Question 1

Choose the one most appropriate answer for each.
-the price paid for property;used in calculating income taxes

Accepted Answer

A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien 
A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien

Question 2

All of the following benefit from property taxes EXCEPT

Accepted Answer

A)  school budget. 
B)  municipal stadium. 
C)  public libraries. 
D)  parks. 
A)  school budget. 
B)  municipal stadium. 
C)  public libraries. 
D)  parks.

Question 3

In order to determine taxable gain on a residence, the

Accepted Answer

A)  basis must be subtracted from the amount realized from the sale. 
B)  closing costs are subtracted from the sale price. 
C)  basis and the amount realized from the sale must be the same. 
D)  sales price is subtracted from the basis. 
A)  basis must be subtracted from the amount realized from the sale. 
B)  closing costs are subtracted from the sale price. 
C)  basis and the amount realized from the sale must be the same. 
D)  sales price is subtracted from the basis.

Question 4

In some states, the board of ____________________ performs the task of equalizing assessment procedures between counties.

Accepted Answer

The answer of In some states, the board of ____________________...

Question 5

Property taxes are

Accepted Answer

A)  levied according to square footage. 
B)  a lien until paid. 
C)  based on income of the owner. 
D)  an encroachment until paid. 
A)  levied according to square footage. 
B)  a lien until paid. 
C)  based on income of the owner. 
D)  an encroachment until paid.

Question 6

The sale of an appreciated property structured to spread out the payment of income taxes on the gain is called a(n)____________________ sale.

Accepted Answer

The answer of The sale of an appreciated property structured...

Question 7

Choose the one most appropriate answer for each.
-assessments levied to provide publicly built improvements that will primarily benefit property owners within a small geographical area

Accepted Answer

A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien 
A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien

Question 8

How is the priority of property tax liens established?

Accepted Answer

A)  By the county tax assessor's decision which is final 
B)  By the amount of the lien compared to others 
C)  They have priority no matter when recorded 
D)  By the date of recording 
A)  By the county tax assessor's decision which is final 
B)  By the amount of the lien compared to others 
C)  They have priority no matter when recorded 
D)  By the date of recording

Question 9

The property tax rate that is expressed in tenths of a cent per dollar of assessed valuation is called the ____________________ rate.

Accepted Answer

The answer of The property tax rate that is expressed...

Question 10

The property tax rate may be expressed as a mill rate, dollars per thousand or dollars per hundred.

Accepted Answer

A) True 
 B)False

Question 11

Long-term capital gain is a preferential income tax treatment on the sale of an appreciated asset.

Accepted Answer

A) True 
 B)False

Question 12

A fee or tax on deeds and other documents payable at the time of recordation is known as a special assessment fee.

Accepted Answer

A) True 
 B)False

Question 13

If a home sold for $124,000 and was assessed at 80% of its value, how much would the property taxes be at a rate of $18.20 per thousand dollars of assessed value?

Accepted Answer

A)  $992.00 
B)  $1,444.35 
C)  $1,805.44 
D)  $2,256.80 
A)  $992.00 
B)  $1,444.35 
C)  $1,805.44 
D)  $2,256.80

Question 14

An investor sells his real property using an installment sale. His capital gains tax would be due

Accepted Answer

A)  never, if he owned the property for more than one year. 
B)  after the last installment s paid. 
C)  the year of the sale. 
D)  as he receives the payments. 
A)  never, if he owned the property for more than one year. 
B)  after the last installment s paid. 
C)  the year of the sale. 
D)  as he receives the payments.

Question 15

The sale of an appreciated property structured to spread out the payment of income taxes on the gain is called the installment method.

Accepted Answer

A) True 
 B)False

Question 16

The amount of property taxes an owner pays is determined by the services provided by the city or county.

Accepted Answer

A) True 
 B)False

Question 17

If a property owner feels over assessed, he would file a complaint with the tax certification board.

Accepted Answer

A) True 
 B)False

Question 18

Choose the one most appropriate answer for each.
-a value placed on a property for the purpose of taxation

Accepted Answer

A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien 
A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien

Question 19

A charge or hold by the government against a property to ensure the payment of taxes is called a ____________________.

Accepted Answer

The answer of A charge or hold by the government...

Question 20

Choose the one most appropriate answer for each.
-a state or local tax charged on deeds at the time of recording

Accepted Answer

A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien 
A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien

Exam 14: Taxes and Assessments

Choose the one most appropriate answer for each. -the price paid for property;used in calculating income taxes

All of the following benefit from property taxes EXCEPT

In order to determine taxable gain on a residence, the

In some states, the board of ____________________ performs the task of equalizing assessment procedures between counties.

Property taxes are

The sale of an appreciated property structured to spread out the payment of income taxes on the gain is called a(n)____________________ sale.

Choose the one most appropriate answer for each. -assessments levied to provide publicly built improvements that will primarily benefit property owners within a small geographical area

How is the priority of property tax liens established?

The property tax rate that is expressed in tenths of a cent per dollar of assessed valuation is called the ____________________ rate.

The property tax rate may be expressed as a mill rate, dollars per thousand or dollars per hundred.

Long-term capital gain is a preferential income tax treatment on the sale of an appreciated asset.

A fee or tax on deeds and other documents payable at the time of recordation is known as a special assessment fee.

If a home sold for $124,000 and was assessed at 80% of its value, how much would the property taxes be at a rate of $18.20 per thousand dollars of assessed value?

An investor sells his real property using an installment sale. His capital gains tax would be due

The sale of an appreciated property structured to spread out the payment of income taxes on the gain is called the installment method.

The amount of property taxes an owner pays is determined by the services provided by the city or county.

If a property owner feels over assessed, he would file a complaint with the tax certification board.

Choose the one most appropriate answer for each. -a value placed on a property for the purpose of taxation

A charge or hold by the government against a property to ensure the payment of taxes is called a ____________________.

Choose the one most appropriate answer for each. -a state or local tax charged on deeds at the time of recording

Nature and Description of Real Estate

Rights and Interests in Land

Forms of Ownership

Transferring Title

Recordation Abstracts and Title Insurance

Contract Law

Real Estate Sales Contracts

Mortgage and Note

Deed of Trust

Lending Practices

The Loan and the Consumer

Sources of Financing

Types of Financing

Title Closing and Escrow

Real Estate Leases

Real Estate Appraisal

Licensing Laws and Professional Affiliation

The Principal-Broker Relationship: Employment

The Principal-Broker Relationship: Agency

Fair Housing, Ada, Equal Credit, and Community Reinvestment

Condominiums, Cooperatives, Puds, and Timeshares

Property Insurance

Land-Use Control

Real Estate and the Economy

Investing in Real Estate

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