1 of 10 - A totally disabled veteran could be eligible for a property tax exemption of up to what amount?
A. $50,450
B. $100,730
C. $191,266
D. $206,850
C. $191,266
2 of 10 - When is the first installment of property taxes due?
A. First of February
B. Tenth of April
C. First of November
D. Tenth of December
C. First of November
3 of 10 - How long must buyers and brokers keep the documentation on a foreign sale?
A. 2 years
B. 3 years
C. 4 years
D. 5 years
D. 5 years
4 of 10 - Which proposition limited the maximum amount of tax on real property?
A. Proposition 13
B. Proposition 58
C. Proposition 60
D. Proposition 90
A. Proposition 13
5 of 10 - When a person acquires new property, which is true?
A. The owner has 30 days to notify the county assessor.
B. The seller must file a bill of sale with the county clerk.
C. The owner has 45 days to pay the new property taxes.
D. The owner has 45
D. The owner has 45 days to file a change in ownership statement.
6 of 10 - How can a seller lessen the tax impact of selling a home for enough profit that he or she will be boosted to a much higher tax bracket?
A. There is nothing that can offset this problem.
B. Do a tax-free exchange instead.
C. Participate in a tax
D. Do an installment sale.
7 of 10 - Homeowners can deduct all but which of the following from their income taxes?
A. Mortgage interest
B. Depreciation
C. Prepayment penalties
D. Property taxes
B. Depreciation
8 of 10 - Bill and Brenda bought their home for $150,000 seven years ago and have lived in it ever since. They made $50,000 of improvements. They sold the home for $450,000 and paid $30,000 in selling expenses, including the broker's commission. On what a
A. $0
9 of 10 - ?According to FIRPTA, what percent would a buyer who is buying the property as a personal residence need to withhold when purchasing a $?200?,?000 ?home from a foreigner??
A. 0%
B. 15%
C. 3.30%
D. 10%
A. 0%
10 of 10 - Mike bought his home last year for $150,000. His property taxes would be assessed at:
A. $1,000
B. $1,500
C. $2,250
D. $3,000
B. $1,500