Exam (elaborations)
REAL ESTATE - THE CE SHOP QUESTIONS AND ANSWERS
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REAL ESTATE - THE CE SHOP QUESTIONS AND ANSWERS
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REAL ESTATE - THE CE SHOPQUESTIONS AND ANSWERS
1031stax-deferredsexchanges-sans--
"Sections1031sofsthesInternalsRevenuesCodesallowssthesownersofsrealspropertystossellsthatsp
ropertysandsthensreinveststhesproceedssinsas"like-
kind"spropertysandsdeferspayingsanyscapitalsgainsstaxes.
Ex.sRealsestatesinvestorsscanstakesadvantagesofsthes1031stax-
deferredsexchangestosdeferscapitalsgainsstaxesswhenssellingsaspropertysprovidedsthesmone
ysissrolledsintosanothers""""like""""spurchase
"
abuttings-sans--"Landssharingsascommonsborder
Ex.sManysneighborssfindsthatsfencessmakesabuttingspropertiessmorestolerable.
"
accelerationsclauses-sans--
"Allowssaslenderstosdemandsimmediatesandsfullspaymentsofsallsdebtsowedsifsasbuyersdefaults
Ex.sWhensWendysstoppedsmakingshomesloanspayments,sherslenderstoldshersshesmustspays
offshersentiresbalancesorsrisksforeclosure.
"
accessions-sans--
"Thesadditionsofsvaluestospropertysthroughslaborsorsthesadditionsofsnewsmaterials,sincludings
ansincreasesinslandsthroughsnaturalsprocesses
Ex.sJonathan'sspropertysborderssasbay.sThesbaysreceded,sandsJonathansgainedsansextras1
0sfeetsofspropertystoshisslandsthroughsaccession.
"
accessorysuses-sans--"Ansincidentalsorssubordinatesusestosthesprimarysusesofsthesproperty
Ex.sAndy'ssmilitarysbunkersinshissbacksyardsconstitutedsansaccessorysusesofsthesproperty.
,"
accountings-sans--
"Onesofsthesfiduciarysduties,saccountingsmeanssansagentsissaccountablesforsanysfundssorspr
opertiessentrustedstosthesagent.sThississasdutysthatssurvivessterminationsofsansagencysagree
ment.
Ex.sCameronsacceptedsansearnestsmoneysdepositsfromshissbuyer.sHissdutysofsaccountings
meanssthatshesmustssafeguardsthesfundssandshandlesthemsaccordingstosthesagreementswit
hshissclientsandsthespoliciessofshissfirm.
"
accretions-sans--"Landsbuildsupsoverswatersbyssand,ssilt,sorsgravel
Ex.sJillian'sspropertysgrewsthroughsaccretionswhensaslandslideswipedsoutsansadjacentscreek
.
"
accruedsitemss-sans--
"Expensessthatsaresaccruingsbutsaresnotsyetspayables(e.g.,spropertystaxes)
Ex.sAtsclosing,saccruedsitemssmustsbesaccountedsforsonsthessettlementsstatement.sIfsthessel
lershassaccruedsexpensessnotsyetspayable,sthesamountsaccruedswillsbesassellersdebitsandsb
uyerscredit.
"
acknowledgments-sans--
"Asrequirementsforsdeedstransfer;saspublicsofficialsmustsacknowledgesthesgrantor'sssignatur
e
Ex.sGaryspurchasedsasduplex.sThesgrantorssignedsthesdeed;sasnotaryspublicsacknowledged
shisssignature.
"
acres-sans--"43,560ssquaresfeet
Ex.sThesJonessfarmhouseswassons10sacres.sTheirsparcelshads435,600ssquaresfeet.
"
activesfrauds-sans--"Intentionalsmisstatementsofsasmaterialsfact
Ex.s""Sure,sthesfoundationsissperfectlyssafe!""sLisassaid,sevensthoughsshesknewsfullswellsthat
sthereswassa scracksthessize sifsToledosinsit.
"
actsofswastes-sans--
"Abusesofsaspropertysbysaspersonswhosholdsspossessionsthroughsaslifesestate
Ex.sWhensMinervasinheritedstheshistoricsmansionsandsturnedsitsintosansillegalsvideosgamings
parlor,sthisswassansactsofswastesthatscausedsherstoslosestitlestosthesproperty.
"
actualsnotices-sans--"Expresssnoticesgivensdirectlystosasperson
Ex.sKarenstoldshersneighborsssheswouldsbesmoving;sthisswassactualsnotice.
,"
addendums-sans--
"Ansadditionstosasrealsestatescontractsthat'ssaddedsbeforescontractsacceptance
Ex.sStevesdecidedstosasksforstheswashersandsdryersaftersall,ssoshesaskedshissbrokerstoswrites
upsansaddendumstosthessalesscontract.
