Copyright

Real Estate Closing & Settlement Procedures Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. What is the withholding rate for real estate sellers subject to FIRPTA?

Question 2 2. Other than deeds, what is another type of document may be recorded?

Question 3 3. When is a HUD-1 form required to be used?

Question 4 4. What money is capital gains tax paid on?

Question 5 5. How much in capital gains can a married filing jointly couple exclude from taxation?

Page 2

Question 6 6. An approximation of fees and taxes to be charged at a closing that is given initially to the buyer before receiving the HUD statement is called a/an _____.

Question 7 7. What is the difference between an actual notice and a constructive notice?

Question 8 8. In a state where the law is 'race statute'

Question 9 9. Once a deed is recorded it becomes:

Question 10 10. What is the minimum real estate ownership period to qualify for long term capital gains tax rates?

Page 3

Question 11 11. Which of the following describes short term capital gains tax rates?

Question 12 12. Why does the Department of Housing and Urban Development require a closing statement be used at every federally funded transaction?

Question 13 13. Which of the following is the definition of a real estate credit on the HUD statement?

Question 14 14. The place where real estate documents are recorded may be called:

Question 15 15. What does HUD stand for?

Real Estate Closing & Settlement Procedures Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Real Estate Exam Prep  /  Business Courses
Support