Test Questions and Answers Rated A An escrow is an arrangement that: a) Holds documents, b) Holds funds, c) Creates documents to affect a transfer of interest in property, d) is responsible for guaranteeing funds. A, B, C, E When is it necessary to have closing documents recorded prior to disbursement of escrow funds? a) it is not necessary, b) in almost all situations, c) when instructed by one of the parties to the escrow, d) only when the written instructions require recording...

Wrongful or criminal deception intended to result in financial or personal gain is called: - Answer- fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - Answer- 90 days __________ extend above the surface without limitation. - Answer- air rights An example(s) of an appurtenance would be: - Answer- easements There is no upper limit on the value of a Texas homestead. - Answer- true A(n) __________ is one that combines some of ...

LAW OF CONTRACTS CHAMPIONS Real Actual Exam Questions And Revised Correct Answers Already Passed!! A contract in which only one party is obligated to perform is a________ contract. - ANSWER : unilateral For tax prorations: - ANSWER : If taxes are not paid at or prior to closing the buyer shall pay for the current year, If taxes for the current year vary from the amount prorated at closing, the parties shall adjust the prorations when tax statements for the current year are...

LAW OF CONTRACTS CHAMPIONS Real Actual Exam Questions And Revised Correct Answers Already Passed!! A contract in which only one party is obligated to perform is a________ contract. - ANSWER : unilateral For tax prorations: - ANSWER : If taxes are not paid at or prior to closing the buyer shall pay for the current year, If taxes for the current year vary from the amount prorated at closing, the parties shall adjust the prorations when tax statements for the current year are...

An out of -state investor sells a property in Colorado. The closing entity must withhold up to 2 percent of the (Ans - selling price as possible income tax liability The Closing Instructions form (Ans - must be part of every contract According to statue, "good funds," include a (Ans - tellers check from savings and loan All of the following must be disclosed to a tenant by a property manager EXCEPT: (Ans - Disclose the name and address of the landlord According to the Contract ...

An out-of -state investor sells a property in Colorado. The closing entity must withhold up to 2 percent of the - selling price as possible income tax liability The Closing Instructions form - must be part of every contract According to statue, "good funds," include a - tellers check from savings and loan All of the following must be disclosed to a tenant by a property manager EXCEPT: - Disclose the name and address of the landlord According to the Contract to Buy and Sell Real Estate - ...

An out-of -state investor sells a property in Colorado. The closing entity must withhold up to 2 percent of the - selling price as possible income tax liability The Closing Instructions form - must be part of every contract According to statue, "good funds," include a - tellers check from savings and loan All of the following must be disclosed to a tenant by a property manager EXCEPT: - Disclose the name and address of the landlord According to the Contract to Buy and Sell Real Estate - ...

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;...

Which statement is TRUE concerning radon? Two homes next door to each other may have very different levels of radon. Hazel's brokerage firm has an annual expense budget of $162,000 that includes her own salary. She wants to make $20,000 profit. If she has seven sales associates, what must each sales associate generate in company dollars for Hazel to achieve her goal? The answer is $26,000. Required revenue is $182,000. ($20,000 + $162,000). Each sales associate must bring in at least $...

Easement by prescription - correct answer -Easement acquired by continuous open and hostile use of the property for the period of time prescribed by state law Easement by necessity - correct answer -Easement allowed by law as necessary for the full enjoyment of parcel of real estate .(right of ingress and egress over a grantors land) Rescission - correct answer -The practice of one party canceling or terminating a contract. Mortgagee - correct answer -The bank(receiving the house) Ta...