CRP - Practice Test #1 exam with correct answers 2024
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CRP - Practi
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CRP - Practi
What plays a significant role in attracting talent and starts when the candidate says "Yes"?
a. Out boarding
b. Team meetings
c. Partnership support
d. Onboarding correct answers d. Onboarding
The author of "Real Estate Tech Evolution During COVID-19" says the option to sign documents in ...
CRP - Practice Test #1
What plays a significant role in attracting talent and starts when the candidate says
"Yes"?
a. Out boarding
b. Team meetings
c. Partnership support
d. Onboarding correct answers d. Onboarding
The author of "Real Estate Tech Evolution During COVID-19" says the option to sign
documents in person may always be available, but if anything, the pandemic has
shown, it's that we must have what in place?
a) RON remote online notarization
b) e-recording
c) e-Sign
d) Alternatives correct answers d) Alternatives
In an AV program, what is the predominate method for calculating a bonus/incentive?
a) Percent of buyer's offer with no dollar maximum
b) Percent of buyer's offer with a dollar maximum
c) Using a sliding scale based on the amount of time required to find a buyer
d) A flat dollar amount correct answers b) Percent of buyer's offer with a dollar
maximum
Since it published Rev. Rul. 82-204, IRS has taken the position that most costs incurred
by the employer in buying and selling the employee's home are:
a) Ordinary
b) Capital
c) Non-deductible
d) Not tax protected correct answers b) Capital
An employee goes on a short term assignment. Which expense is not tax deductible?
a) HHG expenses
b) Moving of personal effects
c) Automobile shipment
d) Per diem correct answers a) HHG expenses
"Sustainable Moves" explains that while sustainability is a natural fit within the mobility
community, it is:
,a) Virtually unheard of
b) Attracting more and more interest
c) Part of most policies
d) Largely in the background correct answers d) Largely in the background
"The Lowdown on Gross-Up" says that after her recruitment and subsequent move,
Julie was surprised that she owed $11,000 income tax. What did her accountant tell her
about reimbursements received for her relocation expenses of $30,000?
a) She should have consulted with a tax professional before her move
b) She shouldn't be surprised as this is a typical tax consequence after an expensive
move
c) Her relocation expenses weren't grossed up properly by her company
d) She should have been given a copy of the gross-up policy during her recruitment to
the new position correct answers c) Her relocation expenses weren't grossed up
properly by her company
If an expat purchases a home in the new location, what benefit will most companies
give the assignee?
a) Mortgage subsidy
b) Home marketing benefits
c) A pre-tax flexible spending account
d) Home purchase benefits correct answers d) Home purchase benefits
The goods and services differential (GSD)/Cost-Of-Living Allowance (COLA) is
designed to provide approximately the same goods and services purchasing power in
the host country that the assignee would have had in their home country. What is this
based on?
a) The assignee's bonus level
b) Percentage of assignee's salary level in host location
c) Percentage of assignee's salary level in home location
d) Assignee's family size and salary level correct answers d) Assignee's family size and
salary level
In which type of home purchase program does the employee pay the most taxes?
a) Appraised value program
b) Assigned sale
c) Amended value option
d) Buyer value option correct answers b) Assigned sale
, Per "Past, Present and Future of Household Goods Moving" one of the greatest
difficulties for both the moving and storage industry and RMCs, particularly at peak
periods, is a shortage of:
a) Storage facilities
b) Clients
c) Equity funding
d) Trucks and drivers correct answers d) Trucks and drivers
What does the principle of substitution used in residential appraising state?
a) A seller should not list his house higher than the relocation appraisal value
b) A buyer would not pay more for a property than the cost of acquiring an equally
desirable substitute property
c) An appraiser can substitute any comparable property on an income approach
appraisal
d) A substitute appraiser may be used in extreme conditions correct answers b) A
buyer would not pay more for a property than the cost of acquiring an equally desirable
substitute property
A primary reason for outsourcing a group move is to:
a) Reduce salaries
b) Reduce headcount
c) Reduce stress
d) Build a partnership with another vendor correct answers b) Reduce headcount
As mentioned in the 11 Key Elements, the exclusion clause is included in the
employee's listing agreement with the real estate broker that states the broker will not
earn a commission when the home is sold to which entity?
a) IRS
b) Worldwide ERC®
c) The RMC or the employer
d) HHG company correct answers c) The RMC or the employer
Since 1972 Rev. Rul. 72-339 has agreed that if the employer buys a home from an
employee in a bona fide purchase of fair market value, the costs the employer incurs to
dispose of the home are not considered as income to the employee. IRS reiterated and
expanded upon this in:
a) Rev. Rul. 73-339
b) Rev. Rul. 2005-72
c) Rev. Rul. 74-2005
d) Rev. Rul. 2005-74 correct answers d) Rev. Rul. 2005-74
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