"
adjustablesratesmortgages(ARM)s-sans--
"Asmortgageswithsasratesthatsadjustssbasedsonschangessinsasmarketsindex
Ex.sCalebshadsas5/1sARM.sHissloanshadsasfixedsinterestsratesforsthesfirstsfivesyears,sandsafter
s5syears,sitscouldschangesannuallysdependingschangesstosthesmarketsindex.
"
adjustedsbasiss-sans--
"Thesfinalsbasissforstaxingspurposesscomputedsbystakingsacquisitionscostssplusscapitalsimpr
ovementssandssubtractingsdepreciationstaken
Ex.sWhensMarkscomputedsthesadjustedsbasissinshissproperty,sheshadstossubtracts$10,000sin
sdepreciationsheshadstakensoversthesyears.
"
adjustments-sans--
"Thesdollarsvaluesorspercentagesaddedstosorssubtractedsfromsthessalesspricesofsascomparab
lestosarrivesatsansindicatedsvaluesforsthessubject
Ex.sWhethersthesadjustmentsissmadesforsas"good"sorsas"bad"sfeature,sitsissmadestosthescomp
arable,snotstosthessubject.
"
adjustmentsdates-sans--
"Thesdatesonswhichsthesinterestsrateschangessonsansadjustablesratesmortgage.
Ex.sKareysmadessurestosrefinancesbeforeshersadjustmentsrate.sRatesshadsdroppedsandsshes
couldsgetsasbettersratesthansthesonesshe'dsfacesonceshersARMsadjusted.
"
adjustments(loan)s-sans--
"Asdebitsorscreditsatsclosingstoscoincideswithsappropriatesclosingscosts
Ex.sWhensthesdocumentspreparationsfeessweresmoresthansanticipated,sbothssidessreceived
sansadjustmentsatsclosing.
"
AdministrativesProceduresActs-sans--
"Helpsstosensuresthatsnosgovernmentalsentitysactsswithoutsansopportunitysforspublicsinputsb
ysrequiringspublicsdisclosuresandsdiscoursesbeforesrulemaking
Ex.sThesAdministrativesProceduresActswasspartiallysenactedsinsresponsestosFDR'ssNewsDe
al,sinsanseffortstospreventsthesfederalsgovernmentsfromshavingstoosmuchspower.
, "
adversesmaterialsfacts-sans--
"Asfactsthatsmightscausesthesbuyerstoschangeshissmindsaboutspurchasingsthesproperty
Ex.sWhensChetslearnedsthatsasrailwayswassbeingsbuiltsbehindsthesproperty,sheswithdrewshiss
offerr.sThatswassansadversesmaterialsfactshescouldn'tsliveswith.
"
aestheticszonings-sans--
"Specifiessstylesorsarchitecturesofsbuildingssinsansareasinsorderstospreservescharm,sfeel,setc.
Ex.sZoningsrequiredsthatsallshomessinsOceansCitysbeseithersVictoriansorsTudorsinsdesign,san
dsnostallersthansthreesstories.
"
airsrightss-sans--
"Rightsstosusesthesairspacesabovestheslandsmaysbessoldsorsleasedsindependentlysofstheslan
dsitself
Ex.sInsBurlesque,s"Ali"ssavedsthesdayswhensshestoldsthesclub'ssowners(playedsbysCher)sthats
shescouldssellshersairsrightsstosthesluxuryscondominiumsdevelopersacrosssthesstreet.
"
alluvions-sans--"Newlysformedslandsmasssbelongingstosthespropertysowner
Ex.sWhensaslandslidesoccurredsonsJillian'sspropertysthatswipedsoutsthesadjacentscreek,sshes
wassablestosusesthesalluvion—thesnewslandsmasssthatsformed—asshersownsproperty.
"
amendments-sans--"Aschangestosansexistingscontract
Ex.sBillsdecidedsnotstosincludestheswashersandsdryerssincesthesbuyerssweresaskingsforsthesm
oonsinsthesinspection.sHeswrotesupsansamendmentstostheirsoriginalsagreement,swhichstheysr
eluctantlyssigned.
"
AmericansswithsDisabilitiessActsofs1990s-sans--"Asfederalsanti-
discriminationslawstosprotectspersonsswithsdisabilitiessfromsdiscriminationsinspublicsaccom
modationssandscommercialsfacilities;salsosmandatesseasysaccesssinsnewsmulti-
familyshousingswithsfoursorsmoresunits
Ex.sThesAmericansswithsDisabilitiessActsrequiresslandlordssofspropertiesscoveredsundersthe
sActstosallowsdisabledstenantsstosmakesreasonablesaccommodationssatstheirsexpense.
"
amortizations-sans--
"Thespayingsoffsofsasdebtswithsregularsinstallmentssoversasfixedsrepaymentsschedule
Ex.sAs30-yearsfixedsratesloansprovidessamortizationsforsthesdebt—
ins30syearssitsissfullyspaidsoff.
"
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